{"id":690,"date":"2024-03-15T21:23:55","date_gmt":"2024-03-15T21:23:55","guid":{"rendered":"https:\/\/webdev2.a2x.co.za\/?page_id=690"},"modified":"2025-06-10T13:30:14","modified_gmt":"2025-06-10T11:30:14","slug":"on-book-aod","status":"publish","type":"page","link":"https:\/\/www.a2x.co.za\/?page_id=690","title":{"rendered":"On Book &#8211; AOD"},"content":{"rendered":"\n\t<section class=\"section\" id=\"section_1296086036\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t<div class=\"video-overlay no-click fill visible\"><\/div>\n\t<video class=\"video-bg fill visible\" preload playsinline autoplay muted loop>\n\t\t<source src=\"https:\/\/webdev2.a2x.co.za\/wp-content\/uploads\/2023\/11\/video-2.mp4\" type=\"video\/mp4\">\t<\/video>\n\t\t\t<div class=\"section-bg-overlay absolute fill\"><\/div>\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"slider-wrapper relative\" id=\"slider-1469996172\" >\n    <div class=\"slider slider-nav-dots-dashes-spaced slider-nav-circle slider-nav-large slider-nav-light slider-style-normal slider-show-nav\"\n        data-flickity-options='{\n            \"cellAlign\": \"center\",\n            \"imagesLoaded\": true,\n            \"lazyLoad\": 1,\n            \"freeScroll\": false,\n            \"wrapAround\": true,\n            \"autoPlay\": 4000,\n            \"pauseAutoPlayOnHover\" : false,\n            \"prevNextButtons\": true,\n            \"contain\" : true,\n            \"adaptiveHeight\" : true,\n            \"dragThreshold\" : 10,\n            \"percentPosition\": true,\n            \"pageDots\": true,\n            \"rightToLeft\": false,\n            \"draggable\": true,\n            \"selectedAttraction\": 0.1,\n            \"parallax\" : 0,\n            \"friction\": 0.6        }'\n        >\n        \n\n  <div class=\"banner has-hover\" id=\"banner-1119291002\">\n          <div class=\"banner-inner fill\">\n        <div class=\"banner-bg fill\" >\n            <img loading=\"lazy\" decoding=\"async\" width=\"8000\" height=\"4609\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-On-Off-books-Banners-01.png\" class=\"bg attachment-original size-original\" alt=\"\" \/>                        <div class=\"overlay\"><\/div>            \n                    <\/div>\n\t\t\n        <div class=\"banner-layers container\">\n            <div class=\"fill banner-link\"><\/div>            \n   <div id=\"text-box-868364948\" class=\"text-box banner-layer x100 md-x0 lg-x0 y50 md-y80 lg-y80 res-text\">\n                     <div data-animate=\"flipInY\">           <div class=\"text-box-content text dark text-shadow-2\">\n              \n              <div class=\"text-inner text-left\">\n                  \n<div class=\"is-divider divider clearfix\" style=\"max-width:80px;height:6px;background-color:rgb(70, 249, 143);\"><\/div>\n<h3 class=\"uppercase\"><span style=\"font-size: 170%;\"><strong>On Book<\/strong><\/span><\/h3>\n<h5><span style=\"font-size: 110%;\">A market participant may access anonymous market<\/span><br \/><span style=\"font-size: 110%;\">information such as the best Bid and Ask price as well as their<\/span><br \/><span style=\"font-size: 110%;\">aggregated bid and offer sizes in real time.<\/span><\/h5>\n<a href=\"https:\/\/webdev2.a2x.co.za\/?page_id=172\" class=\"button secondary is-gloss is-large reveal-icon\" style=\"border-radius:10px;\">\n\t\t<span>Connect with us<\/span>\n\t<i class=\"icon-angle-right\" aria-hidden=\"true\"><\/i><\/a>\n\n              <\/div>\n           <\/div>\n       <\/div>                     \n<style>\n#text-box-868364948 .text-box-content {\n  background-color: rgba(255, 255, 255, 0);\n  font-size: 100%;\n}\n#text-box-868364948 .text-inner {\n  padding: 30px 30px 30px 30px;\n}\n#text-box-868364948 {\n  width: 90%;\n}\n@media (min-width:550px) {\n  #text-box-868364948 {\n    width: 64%;\n  }\n}\n<\/style>\n    <\/div>\n \n        <\/div>\n      <\/div>\n\n            \n<style>\n#banner-1119291002 {\n  padding-top: 700px;\n  background-color: rgba(154, 135, 135, 0);\n}\n#banner-1119291002 .overlay {\n  background-color: rgba(12, 0, 0, 0);\n}\n#banner-1119291002 .banner-bg img {\n  object-position: 0% 0%;\n}\n<\/style>\n  <\/div>\n\n\n     <\/div>\n\n     <div