When will INST_PHASE field be sent for SSE/SZSE L2 MBP Domain?

Question

Good morning,

I'm using the UPA RDM API to receive level 2 Market By Price Domain messages for the SHSE and SZSE exchange. I'm interested in parsing the INST_PHASE field from these messages to determine the current trading phase of each security. When will the market by price messages get sent? I need the data source to notify of trading phase changes immediately, will there always be a MBP message sent for each security immediately after the trading phase changes?

Thank you!

Jirapongse · Answer

As this forum is for answering API usage and programming related questions, for content related questions, please contact the content support team directly via LSEG Support.

The content  team can verify how this field is populated and used in those markets.

aross · Answer

@Jirapongse

Thank you for the quick response. I understand that the INST_PHASE field is present in the summary data. I would like to know when this message is disseminated. Is the message with the INST_PHASE field populated always sent for each instrument immediately after a phase change?

Jirapongse · Answer

@aross

Thank you for reaching out to us.

You can use the Data Model Discovery tool to check for the templates.

* 2638 - Shanghai Stock Exchange (SSE) Equities L2 OMM MBP [LSEG Real-Time/L2 MBP] 
* 4719 - Shenzhen Stock Exchange (SZSE) SL1 Equities (Normal) [LSEG Real-Time/L2 MBP]

I checked and found that it contains the INST_PHASE field in the summary data.

600000.SS,Market By Price,2026-03-11T06:57:01.250098666Z,+8,Raw,UPDATE,UNSPECIFIED,,,,9003,,10592,,0
,,,,Summary,,,,,,,,,,14
,,,,FID,3844,,NO_ASK_TOT,4305,
,,,,FID,3846,,NO_BID_TOT,2013,
,,,,FID,4405,,VWAP_ASK,10.349,
,,,,FID,6535,,BID_SZ_TTL,6341842,
,,,,FID,6536,,ASK_SZ_TTL,16513053,
,,,,FID,6958,,BID_LV_TOT,97,
,,,,FID,6959,,CAN_AORDSZ,32653789,
,,,,FID,6960,,CAN_BORDSZ,43190992,
,,,,FID,6961,,NUM_CAORD,8447,
,,,,FID,6962,,NUM_CBORD,15910,
,,,,FID,7877,,CAN_AORDTN,328529844.84,
,,,,FID,7878,,CAN_BORDTN,430514332.78,
,,,,FID,8927,,INST_PHASE,6,"E  "
,,,,FID,14281,,INGEST_NS,06:57:01.155155544,

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