You can enter buy or sell bids until approx 4:10pm. The ASX will determine a final price for the day based on the supply/demand of bids/asks. All bids entered will be executed at that final price if they fall within its limits.
It's crazy and I don't know why it's done like that but you can sometimes (rarely) grab a slight bargain or sometimes pay a higher price.
Auctions, page-2
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