class=\"loading-spin dark large centered\"><\/div>\n\n\t<\/div>\n\n\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1296086036 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n}\n#section_1296086036 .section-bg-overlay {\n  background-color: rgba(45, 37, 125, 0);\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section dark\" id=\"section_847276973\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"row\"  id=\"row-1271006948\">\n\n\t<div id=\"col-2051338106\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t<div id=\"gap-1543790901\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1543790901 {\n  padding-top: 10px;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<div class=\"row align-middle\"  id=\"row-445398626\">\n\n\t<div id=\"col-1919695472\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner text-center\"  >\n\t\t\t\n\t\t\t\n<a href=\"https:\/\/webdev2.a2x.co.za\/?page_id=671\" class=\"button white is-underline is-xlarge\" >\n\t\t<span>Continuous Trading<\/span>\n\t<\/a>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-243654699\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner text-center\"  >\n\t\t\t\n\t\t\t\n<a href=\"https:\/\/webdev2.a2x.co.za\/?page_id=690\" class=\"button white is-underline is-xlarge\" >\n\t\t<span>Auction on Demand (AoD)<\/span>\n\t<i class=\"icon-checkmark\" aria-hidden=\"true\"><\/i><\/a>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-599285761\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner text-center\"  >\n\t\t\t\n\t\t\t\n<a href=\"https:\/\/webdev2.a2x.co.za\/?page_id=697\" class=\"button white is-underline is-xlarge\" >\n\t\t<span>Market at Close (MaC)<\/span>\n\t<\/a>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n\t\t<\/div>\n\n\t\t\n<style>\n#section_847276973 {\n  padding-top: 0px;\n  padding-bottom: 0px;\n  background-color: #262a82;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section has-parallax\" id=\"section_624658321\">\n\t\t<div class=\"section-bg fill\" data-parallax-container=\".section\" data-parallax-background data-parallax=\"-4\">\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1080\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/Arrow-on-trans.png\" class=\"bg attachment-original size-original\" alt=\"\" \/>\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"row align-middle\"  id=\"row-1887049261\">\n\n\t<div id=\"col-1527162442\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner text-center\"  >\n\t\t\t\n\t\t\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_55765175\">\n\t\t\t\t\t\t<div data-animate=\"fadeInLeft\">\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"2500\" height=\"2500\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09.png\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09.png 2500w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09-300x300.png 300w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09-1024x1024.png 1024w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09-150x150.png 150w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09-768x768.png 768w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09-1536x1536.png 1536w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09-2048x2048.png 2048w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09-320x320.png 320w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09-480x480.png 480w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/03\/A2X-Trade-Types-Images-Icons-09-800x800.png 800w\" sizes=\"auto, (max-width: 2500px) 100vw, 2500px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t<\/div>\t\t\t\t\t\t\n<style>\n#image_55765175 {\n  width: 74%;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-108872800\" class=\"col medium-6 small-12 large-6\"  data-animate=\"fadeInRight\">\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<div class=\"is-divider divider clearfix\" style=\"max-width:40px;height:6px;background-color:rgb(70, 249, 143);\"><\/div>\n\t<div id=\"text-1683211753\" class=\"text\">\n\t\t\n<h2><span style=\"font-size: 140%;\">What is <strong>Auction on <br \/>Demand (AoD)<\/strong><\/span><\/h2>\n\t\t\n<style>\n#text-1683211753 {\n  color: #2d257d;\n}\n#text-1683211753 > * {\n  color: #2d257d;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2696970093\" class=\"text\">\n\t\t\n<p>The A2X Auction on Demand is a pre-trade transparent intraday auction where Members can enter limit orders or midpoint pegged orders referencing the combined best bid and offer of A2X + Primary Best Bid and Offer (APBBO).