MARKET PHASES

The following table outlines the market phases for NSX trading hours.  All times are Australian Eastern Standard Time.

Market Phases Table

Market Phase	Time	Description
Start of Day Enquiry (enq)	02:30 -03:00	Market is visible for viewing access only.  Enquiry mode.
Pre-Open (pre)	03:00 - 10:00	Orders may be entered, amended or withdrawn during this period but no matching takes place.  Overnight crossings must be reported.
Normal (nml)	10:00 - 16:00	Trading commences. Orders may be entered, amended or withdrawn during this period. Orders are matched on entry.
Pre-Open prior to Closing (cls)	16:00 - 16:04	The market is placed in Pre-open again. Orders can still be entered, amended and withdrawn but no matching takes place.
Closing Single Price Auction (nml)	16:04 - 16:05	Orders may be entered, amended and withdrawn but will now be automatically matched prior to closing.
Closing (cls)	16:05 - 16:10	This session is for market adjustment after trading ends. Orders can still be entered, amended or withdrawn however no matching occurs.  Crossings must be reported.
After Hours Adjust (aha)	16:10 - 16:15	Orders can no longer be entered, however they can still be withdrawn and amended (but only to reduce quantity).  Crossings must be reported.
End of Day Enquiry (enq)	16:15 - 23:00	Market is visible for viewing access only.
Shutdown	23:00 - 02:30	System is not accessible.  System Maintenance.