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.