When does the Australian Stock Exchange open and what are its phases?

The Australian Stock Exchange (ASX) market phases are as follows (Sydney Time):

Equity market phases (Sydney times)

7am - 10am

Pre-open

10am*

Open

10am - 4pm

Normal Trading

4pm - 4:10pm

Pre CSPA

4:10pm - 4:12pm

Closing Single Price Auction

4:12pm - 4:42pm

Adjust

4:42pm - 6:50pm

Adjust ON

6:50pm - 6:59pm

Purge Orders

6:59pm - 7pm

System Maintenance

7pm - 7:30pm

Close

7:30pm - 2:25am

System Unavailable

2:25am - 7:00am

Close

*Random +/- 15 secs

Pre-opening Phase

Pre-opening takes place from 7:00 am to 10:00 am, Sydney time. During Pre-opening:

  • Brokers enter orders into ASX Trade in preparation for the market opening.
  • ASX Trade does not trade orders.
  • Investors may enter orders on-line. 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 Operating Rules.

Opening Phase

Opening takes place at 10:00 am Sydney time and lasts for about 10 minutes. ASX Trade 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 0-9 and A-B, e.g. ANZ, BHP
Group 2  10:02:15 am +/- 15 secs C-F, e.g. CPU, FXJ
Group 3  10:04:30 am +/- 15 secs G-M, e.g. GPT
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 ASX Trade 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 ASX Trade and ASX Trade matches the orders against each other, resulting in trades i.e in this phase ASX Trade automatically matches all trades in Price/Time Priority on a continuous basis.

The vast majority of trades take place during Normal Trading.

Pre CSPA

Between 4:00 pm and 4:10 pm, Sydney time, the market is placed in Pre-CSPA. 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.

ASX Trade calculates closing prices during this phase.

*Random + 60 secs

Adjust

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 ASX Trade 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.

Close

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

System Unavailable

The system process the night batch during this session state, this involves the update and addition of securities.

Close

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

For more information regarding ASX Trading hours/Market phases for different products, please visit the ASX website here.

For information regarding ASX Trading, Expiry and Settlement calendar, click here.

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