ASX Trade® - new market services
ASX TradeMatch® Advanced Order Types Monthly Update
Monthly trading volumes and statistics for the Centre Point, Centre Point Crossing, Undisclosed and Iceberg order types. Also includes cumulative volumes since inception for each order type.
ASX TradeMatch® Advanced Order Types
Centre Point Order®
A Centre Point Order® enables execution at the prevailing midpoint of the best bid and offer of the ASX Central Limit Order Book (CLOB). These anonymous orders transact independently of the CLOB and will only transact with another Centre Point Order®. Once a Centre Point order trades, the trade will be displayed in the trade history window with condition code CX.
Centre Point Crossing
The Centre Point Crossing enables an ASX Participant to cross at the midpoint of the prevailing best bid and offer in the ASX CLOB. Centre Point Crossings provide greater flexibility to the liquidity search process by removing the so-called ACE requirement to Appear, Create before Executing.
The functionality will provide for a 30 second opportunity between initiating a crossing and executing it at the price that existed at initiation (i.e. the crossing execution price remains available to the Participant irrespective of any movement in the ASX CLOB for that Cash Equity during the 30 second period). Once a Centre Point Crossing order trades, the trade will be displayed in the trade history window with condition code CXXT.
Undisclosed Orders will be undisclosed to the general market as to volume, but disclosed as to price - provided the order size is above a specified threshold of AU$500,000. Undisclosed Orders execute in the same way as regular limit orders as to price, time priority. The hidden volume of Undisclosed Orders becomes displayed once the remaining volume of the order falls below the specified threshold. In the order book window Undisclosed Orders will be displayed in the quantity field as /u and will be displayed in the order history window in accordance with current practices for standard orders.
Iceberg Orders will provide for large limit orders where only a portion (the displayed volume) of the total order volume will be shown and immediately executable. The displayed volume acts as a limit order in terms of price-time priority execution.
Once the displayed volume has been executed, the Iceberg Order will drop to the bottom of the time queue at its specified price, and the displayed volume will be replenished from the hidden portion of the order. The order cycles through until the total volume is executed. Iceberg Orders are essentially very simple algorithms with latency as close to zero as is possible given the functionality resides in the ASX trading engine.
View Iceberg Orders factsheet (PDF 334KB)
ASX TradeMatch® is an ultra-low latency, high capacity order book within our trading platform that provides a full functionality trade execution offering for all ASX-quoted securities.
PureMatch® is an additional order book within our trading platform aimed at meeting the needs of latency sensitive traders, which will provide trading in a subset of ASX listed securities.
View PureMatch fact sheet (PDF 472KB)
ASX Australian Liquidity Centre
Faster and simpler access to ASX
The introduction of ASX Trade® brings with it the ability to offer a truly direct connection to ASX Trade®; a Liquidity Cross Connect (LCC).
An LCC is a 1 Gbit auto-negotiate Ethernet connection from ASX Trade® (ASX TradeMatch®) to a patch panel in a Participant’s ASX CoLo rack. No further ASX network infrastructure is required. This simplicity reduces the latency between a Participant’s system and ASX Trade®, and allows the Participant to free up valuable CoLo space and power by retiring their existing ASX equipment.
High Capacity Open Interface Session
To support emerging Participant needs, ASX offers Trading Participants a new Open Interface (OI) session with significantly greater through-put capacity than is currently available. The new OI Session, known as a 'High Capacity OI Session', will support up to 50 Transactions per Second (TPS) compared to 10 TPS supported by existing OI Sessions (Standard OI Session). The High Capacity OI Session will be available from 10 January 2011 for use in both Distributed and CoLo connectivity models.
View LCC and High Capacity OI Session fact sheet (PDF 434KB)
ASX Best® is an ASX smart order routing service enabling ASX participants to route orders to ASX for the execution within the expanded ASX Trade® execution offering or, potentially, to other market operators in the future.