Trade & Order
Central Limit Order Book
At the close of the trading day, any residual orders are cleared from the order book.
No partial execution of the order is allowed
Any portion of an IOC order that cannot be filled immediately will be cancelled.
The visible portion is refreshed once totally executed. The hidden portion does not interact with the other Orders in the central limit order book, except in the case of aggressive Orders. For incoming aggressive Orders, each lit portion is executed in timestamp order. For incoming aggressive Orders where the size of the Order is greater than visible portion of all Orders at the same price, the visible Orders are executed in timestamp order. The remaining portion of the incoming Order is then executed against the hidden portion of the iceberg Order with the highest queue priority/oldest hidden timestamp (i.e. the original Order timestamp) in full, before moving on to the next chronological iceberg Order’s hidden amount. Note that the hidden portion always retains the original Order timestamp whilst, if executed, the lit portions are assigned new timestamps.
It is not permitted to be aggressive. Otherwise if posting at a valid price level then the Order will post and rest on the book (subject to the usual posting time priority).
POCR will allow that Member’s resting order to be cancelled and replaced rather than the incoming order being rejected. Please note that Members must have self-trade prevention enabled in order for the POCR order type to function correctly. If the incoming POCR order has the correct price limit to aggressively trade against another Member’s order then the incoming POCR will be rejected.
Non Central Limit Order Book
The AoD will operate during the hours of continuous trading. There will be no interaction between the AoD and the existing A2X lit continuous order book. The auction process is triggered when a valid order is entered into the book. At this point the lit auction process begins. Upon completion of the auction, residual Day orders are rolled into the next auction call phase. Residual Orders with a validity type of GFA will be cancelled. The process repeats until no orders rest on the book for a particular security. The AoD auction duration will last up to 550ms.
Members must apply a limit price to Pegged Orders. Pegged Orders are pegged to the midpoint of the A2X + Primary Best Bid and Offer (APBBO). The Primary market data is taken from the Market of Listing.
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
Report Only Trades
LS trades need to 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.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 NC 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.
Used by a broker transacting for an institutional client (“Client”) in the same security across two exchanges in the republic, namely A2X and the JSE in pursuit of best execution. The construct of this trade type ensures adherence to the principle that trades conducted on a specific exchange are cleared and settled on that exchange.
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