ASX stocks

Forget about last question I saw it is also listed on NYSE

 

Not that one.

Not that one neither. You're thinking of a totally different instrument that's not related.

SPI is a popular futures contract, a derivative of the equity index in Australia, similar to the All Ordinaries..

 

Forgive me, didn't know that.

Though, I was looking for volatility, is SPI a big mover?

 

are you kidding me? have you day traded the SPI? 10 contracts is pushing it.

 

No, I'm not kidding. And yes, I trade the SPI, obviously more than you have.

During Australian hours, they have liquidity. You probably have only glanced into it during the overnight sessions so you're not too familair with it. It's totally different from the day (Aussie trading hours time 9:50am-4:30pm).

10 contracts is small size and so nothing.

 

ok, how many contracts did the SPI trade today? how thick is the B/A book? how many contracts do you trade on the SPI? and are you providing or taking away liquidity? and correct me if im wrong, but doesnt the SPI average 10,000 contracts per day, and you say anything under 100 contracts is doable, so if i do 10 RT's(@100contracts) in one day that means i represent 20% of the total volume, is that correct?

 

Volume today was not heavy. But there were still decent size on both sides. It's more commonly traded among institutions. They do size like 500 contracts in increments of 100. If you got 10 to do, that's easy and nothing. Most of the bids and offers may not be shown in the book, but if you hit the price, they will take you. I have done up to 25 contracts at once when unwinding some options. With that size, I'm just an ant. It's not a problem to get in and out. Only time when it's hard to trade is at night (our morning/afternoon in the States). Their night sessions have very thin liquidity and the spreads are quite wide during that time. You were probably only looking at that. It's quite different during their daytime trading hours.

 

Volume on spi 12 is averaging about 7000 contracts a day. About the same as the euro during the same period and about 1/7th of the SGXNK or the HSI. FWIW

 

could you please explain to me what this exactly means? and yes, i am looking at the day session. and you traded 25 contracts -> thats quite a bet ($625 a tick) for a newbie like yourself?