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What are market phases?

April 26, 2017market phases

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What are market phases?

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The market goes through a series of phases. Each phase determines how trading is or can be conducted. Below is a list of the different phases of the market during the day: Time (AEST) Market Phase Notes 7:00am to 10:00am Pre-open ITS allows the entry of new orders, order amendments and order cancellations. ITS does not automatically execute trades during Pre Open. Approx 10:00am to 4:00pm Open Orders are traded in strict price/time priority and opening times are staggered depending on the starting letter of the ASX code for the security. * Random +/- 15 seconds Group Opening Time Codes 1 10:00:00 am A – B 2 10:02:15 am C – F 3 10:04:30 am G – M 4 10:06:45 am N – R 5 10:09:00 am S – Z ITS allows the entry of new orders, order amendments and order cancellations. ITS executes trades automatically during normal trading. Approx 4:00pm to 4:10pm Pre Closing Single price Auction (CSPA) ITS allows the entry of new orders, order amendments and order cancellations in preparation for the market c