What is an NSX code?
Any security traded on the NSX market has an individual code that uniquely identifies it in an abbreviated form.
NSX Codes uniquely identify a tradeable instrument so that it can be tracked throughout trading, settlement and price reporting systems. These codes are important whenever you palce an order to buy or sell you will need to know the NSX trading code for the security that you wish to trade.
NSX sometimes uses a different length of trading code to indicate to investors and traders that there is something different about a security. A good rule to remember is that a 3 character code typically indicates the ordinary shares in a company – where there is more or less than 3 characters, there is most likely something different from the ordinary shares of a company. NSX codes can contain the letters A to Z and the numbers 1 to 9.
For example ABC, 8BC, AB9 are all valid codes.
NSX and ASX code allocation
NSX utilises the ASX Settlement CHESS system and therefore ASX allocates unique codes to each market. This means that NSX Codes cannot be confused with any other market's trading codes. This is particularly important when placing orders with Participants. It also means that when a Company requests a particular code on application that code may not be available.
Listed companies - the NSX 3 character trading code root
Most NSX listed company’s codes have 3 characters. This 3 character code represents that company and all securities issued by that company will incorporate their 3 character code and is known as the root code for the Issuer. The 3 character code is typically used to issue the primary issue of securities by that company. The code may be longer for the primary security if that security was orginally derived from an "A" class or "B" class share series.
Listed companies - secondary issues
A company may issue options that can be exercised for shares that can be traded on market. An option over ABC Company may have the code ABCO and a rights issue may use the code ABCR. Additional series of options or rights would follow the format of ABCOA, ABCOB etc.
Special condition codes
A fourth character that is added to the underlying 3 character codes indicates a special circumstance or product type. For example, if ABC undertook a share split, it may trade on a deferred delivery basis for a period. This would be identified by the code: “ABCDA”.
Special Trading Condition Codes
Condition codes are applied to securities while they are trading and represent types of corporate events being undertaken by the Company that is listed. these codes are not applied to the Trading Code but are applied to the Quotation Basis of the security. Common types of security codes listed by NSX are as follows:
Common Trading or Condition Codes
| CB |
cum bonus issue
A company has declared that existing shareholders will receive a bonus in the form of additional securities. For example, a company may declare a 1 for 1 bonus issue. This means that for every one security held by a shareholder they will receive one additional security. If the bonus issue is a 1 for 5 bonus, then shareholders will receive 1 additional security for every 5 securities held. Those holders on the company's register at the record date will be entitled to receive the additional securities. The purchaser of securities cum bonus is entitled to the additional securities. Securities are traded cum bonus until the ex bonus date. Trading in the actual bonus issue begins on the morning of the ex bonus date and ends at the close of trading on the business day the securities are despatched.
|
Quotation |
| CC |
cum capital return
A company has declared an amount per security which will be returned to shareholders. The capital return may be in the form of cash or securities. If the capital return is in the form of securities it is treated as a bonus issue in NSX systems. Those holders on the register at the record date will be entitled to receive the distribution. The purchaser of securities cum capital return is entitled to the return of capital. Securities are traded cum capital return until the ex return of capital date.
|
Quotation |
| CD |
cum dividend
A company has declared an amount per security which will be provided to shareholders in the form of a dividend. Securities trade on the basis that the securities carry an entitlement to the next dividend payable by the Issuer. The purchaser of securities cum dividend is entitled to the dividend. Securities are traded on a cum dividend basis until the ex dividend date.
|
Quotation |
| CE |
cum entitlement
A company has declared an entitlement issue. In most instances the issues are non-renounceable issues. The purchaser of securities cum entitlement is allowed to receive the entitlement. Securities are traded on a cum entitlement basis until the ex entitlement date.
|
Quotation |
| CF |
cum takeover offer
During a proportional takeover offer, NSX will establish special trading arrangements while the offer is open in order to comply with the Corporations Act. NSX will establish market quotations in the securities of the offeree from the commencement of trading on the first trading day after the making of the original offer is advised to the market announcements office.
CF will apply in respect of shares capable of acceptance of the offer. The 'Cum Offer' market is available for those shares for which the offer may be accepted.
|
Quotation |
| CQ |
cum equal access scheme
Applies to Equal Access Buy Backs. An Equal Access Buy Back (also referred to as an equal access scheme) is an off-market buy back. An equal access scheme is a scheme that satisfies all the following conditions:
a) the offers under the scheme relate only to ordinary shares
b) the offers are to be made to every person who holds ordinary shares to buy back the same percentage of their ordinary shares
c) all of those persons have a reasonable opportunity to accept the offers made to them
d) buy back agreements are not entered into until a specified time for acceptances of offers has closed
e) the terms of all the offers are the same.
