Trade & Order
Trade & Order Types Available On A2XThrough our lower fees, narrower spreads, and innovative trade types, we help brokers save money and give them the opportunity to trade in a more advantageous way.
We are proud to offer the following trade and order types on A2X
Order types:Limit Orders: Where the quantity and price of the equity securities to be executed are specified
Any order that is not executed on the day entered on the central order book and is deleted from the trading facility at the end of that trading day.
The entire order must be executed immediately or the order is cancelled
All or part of the order is required to be executed immediately and the residual order is cancelled
Trade types:On-book Trades: All orders types that match on the A2X central order book are on-book trades Off-book Trades:
The LS trade type is available to brokers to enable them to execute large transactions which comply with A2X minimum size criteria. This trade type can only be used where both legs are a pre-agreed buy and sell agency or principal order by a single broker. The order is not displayed on, nor interacts with the central order book but is reported to A2X. The LS trade type is identical to the report-only “Block Trade” type with brokers now having a choice of venue on which to report these trades.
Although widely used in Europe, this is a new order type which A2X is introducing to the South African market. It enables a single broker to report a pre-agreed buy and sell agency order based on a Volume Weighted Average Price (VWAP) over a set period of time. The transaction must be comprised of a minimum of 10 consecutive trade instances to determine a VWAP price and it must reflect the VWAP for the respective time period of the order. The NBC enables brokers to reduce the costs and time associated with working this high hit rate order type in the market when they have matching client VWAP orders.
A2X Report Only Trades Types
Benchmark Cross and Large in Scale are not “settlement assured” by A2X
Clearing and Settlement
Separate settlement groups created on Strate but can be linked (BtB and DPL)
Across JSE groups
Capital Exposure Requirements
No Capital Exposure Requirements (not settlement assured)
No offset with order books