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Trading hours

(including Bonds, Hybrid securities, Exchange Traded Products and Managed Funds)

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The market goes through a number of phases on any trading day. The particular market phase determines the type of action that may be taken for an order on ASX Trade, which in turn affects how trading is conducted.

Equity market phases (Sydney times)

 7am - 10am Pre-open
 10am* Open
 10am - 4pm Normal Trading
 4pm - 4:10pm Pre CSPA
 4:10pm - 4:12pm Closing Single Price Auction
 4:12pm - 5pm Adjust
 5:00pm - 6:50pm  Adjust ON
 6:50pm - 6:59pm Purge Orders
 6:59pm - 7pm System Maintenance
 7pm - 7:30pm Close 
 7:30pm - 2:25am System Unavailable
 2:25am - 7:00am Close

*Random +/- 15 secs

Pre-opening Phase

Pre-opening takes place from 7:00 am to 10:00 am, Sydney time. During Pre-opening:

  • Brokers enter orders into ASX Trade in preparation for the market opening.
  • ASX Trade does not trade orders.
  • Investors may enter orders on-line. The orders are queued according to price-time priority and will not trade until the market opens.

Overnight and overseas trades may be reported until 9:45 am, Sydney time. These trades must take place according to ASX Operating Rules.

Opening Phase

Opening takes place at 10:00 am Sydney time and lasts for about 10 minutes. ASX Trade calculates opening prices during this phase. Securities open in five groups, according to the starting letter of their ASX code:

Group 1  10:00:00 am +/- 15 secs 0-9 and A-B, e.g. ANZ, BHP
Group 2  10:02:15 am +/- 15 secs C-F, e.g. CPU, FXJ
Group 3  10:04:30 am +/- 15 secs G-M, e.g. GPT
Group 4  10:06:45 am +/- 15 secs N-R, e.g. QAN
Group 5  10:09:00 am +/- 15 secs S-Z, e.g. TLS

The time is randomly generated by ASX Trade and occurs up to 15 seconds on either side of the times given above, e.g. group 1 may open at any time between 9:59:45 am and 10:00:15 am.

Normal Trading

Normal Trading takes place from 10:00 am to 4:00 pm, Sydney time. Brokers enter orders into ASX Trade and ASX Trade matches the orders against each other, resulting in trades i.e in this phase ASX Trade automatically matches all trades in Price/Time Priority on a continuous basis.

The vast majority of trades take place during Normal Trading.

Pre CSPA

Between 4:00 pm and 4:10 pm, Sydney time, the market is placed in Pre-CSPA. Trading stops and brokers enter, change and cancel orders in preparation for the market closing.

Closing Single Price Auction

The Closing Single Price Auction takes place between 4:10* pm and 4:12 pm, Sydney time.

ASX Trade calculates closing prices during this phase.

*Random + 60 secs

Adjust

The Adjust takes place from 4.12 pm to 5:00 pm, Sydney time. During this phase:

  • Brokers may ‘tidy up’ their orders by cancelling unwanted orders, amending orders, etc.
  • New orders cannot be entered and ASX Trade does not execute trades.
  • Brokers wishing to trade contact each other by telephone. ASX Market Rules ensure that trading takes place in an orderly fashion.

Trading during the Adjust phase is referred to as overnight trading.

Adjust ON

This state is the same as the ADJUST session state.

Purge Orders

Orders that are expired orders, too far from market etc will be centrally inactivated/purged.

System Maintenance

Administration/ system adjustment session state.

Close

No Trading Messages may be entered or amended in ASX Trade and no matching or Auctions take place.

System Unavailable

The system process the night batch during this session state, this involves the update and addition of securities.

Close

No Trading Messages may be entered or amended in ASX Trade and no matching or Auctions take place.

Warrants

The table below sets out the trading hours. All times are Sydney local times.

Funds, Warrants and Structured Products trading session *

* Excludes Index, Commodity and Currency Warrants

 

Time Session State Notes
7:00 am - 10:00 am Pre - Open
*10:00 am - 4:00 pm Open/Normal Trading *Open Random +/- 15 secs
4:00pm - 4:10 pm Pre CSPA CSPA - Closing Single Price Auction
*4:10pm - 4:12 pm CSPA * * Random + 60 secs
4:12 pm - 5:00 pm Adjust
5:00 pm - 6:50 pm Adjust ON
6:50 pm – 7:00 pm Purge Orders
6:59 pm – 7:00 pm System Maintenance
7:00 pm – 9:30 pm Close
9:30 pm – 2:25 am System Unavailable
2:25 am - 7:00 am Close

 

Index, Commodity and Currency Funds, Warrants and Structured Products trading session

Time Session State Notes
7:00 am - 9:50 am Pre - Open
*9:50 am - 4:00 pm Open/Normal Trading *Open Random +/- 15 secs
4:00pm - 4:10 pm Pre CSPA CSPA - Closing Single Price Auction
*4:10pm - 4:12 pm CSPA * * Random + 60 secs
4:12 pm - 5:00 pm Adjust
5:00 pm - 6:50 pm Adjust ON
6:50 pm – 6:59 pm Purge Orders
6:59 pm – 7:00 pm System Maintenance
7:00 pm – 9:30 pm Close
9:30 pm – 2:25 am System Unavailable
2:25 am - 7:00 am Close

Equity options

The table below sets out the trading hours for equity options. All times are Sydney local times.

9.00am - 9.45am Report trade function available for overseas trade reporting
10.00am - 4.00pm Normal trading
4.00pm - 4.20pm Extended normal trading (without market maker obligations applying)
4.20pm - 5.00pm Manual late trading (based on existing late trading procedures)
5.01pm - 7.00am Overseas trading (based on existing late trading procedures)

Index options

The table below sets out the trading hours for index options. All times are Sydney local times.

7.00am - 9.50am Pre Open (only cancel, amend and required trade report permitted)
9.50am - 5.00pm Normal trading
5.00pm - 5.30pm Pre Night-Trading (only cancel, amend and required trade report permitted)
5.30pm - 6.50pm Night-trading (normal automated trading)
6.50pm - 6.59pm Purge Orders
7.00pm Close 

Index derivatives

Trading hours - Australian Eastern Standard Time / Australian Eastern Daylight Time

Code Contract For period from second Sunday in March to first Sunday in November For period from first Sunday in November to second Sunday in March
AP SPI 200 Index Futures and Options 5.10pm - 7.00am and
9.50am - 4.30pm
5.10pm - 8.00am and
9.50am - 4.30pm    
AF     S&P/ASX 200 Financials-x-A-REIT Index Futures 9:50am to 4:30pm 9:50am to 4:30pm
AR S&P/ASX 200 Resources Index Futures 9:50am to 4:30pm 9:50am to 4:30pm    
VI     S&P/ASX 200 VIX Futures 10:10am to 4:15pm 10:10am to 4:15pm

Note: Pre-open starts 10 minutes prior to trading for all products

Interest rate derivatives

Trading hours - Australian Eastern Standard Time / Australian Eastern Daylight Time

Code Contract For period from second Sunday in March to first Sunday in November For period from first Sunday in November to second Sunday in March
IB 30 Day Interbank Cash Rate Futures and Options 5.14pm - 7.00am and
8.34am - 4.30pm
5.14pm - 7.30am and
8.34am - 4.30pm
IR 90 Day Bank Bill Futures and Options 5.08pm - 7.00am and
8.28am - 4.30pm
5.08pm - 7.30am and
8.28am - 4.30pm
OI 3 Month Overnight Index Swap Futures 5.08pm - 7.00am and
8.28am - 4.30pm
5.08pm - 7.30am and
8.28am - 4.30pm
XT 10 Year Commonwealth Treasury Bond Futures and Options 5.12pm - 7.00am and
8.32am - 4.30pm
5.12pm - 7.30am and
8.32am - 4.30pm
XD Intra Day Options on 10 Year Commonwealth Treasury Bond Futures 8.32am - 4.10pm 8.32am - 4.10pm
XO Overnight Options on 10 Year Commonwealth Treasury Bond Futures 5.12pm - 7.00am 5.12pm - 7.30am
XS 10 Year Interest Rate Swap Futures 5.14pm - 7.00am and
8.34am - 4.30pm
5.14pm - 7.30am and
8.34am - 4.30pm
YT 3 Year Commonwealth Treasury Bond Futures and Options 5.10pm - 7.00am and
8.30am - 4.30pm
5.10pm - 7.30am and
8.30am - 4.30pm
YD Intra-Day Options on 3 Year Commonwealth Treasury Bond Futures 8.30am - 4.10pm 8.30am - 4.10pm
YO Overnight Options on 3 Year Commonwealth Treasury Bond Futures 5.10pm - 7.00am 5.10pm - 7.30am
YS 3 Year Interest Rate Swap Futures 5.14pm - 7.00am and
8.34am - 4.30pm
5.14pm - 7.30am and
8.34am - 4.30pm

Trading hours - New Zealand Time

Code Contract Trading Hours
BB NZ 90 Day Bank Bill Futures and Options 5.40pm - 7.00am and 8.30am - 4.30pm
TN NZ 10 Year Government Stock Futures and Options 5.40pm - 7.00am and 8.30am - 4.30pm
TY NZ 3 Year Government Stock Futures and Options 5.40pm - 7.00am and 8.30am - 4.30pm
ZO NZ 30 Day Offical Cash Rate Futures 5.40pm - 7.00am and 8.30am - 4.30pm

Note: Pre-open starts 10 minutes prior to trading for all products

Energy and environment derivatives

Trading hours - Australian Eastern Standard Time / Australian Eastern Daylight Time

Code Contract For period from second Sunday in March to first Sunday in November For period from first Sunday in November to second Sunday in March
ASX Base Load and Peak Load Period Electricity Futures and Options 9.00am - 4.00pm 9.00am - 4.00pm
GX Victorian Wholesale Gas Futures 8.30am - 4.00pm 8.30am - 4.00pm
EO Renewable Energy Certificate (REC) Futures and Options 9.00am - 4.00pm 9.00am - 4.00pm

Trading hours - New Zealand Time

Code Contract Trading Hours
EA Otahuhu Base Load Electricity Futures and Options 10.30am - 4.00pm
EE Benmore Base Load Electricity Futures and Options 10.30am - 4.00pm

Note: Pre-open starts 10 minutes prior to trading for all products

Agricultural derivatives

Trading hours - Australian Eastern Standard Time / Australian Eastern Daylight Time

Code

Contract

Session

Trading Hours

VW

NSW Wheat

Night

5.00pm - 7.00pm

Day

11.00am - 4.30pm

WK

WA Wheat

Night

5.00pm - 7.00pm

Day

11.00am - 4.30pm

UB

Eastern Australia Feed Barley

Night

5.00pm - 7.00pm

Day

11.00am - 4.30pm

US

Australian Sorghum

Night

5.00pm - 7.00pm

Day

11.00am - 4.30pm

VC

Eastern Australia Canola

Night

5.00pm - 7.00pm

Day

11.00am - 4.30pm

Time at which trading ceases on Contract expiry

Contract

Expiry

Close

Grain Futures

Final Trading Day

12.00 pm

Grain Options

Declaration Date

4.30 pm

Pre-open for the ASX Grain Market starts:

  • 10 minutes prior to day session trading; and
  • 5 minutes prior to night session trading.