From 4.01pm to 4.10pm, the market goes into a pre-open phase where investors may continue to enter orders into the market. The 'Closing Single Price Auction' (CSPA), determines the closing price of stocks each trading day and this occurs between 4.10pm and 4.11pm on any trading day.
Clients may submit ‘at limit’ orders online with brokers at any time. However brokers only enter orders into the market between 7am and 10am, on any trading day in preparation for the market open.
http://www.thebull.com.au/experts/a/216-how-do-you-trade-australian-shares-after-hours.html
From 4.01pm to 4.10pm, the market goes into a pre-open phase...
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