Securities trading - Australia
Key market-tradable securities
| Denomination Currency | Maturity Profile | Interest Rate | Interest/ Dividend Payment Frequency | Place of Settlement | Form |
| ASX-listed | |||||
| Equities and equity productsa | |||||
| AUDb | - | - | Usually semi-annual | CHESS | Dematerialised |
| Corporate listed bondsc | |||||
| AUD | Various | Fixed or floating rate | Usually semi-annual | CHESS | Dematerialised |
| CHESS Depository Interests (CDIs)d | |||||
| Various | Various | CUFSd: (none) DIsd: fixed or floating rate | Various | CHESS | Dematerialised |
| Rights and warrants | |||||
| Usually AUD | Various | - | - | CHESS | Dematerialised |
| Austraclear-eligiblee | |||||
| Australian Commonwealth Treasury bonds | |||||
| AUD | Up to 15 years | Usually fixed | Usually semi-annual | Austraclear | Dematerialised |
| Australian Commonwealth Treasury notes | |||||
| AUD | Usually up to 180 days; longer possible | Discount | - | Austraclear | Dematerialised |
| Australian state government and semi-government securitiesf | |||||
| AUD | Various | Discount, fixed or floating rate | Usually semi-annual | Austraclear | Dematerialised |
| Corporate unlisted bonds (including Global bonds and asset-backed securities)c | |||||
| AUD | Various | Discount, fixed or floating rate | Usually semi-annual | Austraclear | Dematerialised |
| Corporate short-term debt (negotiable bills of exchange, certificates of deposit, commercial paper)c | |||||
| AUD | Various | Discount or fixed | Discount at maturity | Austraclear | Dematerialised |
| Unlisted Equities and equity products | |||||
| AUD | - | - | Various | Physical or registry's books | Registered (physical or book-entry at registrar) |
a. Equity products include exchange traded funds, property trusts (property funds) and other ASX-listed investment vehicles.
b. Some foreign company shares are denominated in other currencies.
c. Minimum tradable amounts (for book-entry transactions) and minimum parcel amounts (for physical deliveries) apply to certain Australian debt securities pursuant to Australian Corporations Law and to (Exemption) Order No. 82 promulgated under the Banking Act 1959 of the Commonwealth of Australia. These minimum tradable amounts are usually enforced on trades that settle in Australia (that is, trades involving an Australian settlement agent), but not on trades settling outside of Australia (that is, trades that do not involve an Australian settlement agent).
d. CHESS cannot be used directly for the settlement of ASX transactions in securities belonging to issuers incorporated in countries which do not recognise dematerialised holdings or electronic transfer of legal title. To overcome this difficulty, the ASX developed CDIs as a particular type of depository receipt for holding interests in securities in dematerialised form, thus facilitating electronic settlement of ASX transactions in such securities. CDIs exist in three forms: (i) CUFS (CHESS Units of Foreign Securities) represent foreign equities; (ii) DIs (Depository Interests) represent bearer debt securities globally issued across several markets or in a single foreign domestic market; and (iii) treasury bonds, which are quoted and transacted in a similar way to shares.
e. Most Austraclear-eligible securities are dematerialised but some issues may be held in immobilised form.
f. State government and semi-government securities are bonds issued by Australia's constituent states and by public institutions such as New South Wales Treasury Corporation, Queensland Treasury Corporation, Tasmanian Public Finance Corporation, Treasury Corporation of Victoria etc.
Trading platforms
ASX Trade
ASX Trade is an electronic trading platform powered by NASDAQ OMX’s Genium INET platform.
ASX Trade opening takes place at 10:00 (Sydney time) and lasts approximately 10 minutes; the closing single price auction takes place between 16:10 (Sydney time) and 16:12 (Sydney time).
The vast majority of trades are executed during the “Normal Trading” phase between 10:00 (Sydney time) and 16:00 (Sydney time), during which ASX Trade automatically matches and executes buyers' and sellers’ trade orders in a price-time priority (better-priced and earlier orders trade first; larger orders have no priority over smaller orders and unmatched trades are not executed).
Outside ASX Trade regular trading times, ASX members are authorised to trade listed securities on an over-the-counter (OTC) basis. Such trades, which are referred to as off-market trades are concluded by telephone and are not automatically matched by ASX Trade, but must be reported through ASX Trade pursuant to ASX business rules.
Over the counter (OTC)
Austraclear-eligible securities and unlisted equities are traded over the counter by telephone.