When is the TES available during the trading day?

The Trading and Execution Services (TES) is available during specific periods designated for off-book trading, which are defined in the contract specifications. This availability allows traders to conduct transactions that are not publicly visible on the order book. In contrast, other times listed in the other choices reflect different trading periods, such as pre-trading, on-book, and post-trading periods, which may not specifically accommodate the off-book trading functions that the TES supports. The emphasis on product-specific off-book trading periods in the contract specifications highlights the targeted and strategic nature of such trading activities, ensuring that they align with the distinct rules and timing associated with each contract type.