Unlisted is a prescribed exempt financial product market.

All trading on the Unlisted Securities Exchange (USX) occurs through USX brokers. Investors cannot trade directly in the market, and must trade through a participating broker. Brokers are able to enter or remove bids and offers at any time and trading occurs from 9am to 5pm Monday to Friday.

Anyone trading securities of USX Issuers will be required by their broker to sign an Investor Information and Disclaimer form before their first order is placed. This confirms that the investor recognises that USX is exempt from the financial product market licensing requirements of the Financial Markets Conduct Act and that the obligations for Issuers on USX are different to those applying to issuers whose shares are traded on a licensed financial product market.

Orders are matched in standard price then time priority with the exception that Brokers receive time priority for any orders that match with an existing order they have in the market for that stock.  This supports the efficiency of internal settlement for 'crossings' between buying and selling clients within a broking firm.