Investing between the flags – A Guide to investing by ASIC

On June 28 2011, ASX launched a range of new order types: Centre Point Order®, Centre Point Crossings and Undisclosed Order to better meet the needs of traders.

The Investing between the flags guide sets out the basic principles of investing and suggests that people develop and stick to a sound investment plan.

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Thinking of Trading Contracts for Difference (CFDs)?

Retail investors who are considering trading in contracts for difference (CFDs) have a new resource that aims to provide clear, independent guide on CFDs and the risks they entail.

The guide – entitled ‘Thinking of trading contracts for difference (CFDs)?’ was prepared by ASIC.

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Market Phases / Trading Hours (EDST)

7am – 10am Pre-opening
10am Opening
10am – 4pm Normal Trading
4pm – 4:10pm Pre-open prior to Closing
4:10pm Closing Single Price Auction
4:11pm – 5pm After Hours Adjust
5pm – 7am Enquiry

Pre-open Phase

Pre-opening takes place from 7:00 am to 10:00 am, Sydney time. During Pre-opening: Brokers enter orders into ITS in preparation for the market opening. Investors may enter orders online. The orders are queued according to price-time priority and will not trade until the market opens.

Overnight and overseas trades may be reported until 9:45 am, Sydney time. These trades must take place according to ASX Market Rules.

Opening Phase

Opening takes place at 10:00 am Sydney time and lasts for about 10 minutes. ITS calculates opening prices during this phase. Securities open in five groups, according to the starting letter of their ASX code:

Group 1 10:00:00 am /- 15 secs A-B, e.g. ANZ, BHP
Group 2 10:02:15 am /- 15 secs C-F, e.g. CPU, DVT, ECP, FXJ
Group 3 10:04:30 am /- 15 secs G-M, e.g. GHP, KYC, LIB
Group 4 10:06:45 am /- 15 secs N-R, e.g. QAN
Group 5 10:09:00 am /- 15 secs S-Z, e.g. TLS

The time is randomly generated by ITS and occurs up to 15 seconds on either side of the times given above, e.g. Group 1 may open at any time between 9:59:45 am and 10:00:15 am.

Normal Trading

Normal Trading takes place from 10:00 am to 4:00 pm, Sydney time. Brokers enter orders into ITS and ITS matches the orders against each other, resulting in trades i.e in this phase ITS automatically matches all trades in price/time priority on a continuous basis.

The vast majority of trades take place during Normal Trading.


Between 4:00 pm and 4:10 pm, Sydney time, the market is placed in Pre-open. Trading stops and brokers enter, change and cancel orders in preparation for the market closing.

Closing Single Price Auction

The Closing Single Price Auction takes place between 4:10* pm and 4:12 pm, Sydney time.

ITS calculates closing prices during this phase. *Random 60 secs


The Adjust takes place from 4.12 pm to 5:00 pm, Sydney time. During this phase: Brokers may ‘tidy up’ their orders by cancelling unwanted orders, amending orders, etc. New orders cannot be entered and ITS does not execute trades.

Brokers wishing to trade contact each other by telephone. ASX Market Rules ensure that trading takes place in an orderly fashion.

Trading during the Adjust phase is referred to as overnight trading.

Adjust On

This state is the same as the Adjust session state.

Purge Orders

Orders that are expired orders, too far from market etc will be centrally inactivated/purged.

System Maintenance

Administration/system adjustment session state.


No Trading Messages may be entered or amended in ITS and no matching or Auctions take place.