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Cash market trading hours

Including Bonds, Hybrid securities, Exchange Traded Products and Managed Funds

The market goes through a number of phases on any trading day. The particular market phase determines the type of action that may be taken for an order on ASX Trade, which in turn affects how trading is conducted.

Equity market phases (Sydney times)

   

07:00:00 - 09:59:00*Pre-open
09:59:00® - 09:59:45*Opening Single Price Auction
09:59:45* - 16:00:00Open/Normal Trading
16:00:00 - 16:10:00Pre CSPA
16:10:00^ - 16:11:00Closing Single Price Auction
16:11:00 – 16:21:30Post Close
16:21:30 - 16:42:00Adjust
16:42:00 - 18:50:00Adjust ON
18:50:00 - 18:59:00Purge orders
18:59:00 - 19:00:00System maintenance
19:00:00 – 20:40:00Close 
20:40:00 – 2:25:00System unavailable
2:25:00 – 7:00:00Close

   

*Random 15 secs

^Random 30 secs

®The OSPA occurs during a 15 second randomised window beginning at 9:59:00. The OSPA is a levelling/buffering period which will run for a minimum of 30 seconds. It will commence no later than 09:59:15. The earliest transition from OPSA to continuous trading (Open) will occur at 09:59:45.

Pre-opening Phase

Pre-opening takes place from 07:00:00 to 09:59:00* (randomised 15 seconds), Sydney time. During Pre-opening:

  • Brokers enter orders into ASX Trade in preparation for the market opening.
  • ASX Trade does not match orders.
  • 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 9:45:00, Sydney time. These trades must take place according to ASX Operating Rules.

Allowable trades may be reported in accordance with the ASX Operating Rules.

Opening Single Price Auction (OSPA)

The Opening Auction takes place at 09:59:00® (randomised 15 seconds), Sydney time. The OSPA session state immediately follows the opening auction. This is a levelling/buffering period which will run for a minimum of 30 seconds.

The transition from OSPA to continuous trading (Open) occurs at 09:59:45* (randomised 15 seconds).

During Opening Single Price Auction:

  • Opening Auction is conducted on the transition to the Session State.
  • Brokers may cancel orders, however order entry and amendment are not accepted.
  • Allowable trades may be reported.
Opening Phase/Normal Trading

Opening takes place at 09:59:45* Sydney time time (randomised 15 seconds), during which ASX Trade calculates opening prices. 

During Normal Trading from 09:59:45* (randomised 15 seconds) to 16:00:00, Sydney time, brokers enter orders into ASX Trade and ASX Trade matches the orders against each other, resulting in trades i.e in this phase ASX Trade automatically matches all trades in Price/Time Priority on a continuous basis.

The majority of trades take place during Normal Trading.

Pre CSPA

Between 16:00:00 to 16:10:00, Sydney time, the market is placed in Pre-CSPA. Continuous matching ceases, brokers can enter, change and cancel orders in preparation for the market closing.

Closing Single Price Auction

The Closing Single Price Auction takes place between 16:10:00^ (randomised 30 seconds) to 16:11:00, Sydney time.

ASX Trade calculates closing prices during this phase.

*Random + 60 secs

Post Close

Post Close takes place from 16:11:00 to 16:21:30, Sydney time. During Post Close:

  • Brokers enter new orders and amend existing orders at the CSPA price.
  • New orders not adhering to the CSPA price will be rejected.
  • ASX matches orders at the CSPA price.
  • Allowable trades may be reported.
  • Order and trade cancellations are permitted.

Adjust
The Adjust takes place from 16:21:30 to 16:42:00, Sydney time. During this phase:

  • Brokers may ‘tidy up’ their orders by cancelling unwanted orders, amending orders, etc.
  • New orders cannot be entered and ASX Trade 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.

Trading during the Adjust phase is referred to as overnight trading.

Adjust ON
The Adjust_On phase takes place from 16:42:00 - 18:50:00, Sydney time. During this phase, all permitted activities remain identical to those of the preceding Adjust phase. 

Purge orders
Orders that are expired orders, too far from market etc will be centrally inactivated/purged.

System maintenance
Administration/ system adjustment session state.

Close
No Trading Messages may be entered or amended in ASX Trade and no matching or Auctions take place.

System unavailable
The system process the night batch during this session state, this involves the update and addition of securities.

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