Market Conventions


AFMA supports a comprehensive system of industry accepted standards and conventions that streamline market practices and ensure Australia’s OTC markets trade at an accepted standard.

The conventions, standards and procedures listed below reflect current market practices and are kept up-to-date by our markets and operations committees.


Business Day Convention

Except as separately defined within the Cash Conventions, a Business Day is a day other than 'bank close days' as defined in Section 14B of the Retail Trading Act 2008 (NSW) that apply to the whole of the State of New South Wales

Essentially, Business Days are weekdays (Monday to Friday) other than NSW public holidays as gazetted under the NSW state government's Public Holidays Act 2010 

Market Conventions – Operations

The Market Conventions – Operations are approved by the AFMA Operations Committee

Please note:
The Bank Bill Swap (BBSW) Benchmark Rate Conventions and Prime Bank Conventions are maintained by ASX, who assumed the administration of the rate on January 1st 2017.
The market standards for foreign exchange markets in Australia are maintained by the Australian Foreign Exchange Committee (AFXC)