<\/p>\n<p>The AoD takes place on a separate order book with the same MIC code &#8211; A2XX.<br \/>An AoD is triggered when a valid order is entered into the AoD book. Each auction lasts up to 550ms. (500ms duration + 50ms random uncrossing).<\/p>\n\t\t\n<style>\n#text-2696970093 {\n  color: #262a82;\n}\n#text-2696970093 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n<a href=\"https:\/\/webdev2.a2x.co.za\/wp-content\/uploads\/2024\/04\/AOD-brochure.pdf\" class=\"button secondary is-gloss is-large reveal-icon\" style=\"border-radius:10px;\">\n\t\t<span>Download Brochure<\/span>\n\t<i class=\"icon-angle-right\" aria-hidden=\"true\"><\/i><\/a>\n\n<a href=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2025\/06\/Executing-smarter-with-the-AoD-on-A2X.pdf\" class=\"button secondary is-gloss is-large reveal-icon\" style=\"border-radius:10px;\">\n\t\t<span>AoD Advantages<\/span>\n\t<i class=\"icon-angle-right\" aria-hidden=\"true\"><\/i><\/a>\n\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n\t\t<\/div>\n\n\t\t\n<style>\n#section_624658321 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n}\n#section_624658321 .section-bg img {\n  object-position: 0% 28%;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section\" id=\"section_1301898463\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"row\"  id=\"row-603749009\">\n\n\t<div id=\"col-173176765\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<div class=\"is-divider divider clearfix\" style=\"max-width:40px;height:6px;background-color:rgb(70, 249, 143);\"><\/div>\n\t<div id=\"text-3874257484\" class=\"text\">\n\t\t\n<h2><span style=\"font-size: 120%;\">How <strong>AoD<\/strong> works<\/span><\/h2>\n\t\t\n<style>\n#text-3874257484 {\n  color: #2d257d;\n}\n#text-3874257484 > * {\n  color: #2d257d;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1677553424\" class=\"text\">\n\t\t\n<p>The AoD starts when a valid order is entered. At this point the lit auction process begins. Unmatched resting orders are not broadcast. Whenever an order enters the AoD and triggers a new auction, a message is published to show that an auction has been triggered.<\/p>\n<p>The indicative price and indicative volume are then displayed in real time.<br \/>Trades are published after the uncrossing of the auction.<\/p>\n\t\t\n<style>\n#text-1677553424 {\n  color: #262a82;\n}\n#text-1677553424 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<div class=\"row\"  id=\"row-2020772063\">\n\n\t<div id=\"col-1882653621\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t<div class=\"img has-hover x md-x lg-x y md-y lg-y\" id=\"image_1589211312\">\n\t\t\t\t\t\t\t\t<div class=\"img-inner dark\" >\n\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1063\" height=\"629\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/04\/AoD-Operates.jpg\" class=\"attachment-original size-original\" alt=\"\" srcset=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/04\/AoD-Operates.jpg 1063w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/04\/AoD-Operates-300x178.jpg 300w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/04\/AoD-Operates-1024x606.jpg 1024w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/04\/AoD-Operates-768x454.jpg 768w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/04\/AoD-Operates-320x189.jpg 320w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/04\/AoD-Operates-480x284.jpg 480w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/04\/AoD-Operates-800x473.jpg 800w\" sizes=\"auto, (max-width: 1063px) 100vw, 1063px\" \/>\t\t\t\t\t\t\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\n<style>\n#image_1589211312 {\n  width: 100%;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-2007788125\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t<div id=\"text-2577264968\" class=\"text\">\n\t\t\n<p>AoD orders are matched on (member)\/price\/size\/time priority. The AoD is designed to maximise volume, and the auction price is based on all orders entered during the auction. Pegged orders are priced at the APBBO and repriced whenever the APBBO moves. If the midpoint of the APBBO falls outside the limit set by the Member, the order will not be eligible for execution.