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Message subject : A day in the life of the ASX

This message was posted by Avi on January 19, 2001 :

A day in the life of the ASX

7:30am-10:00am (Pre-open) - During this time, buys and sells may be entered, amended, ticked or cancelled, so the market may change for any security. Individual securities may have buy prices lower, higher or equal to sell prices as brokers enter orders ready for the opening at 10:00am.

At 10:00am (In-opening) - At the time the market opens, the first security groups are placed into "In-open" to resolve any overlapping orders. All security groups are opened alphabetically as follows: A-B 10:00:00, C-F 10:02:15, G-M 10:04:30, N-R 10:06:45 and S-Z 10:09:00.

10:00am - 4:00pm (Normal) - The market trades normally (on-market) during this time.

At 4:00pm (End of Trading) - The market is placed into "Enquire" temporarily to allow for system processing or closing. This phase may last between a few seconds and a few minutes.

4:05pm - 5:00pm (Closing) - The market is placed into "Normal", hence like "Pre-open", order management is unrestricted and automated trades will not execute from any overlapping markets.

5:00pm - 7:00pm (After Hours Adjust) - No new orders may be entered but Off-Market trades may still be reported.

Shortly after 7:00pm (Shutdown) - When the market has cleared all of its information to other ASX systems, SEATS is closed.

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