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Order controls

ASX Trade supports a range of order types across both Lit markets, Auctions, and Centre Point books with a range of time validities

Order validity

Lit Trading, Centre Point and Sweep order types support a range of time validities:

  • Fill-or-Kill: The order immediately executes in full when possible or is otherwise cancelled.
  • Fill-and-Kill: The order immediately executes to the greatest extent possible with any remaining unexecuted volume being cancelled.
  • Good for Day (Day / GFD): The order expires at the end of the current trading day.

TradeMatch order types also support the following additional time validities:

  • Good-Till-Date (Date/GTD): The order expires at the end of the specified trading day.
  • Good-Till-Expiry (Expiry/GTE): The order expires on the instrument’s expiry date.
  • Good-Till-Cancel (GTC): The order expires only when cancelled or after the maximum permitted order lifetime for that particular instrument type.

 

 

 

Order controls

Trade Match and Centre Point also offer a range of parameters you can apply to your orders for greater control over price, execution and timing.

 

Order availability

Lit Market

Centre Point

ASX Sweep 

In one transaction, seamlessly interact with dark liquidity in ASX Centre Point and lit liquidity in ASX TradeMatch. Remaining liquidity rests in ASX TradeMatch. ASX Sweep offers the fastest possible routing between these two liquidity venues for aggressive order flow whilst minimising routing signals and increasing execution certainty.

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ASX Sweep Dual Post

Simultaneously rest orders in ASX Centre Point and ASX TradeMatch at limit +1/2 tick with no risk of over fill.

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Limit

A limit order in TradeMatch. This order can execute at any price which is equal to or better than its limit price.

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Best Limit

An unpriced limit order that takes the best displayed price on entry to TradeMatch and joins the resting queue of orders at that price.

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Market-to-Limit

A market order that converts to a limit order at the best opposing price on entry into TradeMatch.

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Undisclosed Order

A limit order above a specified value where the limit price is displayed in TradeMatch but the volume is un-displayed.

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Centre Point

Non-displayed liquidity matched at the mid-point or other permitted price step inside the National Best Bid and Offer (NBBO).

 

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Centre Point Block

Attach a user-defined Minimum Acceptable Quantity (MAQ) to your ASX Centre Point order and only execute when the MAQ is satisfied. Helps users source natural block liquidity, improve fill rates and protect orders from 'pinging'.

 

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Centre Point Any Price Block

Orders can execute at any price at or outside the NBBO subject to meeting the pre-trade transparency block trade tiers.

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Single Fill MAQ

Orders executed only where the MAQ is satisfied by a single, opposing order. Enables users to discover natural block liquidity, minimise information leakage and have some level of control over which counterparties they engage with inside the system.

 

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Dark Limits

Orders executed at any permitted dark price up to your order's limit price. Enables users to leverage price improvement opportunities within the NBBO.

 

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Centre Point Preferencing

Allows users to maximise their crossings regardless of that order's position in the queue.

 

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Iceberg

A limit order in TradeMatch where only a portion of the total volume is displayed.

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