I'm just going to re-post this from the weekly thread, in case anyone else wants to discuss it.
I have no issue with Point 1 and I like the idea of Point 3. I am more interested in Point 2. IF a stock has an interesting close, then we all get the chance to buy or sell at that closing price for 10 minutes, if there is stock available. I'm thinking that could lead to even more price manipulation on close. Also, if you get a 1-share order fill in the closing auction (which happens quite often), you have a good chance of getting the rest of your order filled in the Post Close. Will be interesting to see how it ends up working. Still a few weeks away but that time will go quickly.
The ASX trading platform is schedule for a comprehensive upgrade which is expected to go-live on Monday the 23rd of June. There are a number of key changes, particularly to the market open and close phases.
Opening Single Price Auction and Single Open:The existing five-group opening sequence will be replaced with an Opening Single Price Auction (OSPA) followed by a unified Open in a randomised auction time window. This will mean all equities and ETFs open at the same time, within a 30-second to 60-second range between 9:59:45am and 10:00:00am AET.
Post Close Trading Session:Introduces a new lit-order trading period following the Closing Single Price Auction (CSPA), allowing execution at the established closing price. The Post Close trading session will commence at 4:11:00pm and end at 4:21:50pm AET.
Closing Single Price Auction Enhancements:Enables securities with late-breaking announcements to participate in closing auctions while maintaining Post Close session eligibility.
