Definitions for "locked market"
A market for a stock in which the bid price equals the ask price (in other words, the bid/ask spread is zero).
A market where prices have reached their daily trading limit and trading can only be conducted at that price or prices which are closer to the previous settlement price.
A market is locked if the bid price equals the ask price. This can occur, for example, if the market is brokered and one side pays brokerage only, in over-the-counter trading the initiator of the transaction. Highly competitive market environment with inside bid and offering at the same price. Often occurs when an OTC dealer has not updated the market.