ASX Sweep

About ASX Sweep

The smart order router and management within ASX Trade integrating ASX’s dark and lit liquidity. ASX Sweep offers unique order routing and order management capabilities within ASX Trade to assist users in more effectively managing their interactions with ASX liquidity. ASX Sweep offers seamless integration of the dark liquidity in ASX Centre Point and the lit liquidity in ASX TradeMatch. ASX Sweep offers the fastest possible routing between ASX Centre Point and ASX TradeMatch for aggressive order flow whilst eliminating routing signals. From 10 February 2014, ASX Sweep will also support resting orders being dualposted in both ASX Centre Point and ASX TradeMatch with no risk of being over filled. ASX offers these valuable solutions within ASX Trade that provide advanced order routing, liquidity seeking, order management and anti-gaming protection to all users.

Download the factsheet here.

Order routing on entry

ASX Sweep integrates the vast liquidity in ASX TradeMatch and ASX Centre Point to ensure that your order will secure all available price improvement. Unlike many Smart Order Routers (SORs), ASX Sweep provides access to both liquidity pools in a single transaction - without releasing the “signal” that other SORs do. The result is that ASX Sweep is the fastest and the safest way to interact with liquidity in both ASX Centre Point and ASX TradeMatch.

From 10 February 2014, the validation on entry of ASX Sweep orders will change to become identical to the validation of ASX TradeMatch Limit orders – making ASX Sweep orders fully substitutable for Limit orders at all prices. It will be simple to ensure you pick up maximum price improvement every time you enter an order at any price – simply change your default order type from Limit to ASX Sweep from 10 February 2014.

Order management when resting

ASX Sweep allows your order to rest in ASX TradeMatch and optionally in ASX Centre Point – providing increased fill opportunities by allowing your order to interact with both Australia’s largest lit and dark venues. Because the ASX Sweep order is managed inside ASX Trade there is no latency in managing the exposures in ASX Centre Point and ASX TradeMatch and there is no risk of being over-filled.

ASX Sweep also supports complementary advanced execution controls for resting orders:

  • Minimum Acceptable Quality in ASX Centre Point – specify the minimum size of dark execution
  • Iceberg functionality in ASX TradeMatch – display only a portion of total volume in the lit market
  • Centre Point Preferencing – where possible, cross your own orders within Centre Point
  • Mid tick limit

ASX Sweep available now in ASX Best