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ASX Group

Contact Details

Telephone: +61 2 9227 0000
Fax: +61 2 9227 0885
Email: info@asx.com.au
Web: www.asx.com.au

Principal Officers and Directors of ASX Group

Chairman Roderic (Rick) Holliday-Smith
Managing Director & Chief Executive Officer Elmer Funke Kupper
Deputy Chief Executive Officer Peter Hiom
Chief Financial Officer Ramy Aziz
Chief Risk Officer Alan Bardwell
Chief Compliance Officer Kevin Lewis
Chairman Roderic (Rick) Holliday-Smith
Managing Director & Chief Executive Officer Elmer Funke Kupper
Deputy Chief Executive Officer Peter Hiom
Chief Financial Officer Ramy Aziz
Chief Risk Officer Alan Bardwell
Chief Compliance Officer Kevin Lewis

Brief history

Brief history

ASX Group (ASX) is an umbrella brand developed to reflect the role of ASX Limited as the holding company of a group with a diverse range of market service activities linked by a common commitment to provide the infrastructure Australia needs to create a globally competitive capital market and a vibrant, robust economy.

ASX Group was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006 and is today one of the world's top-10 listed exchange groups measured by market capitalisation.

ASX is a multi-asset class, vertically-integrated exchange group whose activities span primary and secondary market services, including the raising, allocation and hedging of capital flows, trading and price discovery (Australian Securities Exchange); central counterparty risk transfer (via subsidiaries of ASX Clearing Corporation); and securities settlement for both the equities and fixed income markets (via subsidiaries of ASX Settlement Corporation).

ASX functions as a market operator, clearing house and payments system facilitator. It also oversees compliance with its operating rules, promotes standards of corporate governance among Australia's listed companies and helps to educate retail investors.

The domestic and international customer base of ASX is diverse. It includes issuers (such as corporations and trusts) of a variety of listed securities and financial products; investment and trading banks; fund managers; hedge funds; commodity trading advisers; brokers and proprietary traders; market data vendors; and retail investors.

In addition to its role as a market operator, ASX relies on a range of subsidiary brands to monitor and enforce compliance with its operating rules. These subsidiaries are:

  • Australian Securities Exchange - handles ASX's primary, secondary and derivative market services. It encompasses ASX (formerly Australian Stock Exchange) and ASX 24 (formerly Sydney Futures Exchange)
  • ASX Clearing Corporation - is the brand under which ASX's clearing services are promoted. It encompasses ASX Clear (formerly the Australian Clearing House) and ASX Clear (Futures) (formerly ASX Clearing Corporation Corporation)
  • ASX Settlement Corporation - is the brand under which ASX Group's settlement services are promoted. It encompasses ASX Settlement (formerly ASX Settlement and Transfer Corporation) and Austraclear
  • ASX Compliance - is the brand under which services are provided to the ASX Group for the ongoing monitoring and enforcement of compliance with the ASX operating rules. This entity replaces ASX Markets Supervision

The oversight work performed by ASX's subsidiaries ensures that it provides fair and reliable systems, processes and services that instill confidence in the markets that depend on its infrastructure. Confidence in the operations of ASX is reinforced by the market supervision and regulatory role undertaken by the Australian Securities and Investments Commission (ASIC) across all trading venues and clearing and settlement facilities, as well as through the Reserve Bank of Australia's oversight of financial system stability. ASIC also supervises ASX's own compliance as a listed public company.

Structure

Structure

ASX Limited is currently governed by a board of nine directors. The Managing Director and CEO is the sole executive director.

Markets

Markets

The Australian Securities Exchange operates the following markets:

  • ASX
  • ASX 24

The ASX Listing Rules sets out specific requirements that must be satisfied for an entity to gain admission to the official list of ASX. Entities that are admitted to the official list of ASX will come within one of the following categories: ASX Listing; ASX Debt Listing; and ASX Foreign Exempt Listing. Some of the key criteria to be admitted as an ASX Listing are summarized as follows:

  • The entity's structure and operations must be appropriate for a listed entity.
  • The entity must have a constitution consistent with the listing rules.
  • The entity must apply for and be granted permission for quotation of all the securities in its main class of securities..
  • The entity must have a minimum number of shareholders, either at least 400 shareholders each having a parcel of the main class of securities with a value of at least AUD2,000 and 25% held by unrelated parties, or at least 500 shareholders each having a parcel of the main class of securities with a value of at least $A2,000, in both cases excluding restricted securities.
  • The entity must satisfy either the profit test or the assets test.

