ETO crossings and Special Size (Block) Transactions on ASX Trade

Different rules apply to large special size (block) transactions and smaller crossings of ETO orders on ASX Trade.

Special size transactions

Special size transactions may be reported directly to market if they meet the criteria set out below.

Criteria

Either the consideration for the transaction is:

equal to or greater than the number of contracts set by ASX, with a minimum premium value of $50,000; or
not less than the minimum block trade size for the underlying cash instrument set out in the Market Integrity Rules (currently $1 million, $500,000 or $200,000 depending on the product type).

ETO Combination orders

Legs	Number of ETO legs that must be special size for the order to qualify
2	1
3	2
4	2

For combinations that include a cash equity component, the cash equity leg must meet the special size levels set out in the ASIC Market Integrity Rules.

Resources

ETO Special Size Thresholds (PDF)

ETO Special Size Thresholds (XLS)

ASX Operating Rules Procedure 4060 Part B

ASX Derivatives - ETO crossing rule changes

Smaller crossings

If a crossing doesn’t meet the special size criteria, it must be shown to the market before it is reported. Brokers can choose between these two processes:

Process 1

Ask for a quote request with size and wait 15 seconds.
Simultaneously Bid and Offer the full order quantity in TradeMatch within 15 seconds of the quote request expiring.

Process 2

Enter one side of the trade in the market before asking for a quote request.
Ask for a quote request with size and wait 15 seconds.
Enter the other side of the trade in TradeMatch within 15 seconds of the quote request expiring.

After you have followed either Process 1 or Process 2, the order will execute in TradeMatch in price/time priority.

Combination orders

Use either Process 1 or Process 2, entering your quote requests in the Tailor-Made Combination (TMC) series.