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Lit market trading

ASX’s lit market trading provides access to Australia's largest source of liquidity and offers continuous matching in the limit order book in price/time priority during normal trading hours

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Centre Point

ASX Centre Point is Australia’s largest dark market matching system and has been purpose-built to deliver price improvement for all participants.

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Auctions

ASX Auction provides transparent single-price discovery in a concentrated event.

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Trade reporting and off-market services 

ASX trade reporting facility (TRF) supports the reporting of all off-market and administrative trades by Participants. 

ASX validates trade reports in accordance with the ASIC Market Integrity Rules.

ASX TRF supports, among others, the following trade report types:

  • Trades with price improvement
  • Block trades
  • Portfolio trades
  • Late and out-of-hours trades

 

Market essentials

Price steps

All orders entered onto ASX Trade must have a price except for orders at market and orders at best. Orders at market and orders at best convert to a limit price after they have been entered.

The price format is in cents, e.g. $20.39 appears as 2039.

Prices are also affected by price steps.

Unintentional Crossing Prevention service

Unintentional Crossing Prevention (UCP) is an optional service on ASX Trade which can prevent on-market executions where a trade would result in no change in beneficial ownership. 
 

When submitting an order to ASX Trade, participants can specify a Crossing Key, used to identify an account or beneficial owner. 

Where two orders, which would otherwise be matched, have the same identifier in the Crossing Key, ASX - UCP functionality creates booking reports to the Participant. 

The resting order(s) are removed from the order book. Booking reports are intended for the participant’s administrative purposes such as accounting and back office processing. 

Proprietary participants: Electronic liquidity providers often have two-sided quotes in the market. When crossing the spread, traders can run the risk of self-trading. UCP prevents on-market self-executions without locking incoming orders out of the market. 

Proprietary desks: Proprietary functions such as equity derivatives, swap, and delta one can use UCP to prevent their orders from matching with other house orders on market. 

Agency brokers:  Where an account is quoting both sides of the market agency brokers should use UCP to avoid cancellations of crossings by that client.

Products UCP is available in Cash Market Products for orders entered with the MO1 and OUCH single order entry transactions. 

Market Phases UCP is available during continuous trading (including for Centre Point Orders) and auction phases. 

The fee applicable to UCP booking reports generated by ASX for two orders with the same identifier in the Crossing Key, which would otherwise be matched, is 0.10 basis points (GST exclusive).

Contact us

Talk to us to discuss equities trading  options for your business.