In addition to the trading market for companies and other entities admitted to the ASX Official List, ASX also operates the following quotation markets:

  • AQUA - In addition to the trading market for companies and other entities admitted to the ASX Official List, Australian and international issuers of investment and trading products can take advantage of ASX's market service that facilitates the quotation, trading and clearing and settlement of a wide range of investment products. The service has been designed to accommodate the requirements of fund managers and investment banks enabling them to access the ASX market for Managed Funds, Exchange Traded Funds (ETFs), Structured Products and other innovative product structures. The broad categories of products that can be quoted on ASX include managed funds, ETFs, exchange traded commodities (ETCs) and structured products.
  • Issuer market risk products (e.g. warrants) - Only banks and certain other large institutions can list certain products under the Rules. ASX has defined these products as issuer 'market-risk' products, being those products that require the issuer to engage in risk management in respect of the product. Both the issuer and product/s are subject to approval from ASX.

Business hours

Official trading hours

ASX 10:00-16:00 AEST
ASX 24 ASX Trade 24 operates almost 24 hours a day (from Monday to Saturday morning AEST).

Market size

Market size

(at 31 December 2011)

Number of companies with equities listed*
Domestic 1,983
Foreign 96
Total companies 2,079
*The number of 'listed entities' is higher than this as the 'official list' counts stapled securities as two entities, includes some corporations with no quoted securities (or debt securities only) and temporary duplications arising from mergers, takeovers and other events.
Market capitalisation, main board, equities (AUD)
Domestic 1,168,7bn
Overseas-based companies 100.2bn
Total market capitalisation 1,268.9bn
Top domestic stocks by market capitalisation: 2011
Position Company Value (AUD)
1 BHP Billiton Limited 120.4bn
2 Commonwealth Bank of Australia 80.1bn
3 Westpac Banking Corporation 64.6bn
4 ANZ Banking Group Ltd 57.4bn
5 National Australia Bank Limited 53.4bn
6 Telstra Corporation Limited 41.4bn
7 Woolworths Ltd 34.7bn
8 Wesfarmers Limited 30.5bn
9 Rio Tinto Limited 30.1bn
10 Woodside Petroleum Limtied 27.6bn

Trading statistics

Trading statistics

ASX trading statistics

ASX main board turnover (excluding warrants)
Year Trade count ('000) Volume (shares) Value (AUD)
2000 14,797 171.1bn 390.6bn
2001 13,269 135.2bn 476.4bn
2002 13,999 153.7bn 542.5bn
2003 16,053 222.5bn 567.4bn
2004 18,818 266.7bn 679.3bn
2005 25,210 270.9bn 849.6bn
2006 37,522 388.1bn 1,097.0bn
2007 68,201 470.3bn 1,631.0bn
2008 106,198 386.0bn 1,440.1bn
2009 115,576 548.6bn 1,185.6bn
2010 135,887 598.3bn 1,394.8bn
2011
Equities (includes exchange traded funds and interest rate market; excludes warrants)
Volume of options traded
Year Volume (contracts)
2000 9.5m
2001 13.7m
2002 16.7m
2003 16.6m
2004 20.4m
2005 23.2m
2006 22.4m
2007 24.7m
2008 19.9m
2009 18.8m
2010 21.4m
2011

