Block trade tiers

On this page, ASIC publishes its allocation of equity market products to the pre-trade transparency block trade tiers.

ASIC will publish, on a quarterly basis, the products allocated to the new block trade tiers that take effect on 26 May 2013. The first publication began on 8 March 2013.

Background and procedure

Rule 4.1.1 of the ASIC Market Integrity Rules (Competition in Exchange Markets) 2011 requires that market participants must not enter into a transaction unless the transaction is entered into by matching of a pre-trade transparent order on an order book.

Rule 4.1.2 (Competition) requires a market operator to make available pre-trade information.

There are a number of exceptions to these rules, including revised Rule 4.2.1 (Competition). This exception, which will take effect on 26 May 2013, allows a transaction to be executed without pre-trade transparency where the consideration for the transaction is not less than:

  • $1 million or more for Tier 1 products;

  • $500,000 or more for Tier 2 products; and

  • $200,000 or more for Tier 3 products.

As required by Rule 4.2.1 (Competition), ASIC will publish the products that fall within each tier on this page. The allocation of tiers will take effect on the 20th business day following their publication. In calculating the 20 days, the day of publication and public holidays are not included.

ASIC will perform this calculation quarterly on the first Monday of each March, June, September and December, and publish it on the following Friday. If the Monday is a public holiday, it will be done on the next business day. If the Friday is a public holiday, it will be done on the next business day.

We will publish a CSV file with the products allocated to tiers 1 and 2, including the stock code and company name.

Products not listed in the CSV file are tier 3.

The file will be saved with the naming convention: Rule 4.2.1 (Competition) block trade tiers YYYYMMDD.

Changes to tiers 1 and 2 will be published in a separate CSV file. This file will be saved with the following naming convention: Rule 4.2.1 (Competition) block trade tiers YYYYMMDD (changes from previous quarter).

New products and tier changes during a period (e.g. listings, corporate actions, product code change)

  1. New equity market products (e.g. resulting from a company listing or a corporate action) will be considered tier 3 until the next quarterly ADV calculation and they are added to a tier. Where a product has changed its name or code only, the industry should treat the product block tier as unchanged until the next quarterly ADV calculation comes into effect.

  2. In exceptional circumstances where there is a new equity listing or corporate action that is so significant that S&P adds it to the S&P/ASX 200 during a period, it will be allocated to tier 1. ASIC will replace the following block tier CSV files prior to the date of the scheduled listing or corporate action, and issue a special notification on our website to inform the industry of the new files.

Download files

Published 8 September 2017, effective 9 October 2017

Download Products allocated to tiers 1 and 2 (csv)

Download Changes from previous publication (csv)

Download archived files

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Last updated: 06/03/2015 12:00