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ASX Trade

The ultra-low latency trading platform

  • Low Latency: ASX Trade is powered by NASDAQ OMX’s Genium INET platform providing one of the fastest integrated equities and derivative platforms in the world. ASX supports OMNET API and OUCH Protocol trading interfaces.
  • Multiple order books: ASX Trade supports multiple order books including: TradeMatch and Centre Point. TradeMatch is the main ASX Trade market and offers a wide range of trade functionality for all ASX-quoted securities. Centre Point offers anonymous execution at the prevailing mid-point of the national best bid and offer.
  • Premium Technology Services: ASX offers premium technology services supporting connectivity into ASX’s cash and derivatives markets. ASX also facilitates access to various financial market service providers located in the ASX Australian Liquidity Centre.

TradeMatch Order Types

  • Limit: A limit order in TradeMatch. This order can execute at any price which is equal to or better than its limit price.
  • Market-to-Limit: A market order that converts to a limit order at the best opposing price on entry into TradeMatch.
  • Best Limit: An unpriced limit order that takes the best displayed price on entry to TradeMatch and joins the resting queue of orders at that price.
  • Iceberg: A limit order in TradeMatch where only a portion of the total volume is displayed. Find out more about Iceberg Orders
  • Undisclosed Order: A limit order above a specified value where the limit price is displayed in TradeMatch but the volume is un-displayed.
  • Tailor Made Combinations (TMCs): An order type supporting multi-leg strategies at a specified net price that eliminates the execution risk between legs by executing all legs simultaneously on ASX markets. View more information on tailor made combinations.

Centre Point Order Types

ASX Centre Point offers execution at the prevailing mid-point of the national best bid and offer. Centre Point orders will only execute against other orders in Centre Point.

Centre Point orders

  • Centre Point Limit: A limit order in Centre Point. This order can execute at any prevailing mid-point of the national best bid and offer which is equal to or better than its limit price. 
  • Centre Point Market: A market order in Centre Point. This order can execute at any price which is the prevailing mid-point of the national best bid and offer.

Centre Point Block orders

Centre Point Block orders support a participant-defined Minimum Acceptable Quantity. This ensures the order will not execute unless the minimum specified quantity is achieved.

  • Centre Point Block Limit: A limit order in Centre Point with minimum fill protection. This order can execute at any prevailing mid-point of the national best bid and offer which is equal to or better than its limit price when the executable volume, in aggregate, is equal to or greater than its Minimum Acceptable Quantity.
  • Centre Point Block Market: A market order in Centre Point with minimum fill protection. This order can execute at any price which is the prevailing mid-point of the national best bid and offer when the executable volume, in aggregate, is equal to or greater than its Minimum Acceptable Quantity.

Centre Point Preferencing

Centre Point offers participants the ability to maximise their crossing rates by preferencing their orders Centre Point. View more information on Centre Point Preferencing.

Sweep Order Types

ASX Sweep orders offer routing through Centre Point to TradeMatch in a single transaction.  This is the most efficient means of accessing both pools of liquidity and, as the interaction with both Centre Point and TradeMatch occurs in a single transaction, there is no risk the best TradeMatch price will move and be missed whilst the order is executing in Centre Point.

There are two Sweep order types:

  • Limit Sweep: A limit order that interacts with both Centre Point and TradeMatch liquidity at any price equal to or better than the Limit Price of the order. Any unfilled volume will rest in TradeMatch.
  • Market-to-Limit Sweep: A market order that converts to a limit order at the best opposing TradeMatch price and interacts with both Centre Point and TradeMatch liquidity at any price equal to or better than the Limit Price of the order. Any unfilled volume will rest in TradeMatch.

Order Validity

TradeMatch, Centre Point and Sweep order types support a range of time validities:

  • Fill-or-Kill: The order immediately executes in full when possible or is otherwise cancelled.
  • Fill-and-Kill: The order immediately executes to the greatest extent possible with any remaining unexecuted volume being cancelled.
  • Good For Day (Day / GFD): The order expires at the end of the current trading day.

TradeMatch order types also support the following additional time validities:

  • Good-Till-Date (Date / GTD): The order expires at the end of the specified trading day.
  • Good-Till-Expiry (Expiry / GTE): The order expires on the instrument’s expiry date.
  • Good-Till-Cancel (GTC): The order expires only when cancelled or after the maximum permitted order lifetime for that particular instrument type

Trade Reporting and Off-Market Services

ASX Trade Reporting Facility (TRF)

ASX TRF supports the reporting of all off-market and administrative trades by Participants. ASX TRF provides distribution to over 50,000 terminals displayed in 70 countries and 110 vendors. ASX validates trade reports according to reporting obligations as required under 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

ASX Unintentional Crossing Prevention

Unintentional crossing prevention is an optional service on ASX that can prevent on-market executions where the trade would result in no change of beneficial ownership. ASX UCP creates booking reports for the Participant.