ASX 24 trading statistics

Futures volumes: 2011
Contract Volume (contracts)
ASX 30-day Interbank Cash Rate 6,296,489
ASX 30-day Interbank Cash Rate (NZ) 1,780
ASX 90-day Bank Bills 22,391,055
ASX 90-day Bank Bills (NZ) 2,018,667
ASX 3-year Bonds 41,662,349
ASX 3-year Interest Rate Swaps 1,980
ASX 3-year Stock (NZ) 0
ASX 10-year Bonds 15,954,349
ASX 10-year Stock (NZ) 260
ASX 10-year Interest Rate Swaps 2,650
ASX SPI 200 12,130,237
dcypha SFE Electricity 204,276
NZ Electricity 1,355
Victoria Gas 0
Renewal Energy Certificate 15
Wool 7,310
WA Wheat 12,283
NSW Wheat 93,940
Eastern Australian Feed Barley 8,558
Australian Sorghum 1,690
Eastern Australia Canola 0
Total futures 100,789,243
Options volumes: 2011
Contract Volume (contracts)
ASX 30-day Interbank Cash Rate 0
ASX 90-day Bank Bills 53,602
ASX 90-day Bank Bills (NZ) 600
ASX 3-year Bonds 509,638
ASX 3-year Bonds Overnight 1,433,184
ASX 3-year Bonds Intra-Day 1,249,257
ASX 3-year Stock (NZ) 0
ASX 10-year Bonds 2,052
ASX 10-year Bonds Overnight 2,250
ASX 10-year Bonds Intra-Day 0
ASX 10-year Stock (NZ) 0
ASX SPI 200 423,390
d-cypha SFE Electricity 16,303
NZ Electricity 0
Victoria Gas 0
Wool 0
WA Wheat 0
NSW Wheat 160
Eastern Australia Feed Barley 0
Australia Sorghum 0
Eastern Australia Canola 0
Total options 3,690,436
ASX Listed CFD volumes
2009 2010 2011
143,047,952 157,167,824 169,642,767
Exchange total volume: 2011
Total futures 100,789,243
Total options 3,690,436
Total CFDs 169,642,767
Total exchange volume 274,122,446

Main indices

Main indices

The S&P/ASX indices are market capitalisation-weighted indices that include the largest and most liquid stocks in the Australian market. The S&P/ASX 200 covers approximately 80% of the Australian equity market by capitalization and is considered to be the benchmark equity index.

The partnership between S&P and ASX began in April 2000 when S&P took over ASX's index business. The most commonly referred to indices are:

. S&P/ASX 20

. S&P/ASX 50

. S&P/ASX 100

. S&P/ASX 200

. S&P/ASX 300

. S&P/ ASX Midcap50

. S&P/ ASX Small Ordinaries

. All Ordinaries

In addition, in September 2010 ASX launched a volatility index called S&P/ASX 200 VIX. This is an end-of-day index that reflects the market's expected volatility in the Australian benchmark equity index, the S&P/ASX 200. The index uses settlement prices for S&P/ASX 200 put and call options to derive a weighted average of the implied volatility being incorporated into the options. Two maturities are used with the volatility of the options closest to maturity interpolated with that of the options farthest from maturity to arrive at a constant 30 day indication of expected volatility in S&P/ASX 200.

Securities traded

Products traded

Ordinary shares, preference shares, contributing shares, company options, depository receipts, warrants, index futures and options, commodity futures, interest rate securities, interest rate futures and options, equity futures and options, energy futures and options, currencies, contracts for difference, real estate investment trusts, exchange traded funds and exchange traded commodities.

Trading system

Trading system

ASX-traded market

The trading of equities, debt securities and warrants on ASX's markets takes place on ASX Trade (based on the NASDAQ OMX Genium INET system). ASX Trade is an electronic order book for securities listed on ASX. Orders are placed electronically by buyers and sellers and automatically matched based on priority of best-priced orders entered first in real-time.

