Unit holders trade on an open market and the value of the unit price is determined by demand and supply. A-REITs are normally listed on the Australian Stock Exchange (ASX). The Bendigo Stock Exchange, the Newcastle Stock Exchange, and the Australia Pacific Exchange are also capable of hosting trusts. A-REITs are a form of listed investment company (LIC) and are considered as such by the ASX. Any A-REIT listed on the ASX has to conform to the reporting standards set out by the ASX.