Pulse Markets enables clients to execute share and warrant orders on the ASX using true "straight through processing" technology. The webIress trading platform allows the Investor to access market data, charting technology, and ultimately execute their own orders into the market. The speed at which orders are transacted gives you the ability to compete on a level playing field with stockbrokers themselves!

As a client of Pulse Markets you will have 24 hr access to the webIress trading platform. This incorporates all the tools you need for sophisticated and informed investing. It contains market data, analytics and extensive research capabilities.

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Once your application has been approved and you either have transferred your CHESS holdings and/or have cleared funds in your Cash Management Trust (CMT) account, placing an order to buy or sell shares is easy.

Within the webIress trading platform it is a straightforward process to create and execute a new order. A BUY order can only be made when you have sufficient cleared funds in your CMT account. Similarly a SELL order can only be made for stock that you currently hold. The process by which these details are checked is known as order vetting and is automatically performed by Integral.

Once the order passes through these filters, it is placed directly into the Stock Exchange Automated Trading System (SEATS). This occurs in real time and without manual intervention . Of course orders can later be amended or removed at your discretion.

On completion of ASX trading, your trades in each stock will be aggregated and booked at an average price. You will receive confirmation of trades via an electronic contract note which will be emailed to you. Your Commsec contract note will detail the costs, type and quantity of shares traded (Brokerage charges will apply per contract note). Your Commsec contract note serves as your official trade record.

From here the trade is settled (generally on the basis of the trade date plus three business days but this can vary) and official adjustments to your holdings or funds are made.

Market Conventions

The most important of these are:

• Order priority
• Order Matching
• Valid Price steps
• Pre-open phase and establishment of the opening price
• Close of trade

Order Priority

• Orders are prioritised according to price and then the time the order is entered within each price level.
• Priority will always be given to buyers willing to pay the highest price or sellers willing to take the lowest offer price.
• Trades will always execute in priority order.

N.B. Orders in the system which have not been met within 6 weeks will be removed.

Order Matching

Orders will not execute / match unless the price or another opposite order is exactly the same as the order you have entered. For example, if you enter a buy order in the market below of $0.10 it would not be executed or filled, as there is no matching sell order for $0.10.

Price Steps

Price steps are the acceptable denominations that SEATS will accept for bids and offers. The current price steps for equities and warrants defined by the ASX are as follows:

For example, bids and offers in the first price range should be entered in denominations of 0.1 cents.

The pre-open phase and establishing the opening price.

The purpose of the pre-opening phase is to establish the day's opening prices for securities traded on SEATS. During this phase you can enter, amend or cancel orders. Orders are allowed to overlap in the pre-open phase (eg. the bid price may be higher the highest offer price or the offer price may be lower than the highest bid price). SEATS will not automatically execute trades during the pre-open phase.

Opening occurs in groups and in alphabetic order. Thus not all securities open at the same time; complete opening may take around ten minutes as follows:

• A - B opens at 10.00.00 am +/- 15 seconds
• C - F opens at 10.02.15 am +/- 15 seconds
• G - M opens at 10.04.30 am +/- 15 seconds
• N - R opens at 10.06.45 am +/- 15 seconds
• S - Z opens at 10.09.00 am +/- 15 seconds

SEATS establishes the opening price for a security using the weighted average price of the last buy order and the last sell order matched before the priority buy price is below the priority sell price. The software provides "show open price" functionality within the market depth command. This functionality will provide you with an estimated opening price only; it does not guarantee what the opening price on SEATS will be.

Close of Trade

The market stops trading at 4.00pm, after which it enters a phase in which orders can be entered, amended or deleted, but do not trade. Between 4.00 pm and 4.10pm the market undergoes a closing price auction, closing at a random time +/- 30 seconds from 4.10pm. The algorithm used to determine this closing price is the same as that used for the opening price described above. The system will not allow you to enter orders directly into the market after the closing price auction.

For further information, please do not hesitate to contact us