ASX operates multiple order-driven markets for equity securities. Orders in TradeMatch are matched continuously in price time priority with single price auctions facilitating the opening and closing sessions. TradeMatch also offers crossing, trade registration and large order execution facilities. PureMatch is a new order book offering continuous trading in a subset of ASX listed securities. VolumeMatch® is a trade execution facility that enables end-users to search for liquidity and execute large orders anonymously

Opening and Closing Auctions

The opening and closing price for a security is determined by a four step approach involving the use of conditional decision rules. The same auction is used for opening and closing trading, IPOs and resuming trading after halts or suspensions. The four steps work as follows: Using all orders in the order book, the system determines the cumulative buy and sell quantities for each side of the book and then calculate the maximum executable volume (MEV) at each price level . The system establishes the minimum surplus i.e. the price level where unfilled volume is at a minimum . The system determines whether the majority of market pressure is on the buying or the selling side . The system determines the latest reference price, usually the last price in trading for the previous day and if needed a comparison between the reference price and the auction price.

Main Order Types

Limit (LMT) - A Limit Order is entered as a defined price, the order will not execute at a worse price. . Market-To-Limit (MTL) - A Market-to-Limit order is a market order that converts to a limit price equal to the current best opposing price. . Best-Limit (BST) - A Best Order is priority queued as a limit order at the current best bid or ask on the same side of the market. . Short Sell (SHL) - Covered Short Selling is permitted under the Corporations Act. There are also special arrangements for Market Makers under certain circumstances. In conjunction with the order types there are also several validity attributes: - FoK: Fill or Kill, the order is cancelled if all the quantity cannot be executed immediately - FaK: Fill and Kill, fill the order now as far as possible then cancel the rest - Day: Expire at the end of the day - Exp: Expire at the instrument's expiration date - Date: Expire after a certain amount of calendar days - GTC: Good till Cancelled, expire at the maximum allowed time for that particular instrument type

Advanced Order Types

ASX introduced a range of new order types in 2010. . Centre Point Order® - an anonymous order that enables execution at the midpoint of the best bid and offer in the ASX Central Limit Order Book (CLOB). . Undisclosed Order - a CLOB order type that is fully disclosed in terms of execution price but undisclosed regarding execution volume. . Iceberg Order - a simple order reloading algorithm in TradeMatch, aimed at enhancing order management and controlling order signalling. . Equity Combinations - reduce execution risk by entering multi-leg strategies at a specified net price.

Crossings

On-Market Crossings

ASX allows Priority Crossings where a Trading Participants acts as buyer and seller in one transaction. The Trading Participant can use the ASX System to achieve time priority at the crossing price if the trade is executed according to ASX Operating Rules.

Centre Point Crossing

Enables an ASX Participant to cross at the midpoint of the best bid and offer in the ASX CLOB.

Off-Market Specials

A Block Special Crossing (BSC) is a crossing transaction that meets certain value conditions and therefore can be conducted off-market and reported back to the market as an off-market trade (requirements are set out in the relevant ASX Operating Rules Procedures. Block Special Crossings can currently be reported at any negotiated price.

Facilitation

Off-Market Specials that meet a further minimum value requirement can have their reporting to the market delayed. One side of these trades must be facilitated as principal by a broker. The minimum consideration for this transaction is between $2 and $15 million depending on the category of security.

NBBO Crossings

Crossings at or within the national best bid and offer. Portfolio Crossings Portfolio Special Crossings are a type of Block Special Crossing and allow a basket of securities to be traded together off-market if they meet certain minimum value and number of securities requirements. Portfolio Special Crossings enable you to trade an entire portfolio and can potentially have their reporting to the market delayed.

ASX 24-traded market

ASX Trade24 is the fully electronic system for the trading of futures. Open architecture is provided by the ASX Trade24 Interface that utilises FIX (Financial Information Exchange) protocol as the method linking it to the order systems of customers.

Exchange holiday schedule

2017

  • 01 January
  • 26 January
  • 02 April
  • 05 April
  • 26 April
  • 14 June
  • 27 December
  • 28 December
  • 02 January
  • 02 January
  • 26 January
  • 26 January
  • 06 April
  • 06 April
  • 09 April
  • 09 April
  • 25 April
  • 25 April
  • 11 June
  • 11 June
  • 24 December
  • 24 December
  • 25 December
  • 25 December
  • 26 December
  • 26 December
  • 31 December
  • 31 December