Document ID: chunk:federal_register_of_legislation:F2018L01065:schedule:1:p11
Version: federal_register_of_legislation:F2018L01065
Segment Type: schedule
Provision Reference: sch 1 (pt 11/18)
Character Range: 130091–132765

auction manager may, at any time, modify the schedule of clock rounds.  If this occurs, the auction manager must tell each bidder of the change as soon as practicable.

      6 Recess days
      (1) The auction manager may declare a day to be a recess day (whether or not the day is a working day) on which there will be no clock rounds.
      (2) Before declaring a recess day, the auction manager must give bidders an opportunity to comment on the proposed declaration and take into account any comments received.
      (3) If the auction manager decides to declare a day to be a recess day the auction manager must tell each bidder of this.
7 Clock rounds of the primary stage
      (1) Each lot of a product is available for bidding in the first clock round, and in each subsequent clock round until the final clock round for bids on lots of the products available.

          Note: Bidding cannot close on a single product – all products close together. The clock price, for a lot of a product, pauses if excess demand is not greater than zero on lots of the product after the clock round and no decrease bid was applied in full or in part for lots of the product during the bid processing for the clock round.
      (2) Subject to this Schedule, each bidder may make a bid on lots of a product available for bidding during a clock round.

          Note: Clause 14 sets out the general rules for a bidder to make a bid in a clock round.  For the validity of bids, see clause 15.

8 Information available for clock rounds of the primary stage
      (1) Before the start time of each clock round, the auction manager must provide the following information to each bidder for that clock round, using the auction system:
         (a)      the start time of the clock round;
         (b)      the end time of the clock round;
         (c)      for the lots of each product available for bidding:
            (i)        the opening price that will apply to the lots of the product in the clock round; and
            (ii)      the clock price that will apply to the lots of the product in the clock round;
         (d)      for the lots of each product, if the excess demand is:
            (i)            less than or equal to 4 lots of the product – a statement to that effect; or
            (ii)         greater than 4 lots of the product – the actual excess demand;
         (e)      the eligibility points of the bidder for the clock round;
         (f)       the eligibility requirement percentage for the clock round;
         (g)      any other information the auction manager considers necessary or convenient to conduct the primary stage of the auction.
      (2)