frequently asked questions

ASX 24 Trading initiatives

Frequently asked questions

09 April 2026

Introduction

This document lists a range of Frequently Asked Questions related to the ASX 24 Trading initiatives, including ASX 24 Service Release 4, ASX 24 Platform Replacement and the ASX 24 Network replacement.

Platform Transition and Timeline

Questions Answers
How long will the existing data feed protocol remain in operation, and is the transition to the Mitch feed planned for Q1 or Q2 of 2028 a firm and final deadline? The transition to the new platform will adopt a single cut-over approach. At that point, the existing market infrastructure, including the current market data protocol (MDP), will be decommissioned. Customers will have to be ready for the new market data feeds prior to cut over to the new platform in Q1 or Q2 of 2028.
Is there a confirmed timeline for participants and vendors to commence testing on the new platform? Yes, customer testing is scheduled to begin in Q1 2027. While connectivity testing will take place toward the end of 2026, the full Customer Development Environment (CDE) will not be available until the start of 2027.
Given that the target implementation date for the new platform has recently shifted and is now being described as tentative, can you provide insight into whether this timeline may change again as discussions progress? Additionally, if development schedules for other regional exchanges overlap with this project, is there a possibility that coordination efforts with those exchanges will be considered to streamline activities and minimise potential conflicts? Based on our team's initial engagement with Participants and Vendors we are cognisant of the plans of other exchanges undertaking platform upgrade initiatives. We are actively gathering information on this topic and are keeping track of overlapping initiatives whenever we become aware of them. This ongoing dialogue ensures that we continue to work with Participants and Vendors on scheduling to identify any potential challenges, however, we are confident in meeting our go-live timeline.

Vendor Platform Design and Customisation

Questions Answers
Is LSEG undertaking significant development and customisation to deliver a platform for ASX that closely mirrors the existing system? There are certainly customisations being implemented; however, one of our guiding principles is to remain as close as possible to LSEG Technologies core product. Customisations are only made where there is a genuine need to accommodate specific requirements for our markets. By minimising deviations from the core platform, we enhance overall platform stability and reliability.

Customer Development Environment

Questions Answers
Will participants be required to wait for the final code release before commencing conformance testing, or can testing begin earlier? While final conformance for some APIs is expected to be completed as part of the final release, our intention is to have conformance processes available well in advance. This will allow customers to register early and undertake dry runs using the available APIs, providing many opportunities to test and prepare. Further details on conformance will be shared as they become available. Any remaining final conformance activities are expected to be straightforward, building on the outcomes of earlier testing phases.
With the introduction of the Customer Development Environment (CDE) as part of the new platform rollout, are there any specific requirements for participants to be connected to the CDE for an extended period before the official go-live? If so, what are the key milestones or timeframes that firms should be aware of to ensure a smooth transition and thorough testing prior to launch? Yes, participants will be required to connect to the CDE ahead of the platform’s go-live to undertake comprehensive testing and validation of their systems. The most important milestone will be ensuring connectivity and readiness by a designated date. This extended period of connection is crucial for identifying and addressing any integration issues, as well as for completing required testing phases. Firms should monitor communications for further details on the timing and expectations, but early and continual testing in CDE is strongly encouraged to ensure a successful transition.
With respect to the Customer Development Environment (CDE), can you provide detail on whether there are plans to simulate production-level volumes and conduct comprehensive stress tests? Specifically, will participants have the opportunity to replicate real-world trading flows and volumes within the CDE, and how will this environment support robust testing ahead of go-live? Additionally, what internal processes are in place for load testing and ensuring the platform can handle expected capacity? The Customer Development Environment (CDE) will be sufficiently seeded to enable participants to undertake meaningful load and volume testing, including the simulation of production like trading flows. ASX will actively support customers through this testing phase and, where required, will explore the use of internal tooling to supplement participant activity and contribute additional market data load. In parallel, ASX conducts structured load and stress testing in internal QA environments to validate platform capacity and performance ahead of go-live.
Are there any fees associated with using the Customer Development Environment (CDE) during the transition period? During the transition from the current platform to the new LSEG‑delivered platform, there will be no charges for accessing CDE for customers who are currently enabled.

Conformance and Certification

Questions Answers
Will the conformance testing process be enhanced with more automation, given that the current approach can be manual and time‑consuming? Yes, this is an area we have identified as having significant potential for improvement. In response, we are introducing a suite of automated tools including for conformance to streamline and improve the process, making it more efficient for participants.

