Market State - Prediction

The BMLL Market State dataset for Prediction Markets provides a normalised representation of the trading phase each event contract is in, on a per-listing basis. BMLL maps every CME-published state into one of 14 distinct values that hold the same meaning across XCBT, XCEC, XCME and XNYM. Alongside the normalised state, the original exchange description is retained, so users keep maximum fidelity when they need it.

Prediction markets carry one quirk most equity venues do not: contracts can trade across weekends, but the trade-date convention follows the settlement date. Market State makes the timing of every phase change explicit and venue-comparable, so downstream code does not have to handle each MIC's calendar in isolation.

Product Overview

• 14 normalised trading-phase values consistent across all BMLL Data Feed packages (equities, ETFs, futures, options, prediction)
• Original exchange phase description preserved alongside the normalised value
• Per-listing granularity, every event contract reports its own state
• Timestamps at or exceeding venue matching-engine precision (nanosecond or microsecond)
• Aligned with sports settlement-date conventions and weekend trading windows

Example Use Cases

• Quant Research — Cleanly bound order-book replays to the trading phases that matter (opening, continuous, halt, closing) without venue-specific decode logic.
• Execution Analysis — Identify the precise moment a contract entered or left tradeable state to evaluate fill quality, latency and information leakage.
• Surveillance & Compliance — Reconstruct the exact phase context for any trade or quote event, audit-ready.

Product description