<\/p>\n\t\t\n<style>\n#text-2577264968 {\n  color: #262a82;\n}\n#text-2577264968 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1301898463 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n}\n<\/style>\n\t<\/section>\n\t\n\n\t<section class=\"section dark\" id=\"section_1052341390\">\n\t\t<div class=\"section-bg fill\" >\n\t\t\t\t\t\t\t\t\t\n\t\t\t\n\n\t\t<\/div>\n\n\t\t\n\n\t\t<div class=\"section-content relative\">\n\t\t\t\n<div class=\"row\"  id=\"row-1624074634\">\n\n\t<div id=\"col-492044565\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner text-center\"  >\n\t\t\t\n\t\t\t\n\t<div id=\"text-3659574796\" class=\"text\">\n\t\t\n<h2><span style=\"font-size: 32.256px;\"><b>Key Features<\/b><\/span><\/h2>\n\t\t\n<style>\n#text-3659574796 {\n  text-align: center;\n}\n<\/style>\n\t<\/div>\n\t\n<div class=\"row\"  id=\"row-175214614\">\n\n\t<div id=\"col-1907933429\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t\t<div class=\"icon-box featured-box icon-box-left text-left\"  >\n\t\t\t\t\t<div class=\"icon-box-img\" style=\"width: 75px\">\n\t\t\t\t<div class=\"icon\">\n\t\t\t\t\t<div class=\"icon-inner\" >\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"292\" height=\"292\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/05\/Icons-AoD-10.png\" class=\"attachment-medium size-medium\" alt=\"\" srcset=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/05\/Icons-AoD-10.png 292w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/05\/Icons-AoD-10-150x150.png 150w\" sizes=\"auto, (max-width: 292px) 100vw, 292px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t<div class=\"icon-box-text last-reset\">\n\t\t\t\t\t\t\t\t\t\n<p><strong>Ability to price improve<\/strong><br \/>Choice of standard limit orders and midpoint pegged<br \/>orders with limit, allowing price improvement. Executions<br \/>can occur mid-tick.<\/p>\n\t\t<\/div>\n\t<\/div>\n\t\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-1666443448\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\n\t\t<div class=\"icon-box featured-box icon-box-left text-left\"  >\n\t\t\t\t\t<div class=\"icon-box-img\" style=\"width: 75px\">\n\t\t\t\t<div class=\"icon\">\n\t\t\t\t\t<div class=\"icon-inner\" >\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"292\" height=\"292\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/05\/Icons-AoD-11.png\" class=\"attachment-medium size-medium\" alt=\"\" srcset=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/05\/Icons-AoD-11.png 292w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/05\/Icons-AoD-11-150x150.png 150w\" sizes=\"auto, (max-width: 292px) 100vw, 292px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t<div class=\"icon-box-text last-reset\">\n\t\t\t\t\t\t\t\t\t\n<p><strong>Choice of order validity<\/strong><br \/>Day orders will be rolled into the next auction phase if a residual quantity remains. Orders with a validity of GFA (Good For Auction) will expire after the first AoD instance they participate in.<\/p>\n\t\t<\/div>\n\t<\/div>\n\t\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-1946395804\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner text-left\"  >\n\t\t\t\n\t\t\t\n\n\t\t<div class=\"icon-box featured-box icon-box-left text-left\"  >\n\t\t\t\t\t<div class=\"icon-box-img\" style=\"width: 75px\">\n\t\t\t\t<div class=\"icon\">\n\t\t\t\t\t<div class=\"icon-inner\" >\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"292\" height=\"292\" src=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/05\/Icons-AoD-12.png\" class=\"attachment-medium size-medium\" alt=\"\" srcset=\"https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/05\/Icons-AoD-12.png 292w, https:\/\/www.a2x.co.za\/wp-content\/uploads\/2024\/05\/Icons-AoD-12-150x150.png 150w\" sizes=\"auto, (max-width: 292px) 100vw, 292px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t<div class=\"icon-box-text last-reset\">\n\t\t\t\t\t\t\t\t\t\n<p><strong>Order quantity<\/strong><br \/>Orders sent to the AoD can be in any size and are not subject to minimum amounts. AoD also supports the ability to specify a Minimum Acceptable Quantity. Orders with a minimum quantity can execute against multiple orders.