Trading Hours – December
ASX Market Hours
Please note the trading hours below. On all other days during the holiday period, the ASX will be open 10am-4pm and First Prudential Markets will be open for business 8.30am – 6pm.
Date | Day | Open | Close |
24/12/2008 | Wednesday | 10am | 2pm |
25/12/2008 | Thursday | Closed | Closed |
26/12/2008 | Friday | Closed | Closed |
31/12/2008 | Wednesday | 10am | 2pm |
1/12/2008 | Thursday | Closed | Closed |
For further information, regarding ASX trading hours please visit www.asx.com.au
Please note First Prudential Markets offices will be closed for business on Christmas Day, Boxing Day and New Years Day. On Christmas Eve and New Years Eve our office hours will be 8.30am – 3pm.
Please be advised that ASIC’s has lifted the ban on covered short selling of Australian securities excluding financial stocks whcih remained restricted until at least 27th January 2009.
Due to additional requirements imposed by ASIC in relation to short-selling First Prudential Markets will be initially offering short CFD from Thursday 20th November 2009 over the phone on non restricted ASX 20 securities.
Short-selling via our electronic trading platforms will resume shortly and all clients will be informed as our list of available short sellable securities is expanded from day to day.
To place a Short CFD trade please call the dealing desk on 1300 376 233. There are no additional charges for telephone trades.
First Prudential Markets will be initially offering short selling on the following CFDs:
| Code | Security |
| BHP | BHP Billiton Limited |
| BXB | Brambles Limited |
| CSL | CSL Limited |
| FGL | Foster's Group |
| NCM | Newcrest Mining |
| ORG | Origin Energy |
| RIO | RIO Tinto Limited |
| WOW | Woolworths Limited |
| WPL | Woodside Petroleum |
ASIC Extends Ban on Covered Short Selling
Tuesday 21st October - ASIC announced it would extend the ban on covered short selling for a further 28 days until 18 November 2008, when it expected the ban would be lifted. ASIC expects to lift the ban from opening of trading the next day.
The ban on financial stocks will continue until 27 January 2009, and while the US has lifted its bans, other jurisdictions such as the UK are maintaining bans on financial stocks.
ASIC Announcement - Short Selling Ban
ASIC have announced a ban on short selling effective Monday 22nd September 2008. As a result no new short positions can be taken and pending short positions will be cancelled.
Existing open positions will not be affected and you will be able to close these out as normal.
For more information on the Short Selling ban see ASIC's website www.asic.gov.au.
FAQ's on ASIC short selling Ban
What is the new policy?
On Sunday 21st September 2008 the Australian Securities and Investments Commission (ASIC), announced a ban on:
Naked Short Selling; and
Covered Short Selling.
What are the specific shares that I cannot sell short?
This ban on short selling affects all securities listed on the exchange.
How long will these restrictions last?
The restrictions will be reviewed in 30 days.
What if I already have an existing short position in one of the affected stocks?
You can keep your position open but you cannot increase your short position any further.
Pending Short Orders in the market will be cancelled.
Could I mistakenly open a new short position in one of the affected stocks?
We have adjusted our systems to impose restrictions on short selling stocks; but, it remains your own responsibility to make sure you do not breach the ASIC's requirements.
FSA restriction on Short SellingWhat is the new policy?
On 18 September 2008 the FSA prohibit the creating or increasing of a short position in 32 UK Financial securities including banks, general insurance and life assurance companies.
What are the specific shares that I cannot sell short?
Click here to view the full list of affected stocks.
How long will these restrictions last?
The regulation ceases to have effect on 16 January 2009.
What if I already have an existing short position in one of the affected stocks?
Existing open positions can be retained but you cannot increase your short position any further. Under certain circumstances when borrowing restrictions arise, as detailed in our Customer Agreement, this may not be the case and your position may have to close prematurely.
Could I mistakenly open a new short position in one of the affected stocks?
We have adjusted our systems to impose restrictions on the affected stocks; but, it remains your own responsibility to make sure you do not breach the FSA's requirements.
Will I have any difficulties closing long positions on any of the affected stocks?
No, selling to close an open position is not short selling and is completely unaffected by these changes.
Can I go short on any other stock?
Yes, there are no new restrictions on any other stocks. The only stocks affected are those named in the above attachment.
What if I already hold an existing short position in a stock not included in the list?
These are unaffected. You can keep your position open until it expires or you choose to close it.
Will I have any difficulties closing other long positions on non-affected stocks?
No, there are no issues closing existing long positions.
Are other markets outside of the UK going to be affected?
Yes, the US regulator announced similar measures on Friday 19 September 2008. We will update our current rules in line with regulatory changes as any new restrictions are applied. This will affect the availability of certain stocks to be sold short, as in the UK. Similar announcements have been made regarding the Irish and Swiss exhanges and there may be more announcements to follow.
Market Phases / Trading hours (EDST)7am - 10am | Pre-opening |
10am | Opening |
10am - 4pm | Normal Trading |
4pm - 4:10pm | Pre-open prior to Closing |
4:10pm | Closing Single Price Auction |
4:11pm - 5pm | After Hours Adjust |
5pm - 7am | Enquiry |
Pre-opening takes place from 7:00 am to 10:00 am, Sydney time. During Pre-opening:
- Brokers enter orders in preparation for the market opening.
- SEATS does not trade orders.
- Investors may enter orders on-line. The orders are queued according to price-time priority and will not trade until the market opens.
Overnight and overseas trades may be reported until 9:45 am, Sydney time. These trades must take place according to ASX Market Rules.
Opening Phase
- Brokers may 'tidy up' their orders by canceling unwanted orders, amending orders, etc.
- New orders cannot be entered and SEATS does not execute trades.
- Brokers wishing to trade contact each other by telephone. ASX Market Rules ensure that trading takes place in an orderly fashion.
Opening takes place at 10:00 am Sydney time and lasts for about 10 minutes. SEATS calculates opening prices during this phase. Securities open in five groups, according to the starting letter of their ASX code:
Group 1 10:00:00 am A-B, e.g. ANZ, BHP
Group 2 10:02:15 am C-F, e.g. CPU, DVT, ECP, FXJ
Group 3 10:04:30 am G-M, e.g. GHP, KYC, LIB
Group 4 10:06:45 am N-R, e.g. QAN
Group 5 10:09:00 am S-Z, e.g. TLS
The time is randomly generated by SEATS and occurs up to 15 seconds on either side of the times given above, e.g. group 1 may open at any time between 9:59:45 am and 10:00:15 am.
Normal Trading
Normal Trading takes place from 10:00 am to 4:00 pm, Sydney time. Brokers enter orders into SEATS and SEATS matches the orders against each other, resulting in trades.
The vast majority of trades take place during Normal Trading.
Pre-opening prior to Closing
Between 4:00 pm and 4:10 pm, Sydney time, the market is placed in Pre-open. Trading stops and brokers enter, change and cancel orders in preparation for the market closing.
Closing Single Price Auction
The Closing Single Price Auction takes place between 4:10 pm and 4:11 pm, Sydney time.
SEATS calculates closing prices during this phase.
After Hours Adjust Phase
After Hours Adjust takes place from 4.11 pm to 5:00 pm, Sydney time. During this phase:
Brokers may 'tidy up' their orders by canceling unwanted orders, amending orders, etc.
New orders cannot be entered and SEATS does not execute trades.
Brokers wishing to trade contact each other by telephone. ASX Market Rules ensure that trading takes place in an orderly fashion.