March 2008 was a month of robust trading activity across the Australian Securities Exchange (ASX), influenced by ongoing market volatility and the uncertainty surrounding interest rates in Australia, despite the early Easter and three fewer trading days compared to the prior period.
Throughout the month ASX systems – including trading, clearing and settlement, and company announcements – operated normally.
Cash markets (including equities, interest rates and warrants trades):- Total cash markets trades for March 2008 were 7.9 million, up 70% on the previous corresponding period (pcp). Average daily trades of 415,886 were 97% up on pcp.
- Total cash market traded value was $129.0 billion in March 2008, down 1% on pcp, with a daily average value of $6.8 billion, up 15% on pcp.
- A daily record $13.95 billion cash market value was traded on 27 March 2008. The previous daily record value was $13.7 billion on 20 September 2007.
- Equity derivatives volume (excluding SPI 200) for March 2008 was 1.8 million contracts, down 11% on pcp, with a daily average of 94,649 contracts, up 3% on pcp.
- Total futures and options on futures contracts volume (excluding equity derivatives and CFDs) for March 2008 was 9.1 million, down 20% on the pcp, with a notional value of $3.8 trillion. Average daily contracts volume during March 2008 of 478,147 was down 7% on the pcp.
- A total of 5,562 ASX CFD trades were transacted in March 2008 comprising a volume of 6.2 million contracts. The total notional value of all CFD trades for March was $163.6 million, and the value of CFD open interest at the end of March was $41.4 million.
- In March 2008, 5 new entities1 were listed, down 69% on the pcp, bringing total listed entities to 2,222 up 10% on the 2,029 for the pcp.
- Total capital raised in March 2008 amounted to $2.8 billion, down 68% on the pcp due to secondary listings being $5.9 billion lower than pcp. Capital raisings year-to-date comprise initial raisings of $10.8 billion, up 2% on pcp, and secondary raisings of $38.7 billion, down 7% on pcp.
- In March 2008, 9,880 company announcements were processed (in line with pcp), 24 price queries were issued to listed entities (down 37% on pcp) and 98 trading halts (9% up on pcp) were imposed.
- During the quarter ending 31 March 2008, the ASX Disciplinary Tribunal and Appeal Tribunal finalised eight matters, imposing $459,000 (plus GST) in fines against eight participants.
- During the March 2008 quarter, ASX referred the following to ASIC:
- 12 suspected contraventions for insider trading;
- 7 suspected contraventions of continuous disclosure; and
- 6 suspected contraventions for market manipulation.
A detailed activity statement for ASX group markets for March 2008 is attached.
1Entities include companies and trusts with quoted equities (including individual entities that trade as stapled securities) and also other entities with debt securities only.