<\/p>\n\t\t<\/div>\n\t<\/div>\n\t\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n\n\t<div id=\"col-1062967347\" class=\"col medium-6 small-12 large-6\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n\t\t<\/div>\n\n\t\t\n<style>\n#section_1052341390 {\n  padding-top: 30px;\n  padding-bottom: 30px;\n  background-color: #262a82;\n}\n<\/style>\n\t<\/section>\n\t\n<div class=\"row\"  id=\"row-425650284\">\n\n\t<div id=\"col-790904570\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t\t\t\n<div class=\"is-divider divider clearfix\" style=\"max-width:40px;height:6px;background-color:rgb(70, 249, 143);\"><\/div>\n\t<div id=\"text-3905115966\" class=\"text\">\n\t\t\n<h2><span style=\"font-size: 120%;\"><b>Auction <\/b>Process<\/span><\/h2>\n\t\t\n<style>\n#text-3905115966 {\n  color: #2d257d;\n}\n#text-3905115966 > * {\n  color: #2d257d;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1608984863\" class=\"text\">\n\t\t\n<p><strong>The matching process considers all eligible Limit and Pegged orders, and applies the following logic<\/strong><\/p>\n\t\t\n<style>\n#text-1608984863 {\n  color: #262a82;\n}\n#text-1608984863 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<div class=\"row\"  id=\"row-1966161564\">\n\n\t<div id=\"col-1666738480\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t<div class=\"is-border\"\n\t\tstyle=\"border-color:rgb(145, 145, 145);border-radius:25px;border-width:1px 1px 1px 1px;\">\n\t<\/div>\n\t\t\t\n\t<div id=\"text-706492870\" class=\"text\">\n\t\t\n<h2><span style=\"font-size: 120%;\"><strong>01<\/strong><\/span><\/h2>\n\t\t\n<style>\n#text-706492870 {\n  color: #46f98f;\n}\n#text-706492870 > * {\n  color: #46f98f;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2665894323\" class=\"text\">\n\t\t\n<h3><strong>Maximise execution<\/strong><\/h3>\n\t\t\n<style>\n#text-2665894323 {\n  color: #262a82;\n}\n#text-2665894323 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2546990398\" class=\"text\">\n\t\t\n<p>Orders are executed at the price which maximises the execution volume during the uncrossing period.<\/p>\n\t\t\n<style>\n#text-2546990398 {\n  color: #262a82;\n}\n#text-2546990398 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-735358906\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-735358906 {\n  padding-top: 82px;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-1666738480 > .col-inner {\n  padding: 20px 20px 20px 30px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-522381934\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t<div class=\"is-border\"\n\t\tstyle=\"border-color:rgb(145, 145, 145);border-radius:25px;border-width:1px 1px 1px 1px;\">\n\t<\/div>\n\t\t\t\n\t<div id=\"text-2448710718\" class=\"text\">\n\t\t\n<h2><span style=\"font-size: 120%;\"><strong>02<\/strong><\/span><\/h2>\n\t\t\n<style>\n#text-2448710718 {\n  color: #46f98f;\n}\n#text-2448710718 > * {\n  color: #46f98f;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-2893114515\" class=\"text\">\n\t\t\n<h3><strong>Minimise surplus<\/strong><\/h3>\n\t\t\n<style>\n#text-2893114515 {\n  color: #262a82;\n}\n#text-2893114515 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3140965132\" class=\"text\">\n\t\t\n<p>If there is more than one price candidate in (1), the uncrossing price is the one which minimises the surplus of unmatched order volume.