| TIME (AEST/AEDT) | PHASE | ACCEPTED ORDERS |
| 7:00am - 9:59am | Pre-Open | Limit and stop orders only |
| 9:59am - 10:00am | Opening Single Price Auction (OSPA) | Limit and stop orders only |
| 10:00am - 4:00pm | Open (Normal Trading) | All orders available |
| 4:00pm - 4:10pm | Pre-Closing Single Price Auction (CSPA) | All orders available |
| 4:10pm - 4:11pm | Closing Single Price Auction (CSPA) | Limit and stop orders only |
| 4:11pm - 4:21pm | Post Close | All orders available |
| 4:21pm - 7:00am | Close | Limit and stop orders only |
Please note, the ASX staggers some of the above times by up to 30 seconds. You can get more details on all the specific market sessions and their opening/closing times on the ASX’s website here.
What is Pre-Open?
The Pre-Open phase runs from 7:00am – 9:59am (AEST/AEDT). During this time, orders can be entered, amended or cancelled, but no trades are executed. Think of it as a preparation period before the market officially opens.
If you’re a Stake Black customer, you can see indicative opening prices during this phase. Learn more about Stake Black and what you can access here.
What is OSPA?
OSPA stands for Opening Single Price Auction. It’s a session state where all ASX-listed equities and Exchange Traded Funds (ETFs) open in a single, randomised 15-second window between 9:59am and 10:00am (AEST/AEDT).
This replaces the old staggered group opening process, ensuring all stocks open in a tighter time frame.
What is Open?
The market is open between 10:00am to 4:00pm (AEST/AEDT) on ASX business days. This is known as ‘normal trading’ and is when most trades are executed.
What is Pre-CSPA?
The Pre-CSPA(Pre-Closing Single Price Auction) is a 10-minute window on the ASX between 4:00pm and 4:10pm (AEST/AEDT) where orders can be placed, amended, or cancelled in preparation for market close. No trades are executed during this time.
Stake Black customers can see indicative closing prices during this period.
What is CSPA?
The CSPA (Closing Single Price Auction) occurs from 4:10pm to 4:11pm (AEST/AEDT) and is how the ASX determines the official closing price for each stock. During this minute, final matching occurs to set the official closing price.
What is Post Close?
The Post Close occurs directly after the Closing Single Price Auction (CSPA), running from 4:11pm to 4:21pm (AEST/AEDT). Trades during this time can only execute at the official closing price. Market orders placed during Post Close are fixed to the closing price and will expire at the end of the trading day (7:00pm AEST/AEDT) if not filled. These orders won't carry over to the following trading day and are not entered as a limit order with a percentage buffer.
Limit orders not set at the closing price will remain queued for the next trading day.
What is Close?
Between 4:21pm and 7:00am (AEST/AEDT) the next trading day, the market is closed. No trades are executed during this time, but you can place limit or stop orders which are queued for the next Pre-Open session.
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