Trading on SSX
Trading on SSX is conducted through market participants of SSX (stockbrokers). You can find a list of SSX market participants here.
SSX recognises that the code assigned to a listee is a key identifier and can be an integral part of the public identity of the listee. As such, SSX will work with listees to assign, where possible, a code in the best commercial interests of the listee.
SSX codes have a defined three character structure.
- The first character will be numeric – “8” representing Australian incorporated listees and “9” representing non-Australian incorporated listees.
- The second and third characters will be either all alphabetic or all numerical.
The SSX codes must be unique to the SSX listing. SSX will work with listees to select a unique code. For example, company “Alpha Beta Limited”,
- 8AB (ordinary shares of an Australian incorporated entity)
- 9AB (ordinary shares of a non-Australian incorporated entity)
- 812 (ordinary shares of an Australian incorporated entity)
- 912 (ordinary shares of a non-Australian incorporated entity)
SSX codes will not be of a form which SSX considers unsuitable or offensive.
Premium Issuer Codes
SSX appreciates that certain numeric Issuer codes have significant appeal for the market. These premium SSX codes can, if available for use in the market, be purchased as set out in the SSX Schedule of Fees.
The fourth and fifth characters of a code, where used, will be alphabetic and will represent the security type. The absence of a fourth character is indicative of the security being an ordinary share (or unit).
SSX utilises the security code convention, previously well established in the Australian market.
Example of the fourth and fifth security codes are if AB Limited has the SSX code ‘8AB’, and it has quoted preference shares, the security code for the preference shares is usually “8ABPA” or “8ABPB”.
Trading and Settlement in 2018
SSX's trading platform is known as APeX. When implemented, SSX will provide SSX market participants with a desk-top application through which they can enter orders into the market. Orders placed in the market are firm bids and offers (not indicative) for prices and volumes at which Market Participants will trade and those orders will be matched on APeX in price-time priority.
Should settlement not occur on the due T+2 settlement date, the SSX Market Participant may pass on to the client any penalty fees levied by ASX Settlement and may be entitled to acquire securities at the client’s expense (to settle a failed sale transaction) or sell securities and recover any losses from the client (in the case of a failed buy transaction).
The platform will be open for trading between 10.15am and 4.15pm (Sydney time) on each business day. SSX Trading calendar - 2018:
|Public Holiday||Dates for 2018||Applies to the States||Trading Day1||Settlement Activity2||Business Day3|
|New Year's Day||Monday 1 January||ALL||CLOSED||No Settlement||NO|
|Australia Day||Friday 26 January||ALL||CLOSED||No Settlement||NO|
|Good Friday||Friday 30 March||ALL||CLOSED||No Settlement||NO|
|Easter Monday||Monday 2 April||ALL||CLOSED||No Settlement||NO|
|ANZAC Day||Wednesday 25 April||ALL||CLOSED||No Settlement||NO|
|Queen's Birthday||Monday 11 June||All except WA & QLD||CLOSED||No Settlement||NO|
|Labour Day||Monday 1 October||NSW,QLD,SA & ACT||OPEN||Settlement||YES|
|Last Business Day before Christmas Day||Monday 24 December||ALL||CLOSE EARLY4||Settlement||YES|
|Christmas Day||Tuesday 25 December||ALL||CLOSED||No Settlement||NO|
|Boxing Day/ Proclamation Day||Wednesday 26 December||ALL except SA||CLOSED||No Settlement||NO|
|Last Business Day of the Year||Monday 31 December||ALL||CLOSE EARLY5||Settlement||YES|
1A Trading Day means SSX market is open for trading.
2No Settlement Activity on Non-Business days.
3Business Day is a day that is not a Saturday, Sunday, New Year's Day, Australia Day, ANZAC Day, Good Friday, Easter Monday, Christmas Day, Boxing Day and any other day that SSX notifies market participants is not a business day.
4Normal trading ceases at 14:10 (Sydney time).
5Normal trading ceases at 14:10 (Sydney time)
SSX reserves the right to declare additional Non-Business Days or to alter days previously declared as Non-Business Days at any time.
The following types of orders may be placed in the SSX market:
|Limit Order||An order to buy or sell a security in full or part at a specified or better price until expiry as set out below:
|Market Order||An order to buy or sell a security as soon as possible at the current market price or up to three (3) price steps from the current market price. When a market order is submitted a price value for the order is not specified. The trading platform automatically deals as much as possible of the order, depending on the orders that are currently available on the other side of the market. The market order will only trade with orders at the current best order and up to three (3) price steps away from the current best order. If there is not enough available quantity to satisfy the total requested quantity, the trading platform partially deals the order, and converts the remainder into a limit order at the last matched price. The three (3) price steps limit (referred to as the "reasonability limit") prevents market orders from trading with orders with a price value that is too far away from that of the current best order.|
|Market at Best Order||An order to buy or sell a security as soon as possible at the current market price. When a market order is submitted a price value for the order is not specified. The trading platform automatically deals as much as possible of the order, depending on the orders that are currently available on the other side of the market. The market order will only trade with orders at the current best order. If there is not enough available quantity to satisfy the total requested quantity, the trading platform partially deals the order, and converts the remainder into a limit order at the last matched price.|
|Fill and Kill Order||An order that will be dealt for whatever quantity is available, and then dropped. When a Fill And Kill order is submitted the trading platform attempts to deal as much as possible of the requested quantity. If there is not enough available quantity to satisfy the total requested quantity, the trading platform partially deals the order, and drops the remainder.|
|Fill or Kill Order||An order that will be dropped if it cannot be filled in its entirety. When a Fill or Kill order is submitted the trading platform attempts to deal the total requested quantity. If the requested quantity is not available, the order is dropped, and no deal takes place.|
|Triggered Order||An order to buy or sell a security based on the price of the security breaching a trigger point. When the order is submitted it is initially untradeable and only visible to the submitter. A Triggered Order (referred to as a “stop loss” or “take profit” order) is an order that is activated when the price of the security reaches a specified trigger price from a specific side, either declining or rising. A Triggered Order contains a price criteria specification which defines the rules for the trigger price comparison (e.g.
bid price >= trigger price
bid price <= trigger price
ask price >= trigger price
ask price <= trigger price)
During Normal Trading, Triggered Orders that meet the price criteria will be activated using the last traded price. A Triggered Order can be entered in Pre-Auction. It does not participate in the auction algorithm. At the end of the auction, Triggered Orders that meet the price criteria will be activated using the opening price set by the auction. Once activated, a Triggered Order will place a Limit Order in the market with an expiry determined at the time of entering the Triggered Order.
The ISO 10383 market identification code (MIC) for SSX services is AU APXL. International Standard 10383 specifies a universal method of identifying exchanges, trading platforms and markets as sources of prices and related information in order to facilitate automated processing. Further information can be found on the ISO website