<\/p>\n\t\t\n<style>\n#text-3140965132 {\n  color: #262a82;\n}\n#text-3140965132 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"gap-22179849\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-22179849 {\n  padding-top: 55px;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-522381934 > .col-inner {\n  padding: 20px 20px 20px 30px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-95362299\" class=\"col medium-4 small-12 large-4\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t<div class=\"is-border\"\n\t\tstyle=\"border-color:rgb(145, 145, 145);border-radius:25px;border-width:1px 1px 1px 1px;\">\n\t<\/div>\n\t\t\t\n\t<div id=\"text-127039153\" class=\"text\">\n\t\t\n<h2><span style=\"font-size: 120%;\"><strong>03<\/strong><\/span><\/h2>\n\t\t\n<style>\n#text-127039153 {\n  color: #46f98f;\n}\n#text-127039153 > * {\n  color: #46f98f;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1669000345\" class=\"text\">\n\t\t\n<h3><strong>Market pressure<\/strong><\/h3>\n\t\t\n<style>\n#text-1669000345 {\n  color: #262a82;\n}\n#text-1669000345 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-1907099452\" class=\"text\">\n\t\t\n<p>If there is more than one price candidate in (2), the uncrossing price is determined by the market trend to buy\/sell i.e. if there is more demand to buy the stock, the auction executes at the higher uncrossing price.<\/p>\n\t\t\n<style>\n#text-1907099452 {\n  color: #262a82;\n}\n#text-1907099452 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-95362299 > .col-inner {\n  padding: 20px 20px 20px 30px;\n}\n<\/style>\n\t<\/div>\n\n\t\n\n\t<div id=\"col-341188953\" class=\"col small-12 large-12\"  >\n\t\t\t\t<div class=\"col-inner\"  >\n\t\t\t\n\t<div class=\"is-border\"\n\t\tstyle=\"border-color:rgb(145, 145, 145);border-radius:25px;border-width:1px 1px 1px 1px;\">\n\t<\/div>\n\t\t\t\n\t<div id=\"text-1677848469\" class=\"text\">\n\t\t\n<h2><span style=\"font-size: 120%;\"><strong>04<\/strong><\/span><\/h2>\n\t\t\n<style>\n#text-1677848469 {\n  color: #46f98f;\n}\n#text-1677848469 > * {\n  color: #46f98f;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-74300859\" class=\"text\">\n\t\t\n<h3><strong>Tie-breaker<\/strong><\/h3>\n\t\t\n<style>\n#text-74300859 {\n  color: #262a82;\n}\n#text-74300859 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t<div id=\"text-3967427985\" class=\"text\">\n\t\t\n<p>If there is more than one price candidate in (3), the earliest price candidate discovered in (2) is used. Member priority applies once the price has been<br \/>formed. The execution price must be within the APBBO at the end of the auction period. At the end of the auction period, residual orders with a validity type of GFA are cancelled. Residual day orders are rolled into the next auction call phase. This process repeats until there are no orders on the order book.<\/p>\n\t\t\n<style>\n#text-3967427985 {\n  color: #262a82;\n}\n#text-3967427985 > * {\n  color: #262a82;\n}\n<\/style>\n\t<\/div>\n\t\n\t\t<\/div>\n\t\t\t\t\n<style>\n#col-341188953 > .col-inner {\n  padding: 20px 20px 20px 30px;\n}\n<\/style>\n\t<\/div>\n\n\t\n<\/div>\n\t<div id=\"gap-1156384217\" class=\"gap-element clearfix\" style=\"display:block; height:auto;\">\n\t\t\n<style>\n#gap-1156384217 {\n  padding-top: 120px;\n}\n<\/style>\n\t<\/div>\n\t\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-single-page-nav-transparent-light.php","meta":{"cybocfi_hide_featured_image":"","footnotes":""},"class_list":["post-690","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>On Book - AOD - A2X Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.a2x.co.za\/?page_id=690\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"On Book - AOD - A2X Markets\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.a2x.co.za\/?page_id=690\" \/>\n<meta property=\"og:site_name\" content=\"A2X Markets\" \/>\n<meta property=\"article:modified_time\" content=\"2025-06-10T11:30:14+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@A2X_Markets\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.a2x.co.za\\\/?page_id=690\",\"url\":\"https:\\\/\\\/www.a2x.co.za\\\/?page_id=690\",\"name\":\"On Book - AOD - A2X Markets\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.a2x.co.za\\\/#website\"},\"datePublished\":\"2024-03-15T21:23:55+00:00\",\"dateModified\":\"2025-06-10T11:30:14+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.a2x.co.za\\\/?page_id=690#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.a2x.co.za\\\/?page_id=690\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.a2x.co.za\\\/?page_id=690#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.a2x.co.za\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"On Book &#8211; 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