Why MaC?
Currently, about 25% of all trading in South Africa is conducted in
closing auctions (approximately R1.3 trillion annually). The MaC
offers a cost effective alternative to transact in the closing auction
and find additional liquidity.
What MaC offers?
MaC allows Members to enter orders for matching on A2X at the official closing price of the market-of-listing end-of-day auction. It is an innovative order type that is designed to bring competition into the closing auctions and give the industry a genuine choice.
How it Works
MaC Orders are accepted throughout the trading day. At 3/4 of the way through the market of listing Auction A2X will commence its randomised lock phase, which may last up to 30 seconds, and match Orders on its auction book, not allowing any new Orders, amendments, or cancellations. Upon lock, unmatched Orders will be cancelled back to the submitting Member
01
MaC unlocked phase
Starts at the same time as the market of listing auction. Market orders may be entered amended or cancelled.
02
MaC random lock period
The MaC lock period starts mid-way through the market of listing auction, at a random point during a 30 second window.
03
MaC locked phase
After the random lock the MaC order book is locked from any member changes. Orders are matched with member and time priority. Any unmatched orders are cancelled, allowing members enough time for those orders to be sent elsewhere.
04
MaC execution
The MaC execution confirmation follows completion of the MoL auction. The orders that were matched are executed at the MoL closing price and execution is disseminated in the market data.
Key Features
Choice
MaC introduces choice and competition into the closing
auctions of the South African equity markets.
Member priority
Matching within MaC takes place on Member/Time priority.
Cost savings
Members can save through A2X’s lower fees.
Unlimited order size
A2X does not limit the order sizes submitted into MaC (apart
from standard risk controls at order entry).
Certainty of price
Users of MaC can be certain of getting the same price as
that offered by MOL at the end of their closing auction.
No additional connectivity
Members can access the MaC through their existing
connectivity to A2X.
No opportunity cost
Users are notified if any part of their orders are not
matched by the MaC, allowing them to route/work orders
elsewhere before the auction ends.
Sophisticated technology
MaC runs on highly performant technology developed
Industry leading by Aquis Technologies.
Regulatory approval
MaC has received regulatory approval.