natsb88 wrote:SilverDoge wrote:GDAX is creating a "limit only" mode...
GDAX is introducing a new market state: ‘limit-only’. In this state, customers will only have the ability to place limit orders and cannot place market orders. This ensures customers have full control of the fill price by only allowing orders with an explicitly set limit.
Limit-only mode will be included in our process for opening a new market:
Market opens in ‘post-only’ mode. Customers can post and cancel orders on the book, but no matching may occur.
Market enters ‘limit-only’ mode. Orders will begin matching, but no market orders can be placed.
Market enters ‘full trading’ mode. Both market and limit orders will be accepted.
The decision to move a market from ‘post-only’ to ‘limit-only’ to ‘full trading’ mode is made at the discretion of our Market Operations team. When making this decision we consider factors such as order book liquidity and price volatility.
I interpreted this as a new intermediate step when they add new coins to GDAX. The new market starts with post-only, then moves to limit-only when they feel there are enough orders to start trading, then moves to full trading when they feel the price has settled down enough to turn on the market button.
I don't see any mention of reverting a full trading market back to limit-only trading.
That would make sense for this: