Finding warrant information
- How do I read an ASX warrant code in the newspaper?
- Where do I find the details of a particular warrant series?
- How can I search through the full list of warrants on issue?
- How can I find a list of all Warrants available over a particular underlying asset trading on the ASX?
- How do I find out if the Warrant Issuer has made an announcement about my warrants?
- How do I find out about new warrants listed on the ASX?
- What information has ASX available to help me become a better informed warrant trader?
Trading related questions
- On which date (record date, ex-dividend date, payment date) do I have to hold shares or Instalments to be eligible for the dividends?
- How do I find out who the share registry is for a warrant?
- How do I value my warrant holdings?
- Can I exercise my warrant before expiry?
- Can I sell warrants without owning them, like options?
- What happens if I forget to exercise my warrant before it expires?
- How can I find a properly qualified broker to give me advice on warrants trading?
- Can I trade warrants online?
- How can I reduce the brokerage costs when trading warrants?
- Can I trade warrants through a discount broker?
Product related questions
- How do warrants differ from options?
- What is a conversion ratio?
- What assets are warrants issued over?
- How can I calculate what the likely payment on the annual rollover date of rolling instalments will be?
- What does market making mean?
- Is it possible for an issuer to change the exercise price during the life of the warrant?
- How can I obtain a warrant’s disclosure document?
Each warrant has a unique six letter code. The first three letters are the ASX code for the underlying instrument, the fourth letter indicates the warrant type, the fifth letter the warrant issuer, and the sixth letter the warrant series. Refer to understanding warrant codes for more information. View an interactive tool about the publication of warrants in the newspaper.
The disclosure document (offering circular or a Product Disclosure Statement) contains the terms of issue of the warrant series and information relevant to the credit worthiness of the issuer. Disclosure documents are available from the warrant issuer, your broker, or the ASX website.
You can search for the details of a particular warrant (including the disclosure document), or download a list of all warrants currently traded from warrant price search page.
ASX provides a complete list of all warrants, updated daily, in CSV format. Download the full list of warrants on issue (CSV 500KB).
How can I find a list of all Warrants available over a particular underlying asset trading on the ASX?
Search for the code of the underlying asset (e.g. BHP on the warrant price search page. A list of all underlying codes and how to read them can be found on the ASX website. You will get a list with all warrants over this asset that are currently available for trading on ASX. If you were looking for a particular warrant type over BHP, simply enter the code for the relevant warrant type (for example I for instalments). Other relevant information such as exercise price, expiry date, bid and offer price etc. will also be displayed.
There are a number of instances where a Warrant Issuer will make an announcement to the market, potentially impacting the warrant. Recent examples have been the roll over process for ‘Rolling Instalments’ and re-striking the exercise price of trading warrants. Click on announcements or access the issuer's website via the ASX ‘Warrant Issuer’ page.
New warrants are issued on a regular basis. To view the list of new warrants, simply go to the 'What’s new section' of the warrants homepage or view the list of new warrants issued over the last 2 weeks. Download the full list of new warrants (CSV 500KB).
The ASX website provides information about the different types of warrants, announced dividends, newly issued warrant series, and the taxation treatment of warrants. A strategy library has been set up for you to review investment and trading strategies. You can use the warrant calculators to simulate expected warrant price behaviour. You may also want to experience the new exciting online warrants class that ASX offers.
On which date (record date, ex-dividend date, payment date) do I have to hold shares or Instalments to be eligible for the dividends?
To be eligible, you must hold the share (or Instalment) up to the Ex-Dividend date. The record date should have no bearing on receiving the dividend and is the date the broker (or issuer) must have you registered as the holder of the share (or Instalment). Investors should be aware of the 45 day holding period rule in regards to franking credits. For Instalments, the dividend is generally paid within five business days of the ‘payment date' announced by the listed company.
Like shares, holdings in a particular warrant series are managed by a share registry. When you buy or sell a warrant, the share registry keeps track of your holdings and sends you a holding statement at the end of the month. To find out who the share registry is for each warrant you can simply refer to the disclosure document, alternatively you can download the warrants downloadable list (CSV 500KB) from the ASX website. The two main registries for warrants are Computershare (02) 8234 5000), and Australian Derivative Registries or ADR (07) 3228 4240.
Investors would normally value shares by looking at the last traded price. Unlike most shares, many warrants do not trade every day, therefore using the last traded price may not provide a current valuation. As issuers undertake to make markets, holders of a warrant can obtain a current valuation by using the bid price provided at the time you value your warrant. As a result of market making, changes in the underlying share price will be reflected in the warrant’s price, allowing you to obtain a current valuation. To find out more about market making.
Warrants can be either American or European exercise style. American exercise style means you can exercise your warrant at any time prior to the expiry date. European exercise style means you can only exercise your warrant on the expiry date. The offering circular or product disclosure statement (PDS) of each warrant series contains relevant information including the exercise style and outlines the requirements for a valid exercise of the warrant.
No, short selling of warrants is not permitted. A short sale occurs where you sell securities which you do not legally own at the time of the transaction.
If you hold deliverable warrants but do not exercise them before expiry you may be entitled under certain circumstances to a cash payment, often called an ‘Assessed Value Payment’ (AVP). If the warrant has intrinsic value on expiry, warrant issuers are required to pay you a cash payment of at least 90% of the intrinsic value. The offering circular or product disclosure document (PDS) will explain the circumstances in which this payment will be made and how the payment will be calculated. If your warrant has no intrinsic value, it will expire worthless.
ASX Operating Rules require warrants advisers to be accredited. A list of accredited warrant advisers is available.
There are a number of broking firms that facilitate online warrant trading. Find a broker may help answer some of your questions.
Different types of brokers charge different amounts. Full service brokers charge more than a discount / online broker for the advice they provide.
Some warrants, generally instalments and capital protected warrants, can be bought off-market directly from the issuer using a cash application with no or little fees charged. You must have a broker, however, to sell your warrants.
Some warrants provide exposure to a group of shares within a sector or share a common characteristic. This allows you to pay one brokerage instead of 4 or 5 brokerage charges.
Yes. Warrants can be traded through discount, or ‘no advice’ brokers, as well as full service or advisory brokers. Full service or advisory brokers need to be Accredited Derivatives Advisers to be able to give advice on warrants. Your choice of broker will depend largely on your previous trading experience, your level of confidence and your other needs. Find a broker now.
Warrants and options are both a form of derivative instrument. They derive their value from an underlying instrument such as a share or an index.
Key differences include:
- warrant trades are settled on CHESS, whereas options trades are settled by ASX Clear
- option terms are standardised and set by ASX, whereas the terms of warrant series are set by the issuer and vary from one warrant to another
- warrants are issued by a third party (e.g. a bank) while options are listed by ASX Clear
- warrant holders are exposed to the credit risk of the issuer, while ASX Clear guarantees the performance of option contracts
> Differences between options and warrants (PDF 161KB)
The conversion ratio is the number of warrants that must be exercised to require the transfer of the underlying instrument. The terms of issue may only require one warrant to be exercised to trigger settlement. Alternatively, a number of warrants may need to be exercised.
The underlying instrument of a warrant can be:
- A share
- A domestic or international share price index (such as the S&P/ASX 200, the Dow Jones Industrial Average, the Nikkei 225, the S&P 500 etc.)
- A basket of shares
- A currency
- An Exchange Traded Fund (such as the StreetTracks 50 etc.)
- A commodity
Please refer to Understanding warrant codes for more information.
How can I calculate what the likely payment on the annual rollover date of rolling instalments will be?
It is not possible to calculate the likely payment to be received or paid by you in advance. The rollover payment depends on the share price on the rollover date, as well as the new loan amount and interest/ borrowing fee component for the next period. The issuer usually advises you in advance of the new terms. Once these are known, you can estimate the net payment for each warrant series or lock in the amounts with the warrant issuer. More information on rolling instalments .
Each warrant issuer has provided an undertaking to ASX to maintain a market for their warrants. The minimum requirement for market making is to provide at least one bid price during normal ASX trading.
ASX does not prescribe a bid and offer spread or a minimum trading volume to be quoted by the warrant issuer.
However, there may be circumstances where investors may not find a bid or offer price quoted for a particular warrant series. One reason could be that an underlying share is suspended from trading.
The exercise price may be adjusted during the life of the warrant if there are any corporate events that affect the value of the underlying asset. Examples of such events include share splits, bonus issues, and returns of capital to shareholders. In such cases, the issuer may make adjustments to the terms of the warrant in order to preserve the value of the warrants. The disclosure document sets out the nature of such adjustments.
The issuer may also change the exercise price of a warrant if there are no open positions (i.e. no holders of that warrant series) in the market. For warrants with existing holders, the issuer may seek approval from the holders to amend the exercise price in accordance with the terms of the warrant. In both cases the issuer must produce a supplementary disclosure statement detailing the change in the terms of the warrant.
A warrant issuer can provide you with a copy of the disclosure document, while some issuers also place copies on their websites.