Published On: Fri, Oct 10th, 2014

Enhancements To The Market On Close (MOC) Order Type Available From Chi-X Australia

John Fildes CEO Chi-X Australia

John Fildes CEO Chi-X Australia

Following a consultation with market participants, Chi-X on 10 October announces minor changes to the workings of the MOC Order Type. From Monday 24th November 2014 the following changes will be made to the Chi-X Production environment:

• Currently when a MOC Trade is confirmed back to the executing participants it is confirmed with the last traded price as an indicative price, if one is not available for the current trading day a price of $1 is used. From 24th November this will change and the last traded price will always be used as the indicative price on the initial trade confirmation regardless of when it was made available.
• Market On Close trades are pegged to the ASX Closing Price. Currently the final corrected price for MOC trades that have taken place throughout the day is disseminated at 16:20:00 (at the end of the MOC trading session). Going forwards this will change and the corrected price message will now be confirmed as soon as the Closing Price is available from ASX. The MOC trading session will still continue until 16:20:00 for additional MOC order submission which if matched will be executed at the closing price.
• Finally, from 24th November MOC Orders will be available for trading across the entire Chi-X Tradable Securities’ universe which are set out in the “CHIXTSL” (Chi-X Tradeable Securities List).
As the changes do not materially impact the Chi-X message interface there will be no changes required to the Chi-X technical documentation.

Details around the workings of the MOC order type in general can be found in the Chi-X Order Type Overview document and the Technical Specifications.

To enable clients to test these changes they will be made available in the Chi-X Participant Test Environment from Monday 20th October 2014. Participants are reminded that to test the full lifecycle of MOC orders they should use symbols with stock codes commencing with C-F.

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