ASX Equities Trading

When submitting an order to ASX Trade, participants can specify a Crossing Key, used to identify an account or beneficial owner. 

Where two orders, which would otherwise be matched, have the same identifier in the Crossing Key, ASX - UCP functionality creates booking reports to the Participant. 

The resting order(s) are removed from the order book. Booking reports are intended for the participant’s administrative purposes such as accounting and back office processing. 

Proprietary participants: Electronic liquidity providers often have two-sided quotes in the market. When crossing the spread, traders can run the risk of self-trading. UCP prevents on-market self-executions without locking incoming orders out of the market. 

Proprietary desks: Proprietary functions such as equity derivatives, swap, and delta one can use UCP to prevent their orders from matching with other house orders on market. 

Agency brokers:  Where an account is quoting both sides of the market agency brokers should use UCP to avoid cancellations of crossings by that client.

Products UCP is available in Cash Market Products for orders entered with the MO1 and OUCH single order entry transactions. 

Market Phases UCP is available during continuous trading (including for Centre Point Orders) and auction phases. 

The fee applicable to UCP booking reports generated by ASX for two orders with the same identifier in the Crossing Key, which would otherwise be matched, is 0.10 basis points (GST exclusive).