Cash market trading hours
Including Bonds, Hybrid securities, Exchange Traded Products and Managed Funds
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.
| 07:00:00 - 09:59:00* | Pre-open |
| 09:59:00® - 09:59:45* | Opening Single Price Auction |
| 09:59:45* - 16:00:00 | Open/Normal Trading |
| 16:00:00 - 16:10:00 | Pre CSPA |
| 16:10:00^ - 16:11:00 | Closing Single Price Auction |
| 16:11:00 – 16:21:30 | Post Close |
| 16:21:30 - 16:42:00 | Adjust |
| 16:42:00 - 18:50:00 | Adjust ON |
| 18:50:00 - 18:59:00 | Purge orders |
| 18:59:00 - 19:00:00 | System maintenance |
| 19:00:00 – 20:40:00 | Close |
| 20:40:00 – 2:25:00 | System unavailable |
| 2:25:00 – 7:00:00 | Close |
*Random 15 secs
^Random 30 secs
®The OSPA occurs during a 15 second randomised window beginning at 9:59:00. The OSPA is a levelling/buffering period which will run for a minimum of 30 seconds. It will commence no later than 09:59:15. The earliest transition from OPSA to continuous trading (Open) will occur at 09:59:45.
Pre-opening takes place from 07:00:00 to 09:59:00* (randomised 15 seconds), Sydney time. During Pre-opening:
Overnight and overseas trades may be reported until 9:45:00, Sydney time. These trades must take place according to ASX Operating Rules.
Allowable trades may be reported in accordance with the ASX Operating Rules.
The Opening Auction takes place at 09:59:00® (randomised 15 seconds), Sydney time. The OSPA session state immediately follows the opening auction. This is a levelling/buffering period which will run for a minimum of 30 seconds.
The transition from OSPA to continuous trading (Open) occurs at 09:59:45* (randomised 15 seconds).
During Opening Single Price Auction:
Opening takes place at 09:59:45* Sydney time time (randomised 15 seconds), during which ASX Trade calculates opening prices.
During Normal Trading from 09:59:45* (randomised 15 seconds) to 16:00:00, 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 majority of trades take place during Normal Trading.
Between 16:00:00 to 16:10:00, Sydney time, the market is placed in Pre-CSPA. Continuous matching ceases, brokers can enter, change and cancel orders in preparation for the market closing.
The Closing Single Price Auction takes place between 16:10:00^ (randomised 30 seconds) to 16:11:00, Sydney time.
ASX Trade calculates closing prices during this phase.
Post Close takes place from 16:11:00 to 16:21:30, Sydney time. During Post Close:
Adjust
The Adjust takes place from 16:21:30 to 16:42:00, Sydney time. During this phase:
Trading during the Adjust phase is referred to as overnight trading.
Adjust ON
The Adjust_On phase takes place from 16:42:00 - 18:50:00, Sydney time. During this phase, permitted activities largely remain identical to those of the preceding Adjust phase.
For a full list of allowable Trade Report types during the daily session states, please refer to the ASX Operating Rule Procedure 3500.
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.