Asx listed options trading hours
Entities that are admitted to the official list of ASX will come within one of the following categories: Some of the key criteria to be admitted as an ASX Listing are summarized as follows:. In addition to the trading market for companies and other entities admitted to the ASX Official List, ASX also operates the following quotation markets:. The most commonly referred to indices are:. Ordinary shares, preference shares, contributing shares, company options, depository receipts, warrants, index futures and options, commodity futures, interest rate securities, interest rate futures and options, equity futures and options, energy futures and options, currencies, contracts for difference, real estate investment trusts, exchange traded funds and exchange traded commodities.
Orders are placed electronically by buyers and sellers and automatically matched based on priority of best-priced orders entered first in real-time. ASX operates multiple order-driven markets for equity securities. Orders in TradeMatch are matched continuously in price time priority with single price auctions facilitating the opening and closing sessions.
TradeMatch also offers crossing, trade registration and large order execution facilities. PureMatch is a new order book offering continuous trading in a subset of ASX listed securities. The opening and closing price for a security is determined by a four step approach involving the use of conditional decision rules. The same auction is used for opening and closing trading, IPOs and resuming trading after halts or suspensions.
The four steps work as follows: Using all orders in the order book, the system determines the cumulative buy and sell quantities for each side of the book and then calculate the maximum executable volume MEV at each price level.
The system establishes the minimum surplus i. The system determines whether the majority of market pressure is on the buying or the selling side. The system determines the latest reference price, usually the last price in trading for the previous day and if needed a comparison between the reference price and the auction price.
There are also special arrangements for Market Makers under certain circumstances. In conjunction with the order types there are also several validity attributes: Fill or Kill, the order is cancelled if all the quantity cannot be executed immediately - FaK: Fill and Kill, fill the order now as far as possible then cancel the rest - Day: Expire at the end of the day - Exp: Expire at the instrument's expiration date - Date: Expire after a certain amount of calendar days - GTC: Good till Cancelled, expire at the maximum allowed time for that particular instrument type.
ASX introduced a range of new order types in Undisclosed Order - a CLOB order type that is fully disclosed in terms of execution price but undisclosed regarding execution volume. Iceberg Order - a simple order reloading algorithm in TradeMatch, aimed at enhancing order management and controlling order signalling.
Equity Combinations - reduce execution risk by entering multi-leg strategies at a specified net price. A Block Special Crossing BSC is a crossing transaction that meets certain value conditions and therefore can be conducted off-market and reported back to the market as an off-market trade requirements are set out in the relevant ASX Operating Rules Procedures. Block Special Crossings can currently be reported at any negotiated price.
Off-Market Specials that meet a further minimum value requirement can have their reporting to the market delayed. One side of these trades must be facilitated as principal by a broker.
Trades resulting from options exercise also have to be reported before 10am market open on a trading day. The ASX allows brokers to trade after hours 4.
After hours trading is permitted only if the trade is: After 5pm, the market moves into the 'after hours adjust' phase where brokers can tidy up their orders and continue to report trades up until 7pm or before 9.
By Matt Comyn, general manager, CommSec. TheBull's free daily and weekly newsletters. Click here to receive TheBull's free weekly newsletters on stocks, trading, investing and more. Tuning in to radio stocks.
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