Getting Started with CitiFirst®

How to buy and sell?

Like ordinary shares, CitiFirst® Warrants can be traded on the ASX any time during market opening hours via an approved broker, financial advisor or directly via an online broker. Brokers will require some additional documentation before you are able to trade. This may differ from broker to broker but will generally including completing the ASX required ‘Warrants Client Agreement Form’. For further information, speak to your broker or contact the CitiFirst® Warrants Desk on 1300 30 70 70.

Choosing a broker

Warrants are traded through ASX-accredited brokers. You may already be using a broker to buy and sell shares. If he or she advises on warrants, there may be no need to look elsewhere. However, if your existing broker is not active in warrants, or accredited to advise on warrants, it is wise to seek out a specialist broker in this area.

Your broker must fulfil certain requirements before you can start investing in warrants. Your adviser will ask you to:

  • read the ASX booklet Understanding trading and investment warrants
  • sign a warrant client agreement form.

You should also make sure you understand the specific terms of any warrant before trading. The terms will be laid out in the product disclosure statement (PDS). The PDS will also include information on how to exercise your warrant on or before the expiry date.

Identifying warrants - warrant codes

The graphic below explains how to read the six letter code CitiFirst® warrants are issued with;

There are many different types of warrants and each type can be identified by the fourth letter in the warrant’s six letter code. The below describes the coding of all CitiFirst® Warrants:

Fourth letter of Citi Warrant code Description
K, M or QMINIs
X, Y or Z Turbo Warrants
W, V, U or TTrading Warrants
JInstalment MINIs
IInstalments or Capped Instalments
SSelf funding instalments and structure investment products (SIPs - these include longer-term investment style products)
BBonus Certificates
D This is a temporary code assigned to a warrant trading on a deferred settlement basis due to a corporate action, reconstruction or a rollover

All Citi Warrants have “O” as the fifth letter.

Placing an order

As with shares, you place an order to buy or sell warrants with your broker. You may find you do not buy or sell warrants from other investors: instead, your orders may be filled by market makers. The market makers for warrants are typically the warrant issuers.

Liquidity of a Warrant

The ASX operating rules are intended to promote a liquid market in which you can actively trade.

The rules seek to do this by requiring Citi and other issuers to ‘make a market’ in all of their warrants on an ongoing basis, by ensuring that a reasonable bid and volume is maintained in the market for a prescribed period (90% of the time between 10:15am and the close of trading at 4:00pm).


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