The ASX is the primary equities exchange in Australia.
Currency: Australian Dollar (AUD)
The ASX has opened up to competition in recent years, with the notable entry of Chi-X offering competition in execution venues.
|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.