Important Information Regarding ASX Intraday Auction Trial
The ASX proposes to commence a 3-month trial of Intraday Auctions for selected equity securities outside the S&P/ASX 300 on 29 January 2013.
The Intraday Auction will use the same process the ASX currently uses to determine security opening & closing prices, but will occur during the middle of the trading day.
Based on the outcome of the trial, the ASX will consider expanding intraday auctions to all stocks outside the S&P/ASX 300. Intraday auctions have been used successfully as a mechanism to increase liquidity in certain overseas markets.
When will this change take effect?
The ASX will commence the intraday Auction trial on 29 January 2013. The trail is proposed to run for 3 months, as determined by the ASX.
What effect is the trial likely to have?
Intraday auctions occur at 12:00pm and 2:00pm (Sydney time) on ASX trading days. Securities involved in the Intraday Auction trial will be placed into pre-open for 5 minutes from 12:00pm-12:05pm and 2:00pm – 2:05pm (+/-15 seconds random timer).
During pre-open:
No matching of orders occurs.
New “Limit” orders may be entered and placed on the ASX to participate in the auction.
New “At Market” orders will not be accepted by the ASX.
Existing unexecuted orders on market can participate in the auction (i.e. orders will not be purged).
Orders are queued according to price-time priority, consistent with normal continuous trading.
Unexecuted orders already on market may be amended.
Once the intraday auction takes place, orders are matched and continuous trading will resume as normal.
Clients should consider how these intraday auctions and the price trades execute at the auction may impact their trading strategies.
What stocks are affected?
The ASX have selected 37 securities for the trial. These are subject to change during the trial, as determined by the ASX.
COMPANY
ASX CODE
COMPANY
ASX CODE
ADITYA BIRLA MINERALS LIMITED
ABY
GUILDFORD COAL LIMITED
GUF
AFRICAN ENERGY RESOURCES LIMITED
AFR
JUPITER MINES LIMITED
JMS
AUTOMOTIVE HOLDINGS GROUP LIMITED
AHE
MINEMAKERS LIMITED
MAK
ASPIRE MINING LIMITED
AKM
MOLY MINES LIMITED
MOL
ARGO INVESTMENTS LIMITED
ARG
NIDO PETROLEUM LIMITED
NDO
ARAFURA RESOURCES LIMITED
ARU
NEW HOPE CORPORATION LIMITED
NHC
AVANCO RESOURCES LIMITED
AVB
NIB HOLDINGS LIMITED
NHF
ALCYONE RESOURCES LTD
AYN
NORTHERN MINERALS LIMITED
NTU
BUCCANEER ENERGY LIMITED
BCC
OAKTON LIMITED
OKN
BC IRON LIMITED
BCI
PEAK RESOURCES LIMITED
PEK
BRICKWORKS LIMITED
BKW
PLUTON RESOURCES LIMITED
PLV
BERKELEY RESOURCES LIMITED
BKY
REA GROUP LTD
REA
BANNERMAN RESOURCES LIMITED
BMN
RHG LIMITED
RHG
COBAR CONSOLIDATED RESOURCES LIMITED
CCU
RIDLEY CORPORATION LIMITED
RIC
CLOUGH LIMITED
CLO
STW COMMUNICATIONS GROUP LIMITED
SGN
CARNARVON PETROLEUM LIMITED
CVN
SALMAT LIMITED
SLM
COAL OF AFRICA LIMITED
CZA
WASHINGTON H SOUL PATTINSON & COMPANY LTD
SOL
EMPIRE OIL & GAS NL
EGO
STRAITS RESOURCES LIMITED
SRQ
GOLD ONE INTERNATIONAL LIMITED
GDO
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