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Trading Rules

• What are the trading hours for the ASX?

  The ASX is open for trading from Monday to Friday, excluding public holidays, between 10:00 am and 4:00 pm Australian Eastern Standard Time (AEST). Please note that the ASX closes for all national public holidays throughout the calendar year, and orders will not execute on those days.
  
  Market orders for ASX-listed securities can only be placed during normal trading hours ie., 10am and 4 pm AEST. Syfe has built an internal system to allow you to place limit orders 24/7. Any limit order placed out of trading hours is submitted to the exchange during Pre-Open state at 7am on the next trading day. For further information on ASX trading hours and trading calendar, you can refer to the ASX website.

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• What order types are available for ASX trading on Syfe?

  Syfe offers two order types for buying Australian shares: Market Orders (Market to Limit Orders) and Limit Orders.

  Market to Limit Orders (Market Orders):

  A market order is an order to buy or sell a security at the market price, which is the best available price at the time of order execution. Unlike in the US, the ASX does not have true "market" orders. Instead, "market" orders on the Syfe platform are converted to "market to limit" orders. This means that after a market order is submitted, a limit price is placed a certain percentage deviation away from the current market price.

  The limit price is placed at a better price than the market to increase the likelihood of an immediate fill. Syfe supports market orders by quantity, so you can purchase as many shares as you want for a given stock. Note that for the first 1000 stocks, you can buy shares in quantities of 1, while other stocks and ETFs may require a minimum purchase of $500.

  There may we instances where your market order might not get filled, you may find more information here.

  Limit Orders:

  A limit order is an order type that allows you to buy or sell a specified number of shares at a set price. When submitting a limit order, you can choose to "set time in market" by selecting one of two options:

  • GTD (Good till day) Limit Orders: Expires at the end of the trading day
  • GTC (Good till canceled) Limit Orders: Expires after 30 days or until manually canceled.

   

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• What is the minimum investment for ASX with Syfe?

  The minimum investment required for ASX-listed shares with Syfe depends on the stock or ETF being purchased. For the top big caps ASX stocks and ETFs based on market capitalisation, investors can purchase as little as 1 share. However, for other stocks and ETFs, the minimum investment required may be A$500, which is the requirement set by the ASX.

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• What is the settlement period for ASX trades through Syfe?

  Settlement refers to the transfer of legal ownership of shares to the buyer, and the transfer of cash to the seller. Once a trade has been executed, it takes T+2 days for the settlement of shares and cash to occur. This settlement period is outlined by the ASX and applies to all Australian share market trades, including those executed through Syfe.

  'T' refers to the Trade Date - the date that the order was executed, and 'T+2' refers to the Settlement Date - the date when the funds are transferred to the seller's account in exchange for the securities. It's important to note that settlement does not occur over the weekend. For example, if your sell order executed on Friday, you would receive your settlement funds before close of business (between 4 - 7pm) on Tuesday. Only once the funds after a sell trade have settled would you then be able to withdraw this amount.

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• How does trading of ASX shares work on weekends and public holidays with Syfe?

  The ASX is open for trading Monday to Friday and closed on weekends and public holidays. If you placed a trade with Syfe on a weekend or public holiday, your order will not be executed until the market reopens. It is only possible to place Limit orders outside market hours, which will be released to the ASX on the next working day.

  Please note that the ASX is closed on most public holidays. For a complete list of public holidays when the stock market will be closed, please refer to the ASX website.

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