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Disclaimer: This is not intended to be fnancial product advice. To the extent permitted by law, ASX LimitedABN 98 008 624 691 and its related bodies corporate excludes all liability or any loss or damage arisingin any way including by way o negligence. This document is not a substitute or the Operating Rules o therelevant ASX entity and in the case o any inconsistency, the Operating Rules prevail.
ASX is consistently among the global leaders in capital raising. The total capital raised was A$106bn in 2009.
ASX Capital Raising
2009 ($B) 2008 ($B)Primary Raisings
IPOs 7.5 2.5
Secondary Raisings*
Rits Issues 38.3 12.8
Pacements & SPPs 46.4 28.4
DRPs 11.4 15.6
Cas** 0.4 0.1
Options 0.1 0.4
Prospectus 0.3 0.2
Sta sare pans 1.7 2.4
Tota Raisins 106.1 62.5
Other Capital Changes
Sare Repurcases -2.1 -4.6
* Excudes equit issued as part o a sare fnanced M&A** Issue o u paid or part paid quoted securities due to te pament o a fna ca or ca on contributin/part paid securities.
The market goes through a number o phases on any trading day. The particular market phase determines the type o
action that may be taken or an order on ITS, which in turn aects how trading is conducted. The phases are currently
set as ollows:
TIME PhASE
7:00am – 10:00am Pre-Open
10:00am* Openin Sine Price Auction
10:00am – 4:00pm Norma Tradin
4:00pm – 4:10pm Pre CSPA
4:10pm – 4:12pm Cosin Sine Price Auction
4:12pm – 5:00pm Adjust
5:00pm – 6:50pm Adjust ON
6:50pm – 6:59pm Pure Orders
6:59pm – 7:00pm Sstem Maintenance
7:00pm – 7:30pm Cose
7:30pm – 2:25am Sstem Unaaiabe
2:25am – 7:00am Cose
* Random Openin, pease reer to Mornin Auction section beow
Opening and Closing Auctions
The opening and closing price or a security is determined by a our step approach involving the use o conditional
decision rules. The same auction is used or opening and closing trading, IPOs and resuming trading ater halts or
suspensions. The our steps work as ollows:• Using all orders in the order book, the system determines the cumulative buy and sell quantities or each side o 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 unflled volume is at a minimum
• The system determines whether the majority o market pressure is on the buying or the selling side
• The system determines the latest reerence price, usually the last price in trading or the previous day and i needed
a comparison between the reerence price and the auction price.
Morning Auction
The morning auction is split into groups to allow traders time to eectively manage their orders during the opening o
trade. The opening rotation is split into fve groups as ollows:
Group 1 10:00:00 am +/- 15 secs A-B e.g. ANZ, BHPGroup 2 10:02:15 am +/- 15 secs C-F e.g. CPU, DJS, FXJ
Group 3 10:04:30 am +/- 15 secs G-M e.g. GPT, KYC, LNN
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
Main Order Types Offered by ASX
• Limit (LMT) – A Limit Order is entered as a defned price, the order will not execute at any other price
• Market (MKT) – A Market Order does not have a price limit and is traded at the price available in the market
• 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
As one o the world’s top-10 listed exchange groups, measured by its market capitalisation, the ASX
Group was created through the merger o the Australian Stock Exchange and the Sydney Futures
Exchange. The ASX Group operates under the brand Australian Securities Exchange.
The Australian Securities Exchange spans the markets or corporate control, capital ormation and pricediscovery and unctions as an operator, supervisor, central counterparty clearer and payments system
acilitator.
The diverse domestic and international customer base o the Australian Securities Exchange includes
issuers o a variety o listed securities, corporates, investment banks, trading banks, und managers,
hedge unds, commodity trading advisers and proprietary and retail traders.
More inormation on ASX can be ound on our website www.asx.com.au