悉尼大学资本市场与公司财务课件Lecture8精选.ppt

Trade History A list of trades the have occurred during a day are available on ITS workstations. Shows the Quantity of each trade (Qty: in ‘M’ millions or ‘T’ thousands) Price of each trade (Prc) Date and time of each trade Trading participants (Part) Trade clearing Participants (ClrPart) Trade type (TType) Condition code (Cond): manner in which trade executed Identifier number (TradeSlip) DealScr: reports way trade was matched Information dissemination procedures Disclosure requirements are specified in the listing rules of the ASX Companies are required to notify the ASX of any information that could have ‘a material effect on the price or value of securities of the company’ Information must be supplied to the ASX electronically If the information is deemed to be market-sensitive, a ‘trading halt’ on the stock is immediately instituted for a period of 10 minutes (except for takeover announcements, which last 30 minutes) During a trading halt: New orders can be placed or cancelled, but overlapping orders are not executed After a trading halt: The market resumes trading after a brief ‘opening phase’, which determines the new traded price Announcements are very common In 2005, there was an average of 56 per company The most common types are periodic reports Information dissemination procedures (CONT) Settlement procedures Settlement is the process by which payment is made by the buyer to the seller and shares (ownership) are delivered from the seller to the buyer Used to involve the transfer of share certificates Since 1999, the Clearing House Electronic Subregister System (CHESS) has been used essentially a shareholder register As a result- shares are ‘uncertificated’ legally recognised as a record of share ownership Settlement procedures (cont) The ASX Settlement and Transfer Corporation (ASTC) – a wholly-owned subsidiary of the ASX which operates CHESS – transfers cash from the buying broker to the selling broker and amends the CHESS register CHESS allow