Document ID: chunk:federal_register_of_legislation:F2024C01108:reg:4:p5
Version: federal_register_of_legislation:F2024C01108
Segment Type: reg
Provision Reference: reg 4 (pt 5/6)
Character Range: 241402–244311

the Crossing System.
(2) Subject to subrule (3), a Market Participant that operates a Crossing System must ensure it has controls that enable immediate:
(a)        suspension of, limitation of, or prohibition on, the entry into any Crossing System operated by the Market Participant of Orders in a series of related Orders where the Market Participant has identified that Orders in the series have entered the Crossing System operated by the Market Participant and have interfered with or are likely to interfere with the efficiency or integrity of the Crossing System; and
(b)       cancellation of Orders in a series that have already entered a Crossing System operated by the Market Participant where the entry of further Orders in the series has been suspended, limited or prohibited under paragraph (a).
(3) A Market Participant that is subject to Rule 5.6.1 and 5.6.3 of these Rules does not have to comply with this Rule.
Note: Rule 5.6.1 and 5.6.3 require Market Participants to have automated filters and controls.

Chapter 6: Pre- and Post-Trade Transparency

Part 6.1 Orders must be Pre-Trade Transparent

6.1.1AA Application of Part

(1) This Part applies to:
(a)        the operator of a Market on or through which offers to acquire or dispose of Equity Market Products are made or accepted;
(b)       Participants of the Markets referred to in paragraph (a);
(c)        the operator of a CGS Market;
(d)       CGS Market Participants; and
(e)        Orders and transactions in Equity Market Products and CGS Depository Interests.

(2) In this Part:
 1.         Operator means any of the operators referred to in subparagraph 1(a) and (c);
 2.        Relevant Participant means a participant referred to in subparagraph 1(b) or (d); and
 3.         Relevant Products means Equity Market Products and CGS Depository Interests.

6.1.1 Relevant Participants to enter into transactions on Pre-Trade Transparent Order Book, subject to exceptions

(1) Subject to subrule (2), a Relevant Participant must not enter into a transaction unless the transaction is entered into by matching of a Pre-Trade Transparent Order on an Order Book.

(2) A Relevant Participant is not required to comply with subrule (1) in relation to:
(a)        Block Trades;
(b)       Large Portfolio Trades;
(c)        a Trade with Price Improvement;
(d)       a Permitted Trade during the Post-Trading Hours Period;
(e)        a Permitted Trade during the Pre-Trading Hours Period; and
(f)        Out of Hours Trades.

(3) A Relevant Participant that enters into a transaction in reliance on an exception in subrule (2) must keep, for a period of seven years from the date of the transaction, records that enable the Relevant Participant to demonstrate that the relevant transaction met the criteria for the relevant exception, including, in relation to a transaction executed in reliance on the exception in paragraph (2)(c),