• publish

Market making specifications

Please click here to learn more about market making arrangements.

Market makers have an important role in ensuring that buyers and sellers can transact in markets. Market makers receive incentives from ASX when making markets in accordance with the market making specifications under the applicable schemes. The specifications set out below are a summary of select terms in the market making incentive agreements between ASX and relevant maker makers, and are not intended to be a definitive or comprehensive summary of those agreements.

*All references to time are to Australian Eastern Standard Time or Australian Eastern Daylight Time (as applicable) unless otherwise stated.

Derivative30 day interbank cash rate futures
Current market makers1
Specifications 
  • Time

Generally required to provide continuous two-way quotes:

  • 80% of the time between 8:30am and 4:25pm on any trading day (calculated over a calendar month)
  • Minimum liquidity
50–150 lots per side
  • Maximum spread
Within a range of 2.5 - 3 basis points
Derivative90 day bank bill futures – expiry months 5 to 16
Current market makers1
Specifications 
  • Time
Generally required to provide continuous two-way quotes:
  • 80% of the time between 8:28am and 4:30pm on any trading day
  • 80% of the time between 4:58pm and 7:00/7:30am on any trading day
  • Minimum liquidity
20 - 150 lots per side
  • Maximum spread
Within a range of 2 - 4 basis points
DerivativeAustralian 20 year treasury bond futures
Current market makers2
Specifications 
  • Time

Generally required to provide continuous two-way quotes:

  • 80% of the time between 8:32am and 4:30pm on any trading day
  • Minimum liquidity
50 lots per side
  • Maximum spread
Within a range of 1.5 - 3 basis points
DerivativeAustralian 5 year treasury bond futures
Current market makers3
Specifications 
  • Time

Generally required to provide continuous two-way quotes:

  • 80% of the time between 8:30am and 4:30pm and 30% of the time between 5:10pm and 7/7:30am
  • Minimum liquidity
250 lots per side during the day, 150 lots per side during the night
  • Maximum spread
Within a 1 basis point range during the day and a 1.5 basis point range during the night