Connectivity and Market Access

Questions Answers
Will the new platform continue to support the current access methods, such as gateways in cabinets, or will there be a move towards simplifying market access? The new platform will retain the existing connectivity models. Participants will still be able to access the system either from the colocation facility (Colo) or via the wide area network (WAN), ensuring continuity with the current access options. We are going to have a solid network access delivery model for all those products, which is highly resilient and aligned with global exchange standards. Further details will be presented in future ASX 24 Market Working Groups.
The current process for requesting changes to either test or production market access involves completing and emailing forms back and forth, which can be cumbersome and inefficient. Are there any plans to streamline or improve this process to make it more user‑friendly for participants? We acknowledge that the current method of managing access change requests, which relies on emailed forms, can be quite cumbersome and is not ideal for participants. We are actively exploring options to simplify and automate this process, with the goal of making it more efficient and user‑friendly. Updates on any enhancements or new tools to facilitate smoother market access requests will be communicated to participants as they become available.
With the introduction of the new platform, there has been mention that a new agreement may need to be signed by participants. Could you provide more detail on why this new agreement is required and what it covers? Additionally, will all firms be affected, or only those on older versions of the current agreements? Yes, we have been working closely with our colleagues in technology and data to address this. As many participants will know, having an agreement in place with ASX is a core part of establishing connectivity to the platform. Currently, some firms are operating under old agreements and will need to sign an updated agreement, with current Terms and Conditions. ASX will contact firms that will need to sign a new contract, commencing in Q2 2026.

Platform Features

Questions Answers
Could you provide clarity on which spread instruments will adopt Good ‘Til Cancelled (GTC) order behaviour as part of the new platform rollout, and which will continue to operate under the existing order expiry rules? Is there a timeline or process for when this information will be finalised and communicated to participants? At this stage, we are unable to provide a definitive list of which spreads will be GTC and which will retain their current behaviour. While the platform is being developed to support both functionalities, the final decision regarding which spread instruments will adopt GTC status is still pending and subject to further consultation with stakeholders. Once these details are determined, we will ensure timely communication to all participants so they can adequately prepare for any changes.
Will the new Pre-Trade Risk Management (PTRM) system have the capability to set specific risk limits for calendar spread instruments? If so, could you elaborate on how this will work and whether participants will have the flexibility to configure these limits as required for their trading strategies? At this stage, we are actively considering the introduction of risk limit functionality for calendar spread instruments within the PTRM system. The aim is to provide participants with the ability to set and manage limits specific to calendar spreads, thereby enhancing risk controls and supporting more tailored trading strategies. While the exact implementation details are still under review, the intention is to ensure that the platform offers sufficient flexibility and granularity for participants to configure limits according to their risk management needs. Further information will be communicated to participants as the development progresses.
What are the main differences between the MDP and MITCH feeds, and do the protocols feature significant variations in their message formats or functionalities? While the MITCH message specification will differ from MDP, both are Binary Multicast Market Data feeds and share a high degree of alignment. The supported message set and payload structures are expected to be similar, helping to minimise the effort required for customers to adapt. In addition, MITCH will provide an aggregated market depth offering, currently expected to include up to five price levels, supporting common market data use cases from day one.
With the rollout of the new platform, will the Fix Drop Copy functionality provide the ability to cancel orders? If this feature is not included in the initial release, are there alternative risk management controls available, such as kill switch capabilities or other mechanisms, and is future support for order cancellation planned as part of the platform's roadmap? At present, the ability to cancel orders through the Fix Drop Copy functionality will not be available as part of the initial release of the platform. However, this feature is being considered for future development and may be included in the platform's roadmap. In the meantime, participants will have access to kill switch functionality via the risk terminal, which offers multiple levels of granularity for enhanced control. Additionally, there are other risk management windows planned, providing further options for managing exposures and responding to market events. These controls are designed to support robust risk management until additional functionality, such as order cancellation, becomes available in subsequent platform updates.

Regulatory Changes

Questions Answers
Considering that ASIC is currently consulting on proposed changes to the ASIC Market Integrity Rules in Consultation Paper 386 (CP386), is there flexibility within the project to accommodate any changes that may arise from the outcomes of that regulatory process? Specifically, how is the team ensuring that any new requirements resulting from CP386 can be integrated into the platform without causing disruption to participants? We are cognisant of the ongoing ASIC consultation process through CP386 and the potential impact these regulatory changes may have on market participants. ASX has been proactively engaging with ASIC as well as our stakeholders to stay abreast of developments, ensuring we understand the implications and can respond accordingly. This ongoing dialogue allows us to remain flexible and ready to incorporate any necessary changes arising from CP386 into our project plans, aiming to minimise disruption and keep participants well-informed throughout the process.

Need more information?

If you have questions that have not been addressed in this document, please direct technical questions to Customer Technical Support Desk or your Technical Account Manager:

  • Customer Technical Support: cts@asx.com.au | 1800 663 053 | +61 2 9227 0372
  • Alternatively for business or functional questions, please contact futures@asx.com.au

 

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