The Wine Estate Stock Exchange for the lovers of wine (Oenophilia)

Market Status:
Open

All trading on VSX stock Market is conducted through the Specter trading platform.

Specter automatically matches orders to buy and sell shares at the best available price. The system provides brokers with direct market access, displaying the order book price and volumes for each stock. Share prices on VSX are set for each security by the last trade, rather than by a market maker, and these prices are then fed through to the VSX Markets website as well as to data distributers.

 

Detailed instructions for logging into a broker demo version of Specter.

All trading in wine estates on VSX stock Markets is undertaken by regulated brokers who have to be approved as members of the market. In order to buy or sell shares, investors need to place orders through their broker who simply enter the price and volume of shares that their client wishes to buy or sell.

Placing Orders
Orders can be left open in Specter from 15 minutes to 60 days to await for or match against a corresponding order

The bargain is automatically matched at the best bid / offer price already on the system. Once matched, a trade notification is sent to both the buying and selling broker providing each firm with the details of their side of the trade and the details of the counterparty broker that they are required to settle against.

Orders can be broken up in to blocks of shares that can be placed on the order system at the same or at different prices. Orders to buy and sell can be added, modified or removed from the system at any point during market hours, however once matched, the bargain is immediately sent for settlement between the brokers on behalf of their clients.

The main trading screen shows the best 3 bid and asks. Further depth is available in the Order Panel, allowing brokers to ascertain the number of orders to buy or sell shares at the entered price.

Manual trade reporting
An additional benefit of the Specter system is the manual trade reporting function. The platform allows brokers to report trades already undertaken directly to the market. Brokers must provide best execution for their clients and as long this has been achieved a manual trade report can be completed, avoiding the need to enter an open bid or ask into Tellus, which could automatically match at the best available price with the wrong client.

This important function provides additional transparency to investors and brokers alike, displaying trades that otherwise, may not be reported to the market. Share Prices of trades can be displayed whether the broker in question has a principal position they are selling to clients, or where they have agreed a trade between clients or with other brokers outside the market.

Settlement of trades
during the application process broker member’s advice the market of their settlement capabilities.

Brokers are then provided with access to specific segments of the trading system, appropriate to their trading capabilities and to their existing settlement accounts. This avoids trades being undertaken by a broker who would then be unable to settle through the necessary settlement facility.

Settlement takes place directly against the counterparty broker for each trade and as such VSX stock Markets does not charge exchange fees for transactions. Settlement is made in T+3 days as the standard settlement agreed between brokers.