The issuer sends notices to every shareholder on the company's register at the record date offering to purchase a percentage of each shareholder's holding. If the shareholder agrees to sell their shares to the issuer, they simply complete and return the form to the issuer. The purchaser of securities cum equal Access Buy Back is entitled to receive the buy back offer. Securities are traded cum equal Access Buy Back until the Ex Equal Access Buy Back date.
|
Quotation |
| CR |
cum rights issue
Applies to renounceable Rights Issues. The Rights issue may be the right to any tradeable product. The purchaser of securities cum rights is entitled to receive and trade the Rights securities. Securities are traded cum rights until the Ex Rights date. Trading in the Rights securities begins on the morning of the Ex Rights date and ends at the close of business on the Rights Trade Cease date. The renounceable Rights are traded on a deferred settlement basis until the day after the Rights securities are despatched to clients. On the Business day following the despatch date of the Rights, the Rights commence trading on a T+2 settlement basis.
|
Quotation |
| RE |
reconstructed
The reconstruction flag 'RE' is applied from the day the security commences trading on a reconstructed basis and remains for 1 month.
A reconstruction may be a consolidation (reduction in the number of shares on issue) or a share split (increase in the number of shares on issue). So, for example, if there is a 3:1 consolidation then the number of shares are divided by three, i.e. there is now one share for every three (previous) shares. This type of change will usually result in the share price being increased threefold. Alternatively if there is a 4:1 split, there are now four shares for every one (previous) share, the share price is usually reduced accordingly i.e. divided by four in this case.
All orders are purged at the end of the trading day prior to the security being quoted on an RE basis. A RD status note is also applied to the reconstructed instrument during the period of deferred settlement trading.
|
Quotation |
| XB |
ex bonus issue
XB displays for a security from the morning of the ex bonus date (one business day before the record date) and remains until the close of trading on the bonus issue date. Trading in a security displaying XB on NETS does not carry the right to receive the bonus issue. For more information refer to the description of cum bonus. All orders are purged at the end of the trading day prior to the security being quoted on an XB basis.
|
Quotation |
| XC |
ex return of capital
XC first displays for a security from the morning of the Ex Capital Return date (one business day before the record date) and remains until the close of trading on the payment date. Trading in securities displaying XC on NETS does not carry the entitlement to the Return of Capital payment. For more information refer to the description of cum capital return. All orders are purged at the end of the trading day prior to the security being quoted on an XC basis.
|
Quotation |
| XD |
ex dividend
XD first displays for a security from the morning of the ex dividend date (one business day before the record date) and remains until the close of trading on the date payable. Trading in securities displaying XD on NETS does not carry the entitlement to the dividend payment. For more information refer to the description of cum dividend. All orders are purged at the end of the trading day prior to the security being quoted on an XD basis.
|
Quotation |
| XE |
ex entitlement
XE first displays for a security from the morning of the Ex Entitlement date (one business day before the record date) and remains until the close of business on application's close date. Trading in securities displaying XE on NETS does not carry the right to securities in the entitlement issue. For more information refer to the description of cum entitlement. All orders are purged at the end of the trading day prior to the security being quoted on an XE basis.
|
Quotation |
| XF |
ex takeover offer
XF first displays for a security not capable of acceptance under a proportional takeover offer. The ex takeover offer market is available for the retained shares of persons who have accepted the offer (ie. the shares for which the offer cannot be accepted. For more information refer to the description of cum takeover offer.
|
Quotation |
| XI |
ex interest
XI first displays for a security from the morning of the Ex Interest date (one business day before the record date) and remains until the close of business on the payment date. XI indicates that interest has been paid on the securities. Trading in securities displaying XI onNETS does not carry the entitlement to the current interest payment. For more information refer to the description of cum interest. All orders are purged at the end of the trading day prior to the security being quoted on an XI basis.
|
Quotation |
| XQ |
ex equal access scheme
XQ first displays for a security from the morning of the Ex Equal Access Buy Back date (one business day before the record date) and remains until the close of business on the day the offer is closed. Trading in securities displaying XQ on NETS does not carry the right to participate in the current buy back. For more information refer to the description of cum equal Access Buy Back. All orders are purged at the end of the trading day prior to the security being quoted on an XQ basis.
|
Quotation |
| XR |
ex rights issue
XR first displays for a security from the morning of the Ex Rights date (one business day before the record date) and remains until the close of business on the application's close date. Trading in securities displaying XR on NETS does not entitle the holder to receive securities in the Rights Issue. For more information refer to the description of cum rights. All orders are purged at the end of the trading day prior to the security being quoted on an XR basis.
|
Quotation |
| TH |
trading halt
The security is currently in a trading halt. This means that no trades will execute but bids and offers can be placed or amended
|
Trading |
| SU |
suspension
The security is currently suspended. This means that no trades will execute. All Bids and Offers have been purged and no new Bids or Offers can be placed on to the market.
|
Trading |
Reported Trades – Status Codes
In accordance with ASIC’s Market Integrity Rules, Participants are able to execute transaction outside NSX’s order book when one of the exceptions set out in MIR 6.1.1(2) applies.
The table below sets out which Status Code should be used when reporting the trade to NSX for publication. Further details on each exception can be found in the MIR identified in the table.
|
E
|
Price Improvement
|
6.2.3
|
| P |
Block Trade
|
6.2.1
|
| X |
Large Portfolio Trade |
6.2.2 |
| X |
Large Portfolio Trade (Delayed reporting accepted) |
6.2.2 |
| N |
Pre-Trading Hours (Morning Trades) |
6.2.5 |
| N |
Post-Trading Hours (Late Trades) |
6.2.4 |
| O |
Out of Hours (Evening Trades) |
6.2.6 |
|
|
|