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How does the 20% risk check work on Blue Ocean ATS?

The 20% risk check applies a fixed band around each symbol’s 7:30 PM ET reference price, allowing only orders within 20% of that value for the entire Blue Ocean Session.

Each symbol’s reference price is set using the SIP print closest to 7:30 PM ET (NASDAQ, NYSE Arca).

  • A 20% band around that price remains in effect for the full Blue Ocean Session.

  • Limit orders priced beyond the band are rejected.

  • Passive limit orders are accepted.

Example: With a $10 reference price, the valid range is $8.00 to $12.00. Orders outside this range are rejected.