The reference for VWAP on the ASX
Practical guides to how Volume Weighted Average Price is calculated under the ASX Listing Rules, where exclusions apply, and how it is used in placements, share purchase plans and performance securities.
VWAP: the volume-weighted average price of a security over a period. How it differs from a simple average and the close, and why ASX defines it.
Which ASX Listing Rules price securities off VWAP: the extra 10% placement capacity, performance rights, related party issues and share purchase plans.
The VWAP formula, a worked six-trade example, trade-by-trade versus typical-price approximations, and why window and trade exclusions change the result.
ASX Listing Rule 19.12 defines VWAP as volume weighted average market price, clause by clause: the six exclusions it borrows and what it leaves open.
Six trade types are excluded from an ASX VWAP under Listing Rule 19.12, none defined by ASX itself. What each category catches and how to spot it in data.
An ASX-listed share trades on the ASX order book, Centre Point, TMX Australia and off-book reports. Where the venue line is drawn changes a VWAP.
Six recurring VWAP errors: averaging daily figures, leaving in excluded trades, wrong windows, corporate actions inside the window, and unsourced figures.
How the 15 trading day window and 75% floor under LR 7.1A.3 work, the SPP window under LR 10.12 Exception 4, performance hurdles, and GN 21 disclosure.
Every VWAP term in this guide series, alphabetically: regulatory definitions cited to the ASX Listing Rules or ASIC rules, market terms in plain English.