The Australian Securities Exchange (ASX) was created by the merger of the Australian Stock Exchange and the Sydney Futures Exchange in July 2006. It is the primary stock exchange group—a form of exchange which provides services for stock brokers and traders to trade stocks, bonds, and other securities—in Australia.
ASX Group can be described as a multi-asset class and vertically integrated exchange group. Its activities include primary and secondary market services, including the raising, allocation and hedging of capital flows, trading and price discovery process/mechanism (Australian Securities Exchange), the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers; central counterparty risk transfer (via subsidiaries of ASX Clearing Corporation); and securities settlement for both the equities and fixed income markets (via subsidiaries of ASX Settlement Corporation).
ASX operates two trading, clearing and settlement platforms, one for equity and related equity derivative products traded on an integrated trading platform between the hours of 10:00 am and 4:00 pm (AEST); and one for a suite of interest rate, equity index and commodity futures (and options on futures) products as well as Contracts For Difference (CFD), traded on a globally distributed 24-hour platform.
Monitoring and enforcement of compliance with its operating rules is performed by its wholly owned subsidiary, ASX Compliance.
Operations of the ASX Group are regulated by the Australian Securities and Investments Commission (ASIC), an independent Australian government body that acts as Australia’s corporate regulator; regulates all trading venues and clearing and settlement facilities, and supervises ASX’s own compliance as a listed public company.
The Reserve Bank of Australia (RBA) is a government agency which came into being on January 14, 1960 as Australia’s central bank and banknote issuing authority when the Reserve Bank Act 1959 was removed the central banking functions from the Commonwealth Bank. It also provides oversight in relation to compliance with financial stability standards for ASX’s central counterparties and securities settlement facilities.
ASX has a pre-market session from 7:00 am to 10:00 am AEST (Australian Eastern Standard Time) and a normal trading session from 10:00 am to 4:00 pm AEST. The market opens alphabetically in single-price auctions, a pricing method in securities auctions that give all participants to the issue the same purchase price, phased over the first ten minutes, with a small random time built in to prevent exact prediction of the first trades. There is also a single-price auction between 4:10 pm and 4:12 pm to set the daily closing prices. As of October 30, 2010, 2,192 stocks were listed on the ASX with a total market capitalization of A$ 1.4 trillion (US$ 1.4 trillion). As of October 30, 2010, it was the sixth largest world equity market (on free float basis), comprising arounds 3.4% of the S&P BMI and 3.2% of the MSCI World index, a stock market index of over 1,600 “world” stocks. Average daily turnover during 2010 was $5.5 Abn.
The following companies may have unusual price changes in Asian trading tomorrow. Stock symbols are in parentheses and share prices are as of the latest close. The information in each item was released after markets shut unless stated otherwise.
AUSTRALIAN shares closed slightly higher today, driven by gains in the telecommunications and financial sectors.
At the close, the benchmark S&P/ASX200 index was up 11.9 points, or 0.28 per cent, at 4,297, while the broader All Ordinaries index was up 9.2 points, or 0.21 per cent, at 4,351.9.
On the ASX 24, the June share price index futures contract was up 23 points at 4,308, with 25,064 contracts traded.
Etisalat is considering the divestment or consolidation of some of its international operations following a period of aggressive but problematic global expansion for the UAE operator.
The Abu Dhabi-listed company plans to concentrate on its current portfolio and will be “very selective” in any future acquisitions, according to its chief executive.
DUBAI, April 29 (Reuters) - Qatar Telecom 7010.SE (Qtel) on Sunday reported a 12 percent drop in first-quarter net profit, citing mainly foreign exchange losses, but the former monopoly still beat forecasts.
Qtel made a profit of 711 million riyals ($195.29 million) in the three months to March 31, down from 811 million riyals in the year-earlier period.
“Net profit during the period was adversely impacted by movement in the Indonesian currency,” Qtel said in an emailed statement. “Net profit decreased mainly due to foreign exchange losses in (Indonesian subsidiary) Indosat.”