Business Glossary

formed in 1987 through the amalgamation of six exchanges that formerly operated in the state capital cities. The fully automated exchange is Australia's primary national market for equities, derivatives, and fixed-interest securities. The ASX demutualized in 1998; its shares trade on its own market. The Australian market, formerly dominated by mining, resources, and manufacturing companies, now registers significant growth for financial services and service sectors such as telecommunications. Retail investors have grown substantially, with 55% of the adult Australian population owning shares. The majority of trading takes place during normal trading hours of 10 A.M. to 4 P.M. SEATS (Stock Exchange Automated Trading System) is one of ASX's trading systems and is used to trade shares, warrants, and other securities. The market's leading indicator is the S&P/ASX 100 Index.