click to see enlarged version		Rise and shine Beginning on Friday, April 8, 2005 ArcaEx will lengthen our already extended trading hours. We will begin trading at 4:00 am ET to better accommodate European investors trading U.S. equities.
	Disclaimer: This general information about ArcaEx should not be regarded as a solicitation to effect any transaction on, or to enter into any agreement relating to, ArcaEx or trading on ArcaEx.

• 4:00 a.m. ET  — Opening Auction
• 9:28 a.m. to 9:30 a.m. ET — Market Order Freeze Period
  Limit Orders are not eligible for the opening session. Market orders, auction only limit orders and cleanup orders may not be canceled.
• 9:30 a.m. ET — Market Order Auction

Core Trading Session: 9:30 a.m. to 4:00 p.m. ET

• 3:58 p.m. to 4:00 p.m. ET — Closing Auction Freeze
  Market-on-close (MOC) and limit-on-close (LOC) orders cannot be canceled. MOC and LOC orders that do not increase or flip imbalance will be accepted for auction processing during the freeze.
• 4:00 p.m. ET — Closing Auction Run and Closing Price Disseminated. All Orders entered for the core session will be canceled.

• 8:00 p.m. ET — Limit Orders entered after 4:00 p.m. ET are canceled.

2005 Holiday Trading Hours

Thanksgiving 2005
In observance of the Thanksgiving holiday, ArcaEx will be closed on Thursday, November 24; and operate on a shortened trading schedule on Friday, November 25.

ArcaEx hours of operation on Friday, November 25 will be as follows:

Hours of Operation:
3:30 a.m. ET
Limit orders can be entered and will be queued until the Limit Order Auction at 4:00 a.m. ET

8:00 a.m. - 3:30 p.m. ET
Opening Session: 4:00 a.m. to 9:30 a.m. ET
1. Opening Auction: 4:00 a.m. ET
2. Market Order Auction 9:30 a.m. ET

Core Trading: 9:30 a.m. to 1:00 p.m. ET
All orders entered for the core session will be cancelled at 1:00 p.m. ET. Market Orders cannot be entered after 1:00 p.m. ET.

Extended Hours: 1:00 p.m. to 3:30 p.m. ET
Limit Orders entered after 1:00 p.m. ET will be cancelled at 3:30 p.m. ET.

Christmas 2005
Christmas 2005 falls on a Sunday.  The Exchange will be open for trading on Friday, December 23, 2005, and will observe the Christmas holiday on Monday, December 26, 2005.

New Years Day 2006

New Year's Day 2006 falls on a Sunday. The Exchange will be open for trading on Friday, December 30, 2005 and will observe the New Year’s holiday on Monday, January 2, 2006.

Have a safe and enjoyable holiday!