The primary equities exchange in Australia.
Currency: Australian Dollar (AUD)
The ASX has been opened up to competition in recent years, with the notable entry of Chi-X into the field offering competition in execution venues. In addition to this competition, it is also important to note that the ASX has both opening and closing auction mechanisms which are further described below.
|Price Range||Tick Size|
|Up to 10c||0.1c|
|10c up to $2.00||0.5c|
|$2.00 up to $99,999,999.00||1c|
The opening auction procedure begins at 10:00AM and lasts for about 10 minutes. The reason for this is that stocks are divided into 5 groups which open sequentially as follows:
For a detailed description of how the opening price is calculated, see here.
The closing price is defined by the following closing auction mechanism:
Auction means an auction conducted in a Trading Platform in respect of Qualifying Bids or Offers pursuant to the following process:
1. Pre-CSPA (16:00 - 16:10): During this period:
2. CSPA (16:10-16:12 - random time +/- 30 seconds): During this period:
Order Types: Traders can enter limit, market and market-on-close orders to participate in the auction.
Here you can find a number of third-party reference sources to help you learn more about the Australian equities markets.