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-====== Australian Stock Exchange (ASX) ======
-The ASX is the primary equities exchange in Australia.
-[[http://www.asx.com.au | Homepage]]\\
-Currency: Australian Dollar (AUD)\\
-===== Trading Hours & Calendar =====
-[[http://www.asx.com.au/about/trading-hours.htm | Trading Hours]]\\
-[[http://www.asx.com.au/about/asx-trading-calendar-2014.htm | Holiday Calendar]]
-===== Trading Summary =====
-The ASX has opened up to competition in recent years, with the notable entry of Chi-X into the field offering competition in execution venues.
-==== Lit Order-types ====
-  * Limit Buy/Sell->ShortSell
-  * Market Buy/Sell->ShortSell
-  * Market-on-Close Buy/Sell->ShortSell
-==== Dark Order-types ====
-  * Limit Buy/Sell->ShortSell
-  * Market Buy/Sell->ShortSell
-  * Midpoint Pegged Buy/Sell->ShortSell
-==== Available ATS ====
-  * [[ChixAustralia|Chi-X Australia]]
-==== Basic Market Rules ====
-  * [[http://www.asx.com.au/resources/security-quantity.htm | Lot Size]] - minimum lot size = 1; maximum lot size = 999,000,000
-  * [[http://www.asx.com.au/resources/price.htm | Tick Size]] - the tick size varies by price as follows:
-^ Price Range ^ Tick Size ^
-| Up to 10c | 0.1c |
-| 10c up to $2.00 | 0.5c |
-| $2.00 up to $99,999,999.00 | 1c |
-  * [[http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Short%20selling | Short Sale Rules]]: Short sales must be declared and are only permitted where a locate for the shares has been obtained. Naked short selling is prohibited. For further guidance on short-selling in Australia please refer to [[http://www.asic.gov.au/asic/pdflib.nsf/LookupByFileName/rg196-short-selling-20110429-updated-ASX200-to-ASX300.pdf/$file/rg196-short-selling-20110429-updated-ASX200-to-ASX300.pdf | Regulatory Guide 196: Short Selling]]
-  * Circuit Breakers - although the ASX has not established fixed thresholds for circuit breakers or trading halts, trading in a company's shares may be halted from time-to-time for market sensitive announcements or at the request of the company, as outlined [[http://www.asx.com.au/resources/trading-halts.htm | here]].
-==== Auction Mechanisms ====
-=== Open ===
-The opening auction procedure begins at 10:00AM and lasts for about 10 minutes. The reason for this is that stocks are divided into 5 groups which open sequentially as follows:
-  * Group 1 (A-B) 10:00:00AM +/- 15 sec
-  * Group 2 (C-F) 10:02:15AM +/- 15 sec
-  * Group 3 (G-M) 10:04:30AM +/- 15 sec
-  * Group 4 (N-R) 10:06:45AM +/- 15 sec
-  * Group 5 (S-Z) 10:09:00AM +/- 15 sec
-For a detailed description of how the opening price is calculated, see [[http://www.asx.com.au/documents/rules/asx_or_procedures.pdf | here]].
-=== Close ===
-The closing price is defined by the following closing auction mechanism:
-**Auction** means an auction conducted in a Trading Platform in respect of Qualifying Bids or Offers pursuant to the  following process:
-  * **a)** The Priority Bid is paired with the Priority Offer so that either the Bid or the Offer is fully  satisfied;
-  * **b)** A new priority of Bids and Offers is established deducting the quantity of Products paired under sub-paragraph a);
-  * **c)** The pairing and re-establishment of priority set out in paragraphs a) and b) is repeated until the Priority  Bid is below the Priority Offer;
-  * **d)** All paired Bids and Offers are then matched at the Equilibrium Price;
-  * **e)** Any Bids or Offers which have not been matched at the completion of the process described in paragraph b) will be carried through to the next Session State
-**Auction Periods**
-. **Pre-CSPA** (16:00 - 16:10): During this period:
-  * Bids and Offers may be entered, amended or cancelled in the Trading Platform
-  * Bids and Offers remaining in the Trading Platform from the previous Session State may be amended or cancelled
-  * Bids and Offers remaining in the Trading Platform at the commencement of the Session State retain their ranking in Price/Time Priority
-  * No Bids or Offers will be matched
-  * Allowable trades may be reported
-. **CSPA** (16:10-16:12 - random time +/- 30 seconds): During this period:
-  * An Auction is conducted on commencement of the Session State
-  * Auction Imbalance Orders are matched with other Orders at the end of the Auction following the transition of the  Pre_CSPA Session State to the CSPA Session State
-  * No Bids and Offers may be entered, amended or cancelled in the Trading Platform
-  * Qualifying Bids and Offers that have not been matched in the Auction will be carried through to the next Session   State in Price/Time Priority
-  * No trades may be reported.
-**Order Types:**
-Traders can enter limit, market and market-on-close orders to participate in the auction.
-For more information on the auction mechanisms on the Australian Stock Exchange, please see [[http://www.asx.com.au/documents/rules/asx_or_procedures.pdf  | here]], [[http://www.asx.com.au/documents/rules/asx_or_appendices.pdf | Appendices]]
-===== Additional Info =====
-Here you can find a number of third-party reference sources to help you learn more about the Australian equities markets.
-==== Financial News/Research ====
-  * [[http://www.theaustralian.com.au/business | The Australian: Business Section]]
-  * [[http://afr.com/business | The Australian Financial Review: Business Section]]
-  * [[http://au.finance.yahoo.com/ | Yahoo!Finance - Australia]]
-  * [[http://www.smh.com.au/business/markets | Sydney Morning Herald - Markets Section]]
-==== Market Data ====
-  * [[http://www.asx.com.au/asx/markets/equityPrices.do | ASX Market Data]]
-===== See Also =====
-  * [[equity_markets|Equity Markets]]
-===== References =====