NETS Upgrade FAQ's
Please see the following frequently asked questions (FAQ) regarding the NETS Upgrade
When is the new system being implemented?
The new NETS Trading System went live on Monday 30 October 2023
Can I use Trader Workstation on the new NETS?
NSX Web Trader, replacing Trader Workstation, is used to place trade reports and as a backup order entry mechanism. VPN software, which NSX will supply, is required to access Web Trader.
Are there any special requirements to access Web Trader
VPN software, which NSX will supply, is required to access Web Trader. Please contact netsupgrade@nsx.com.au with details of people in your firm who need access to Web Trader.
What are the tick sizes?
To comply with Part 9.4 of the Market Integrity Rules, the below tick sizes are implemented:
Price Range | Price Step |
|---|---|
0.1 cents – 9.9 cents | $0.001 |
10 cents – 199.5 cents | $0.005 |
$2.00 - $99,999,990 | $0.010 |
What other key Market Integrity Rule Changes are being introduced with the new system?
Other key changes that are being introduced include:
Requirement to provide regulatory data on orders
Order entry controls for Anomalous Orders (Anomalous Order Thresholds or AOT)
Order execution controls for extreme price movements (Extreme Trade Range or ETR)
This will see the introduction of regulatory data fields at the order entry phase, as seen on the order pad available in IRESS and NSX Trader Workstation, as well as AOT and ETR thresholds for all equity products listed on the Exchange.
Why is NSX upgrading NETS?
The upgrade will see changes introduced relating to certain ASIC Market Integrity Rules (MIRs) for which NSX currently has an exemption for. This follows the market consultation on the NSX Operating Rule changes in June 2022.
Key functional changes that will apply with the new system include:
Conformance with the ASIC Market Integrity Rules (MIRs)
Use of modern industry-standard protocols (FIX and ITCH)
Improved Trader Client Delivered through NSX Web Trader (For off-market trade reporting and order entry backup)
The upgrade is also aimed at harmonizing market practice incorporating the order entry, trade execution and post-trade cycle across all three Tier 1 Market Operators.
How do I submit Off-Market Trade Reports?
If a Participant wishes to enter an Off-Market Trade Report, this can be done through NSX Trader Workstation. In entering and submitting a trade report, the following fields will require data:
Security
Board
Trade Source
Quantity
Buy and Sell Users
Regulatory Data fields as outlined in Part 7.4 of the MIRs