Here's the scenario. If you have an active buy or sell order on a futures contract and its 16:49. At 16:50 is says market in closing auction, closed for warrants. I assume that's for futures as well. The last ten minutes are for the fund managers etc to fill in their orders not anyone from the general public? Yes, No? So what time does OST drop the futures order?
Not necessarily. Futures are based on an equity undelying share, eg OMLQ SEP 09 on OML. So if the is enough orders on the market with an @market price, it will match @ 5:00pm. Once had a futures order which went through! After market hours, their expire and ultimately cancelled.
To explain further, between 16:50 and 17:00 to can put in an order to e.g. buy AGL at a maximum price of R300. If the price set after the closing auction is R240, you then get your stock at R240. ==> Maybe someone can explain the workings of the OPENING auction and if it works on a similar basis. Reg TC