Document ID: chunk:federal_register_of_legislation:F2018L01065:schedule:1:p1
Version: federal_register_of_legislation:F2018L01065
Segment Type: schedule
Provision Reference: sch 1 (pt 1/18)
Character Range: 105562–108295

Schedule 1—Rules for the primary stage of the auction
(subsections 4(1) and 49(1))

Part 1—Application and interpretation

      1 Application of Schedule
        This Schedule applies to all lots of each product that are available in the primary stage of the auction.

          Note: If all lots of all products are allocated in the primary stage, there is no secondary stage. See also subclause 1 of Schedule 2 as to a lot of a product that may be available in the secondary stage.

      2 Interpretation
       (1) In this Schedule:

active: see subclause 11(2).

activity target: see subclause 11(1).

aggregate demand, for lots of a product, means either:
         (a)      before the first clock round – the total of the number of lots of the product recorded in the register as the start demands for all bidders under paragraph 40(2)(f) of this instrument; or
         (b)      for a clock round – the total of the posted demands for the lots of the product of all bidders.

       bid, in a clock round, means:
         (a)      an increase bid; or
         (b)      a decrease bid; or
         (c)      a maintain bid.

         bid increment percentage: see subclause 4(1).

         bid price, for a lot of a product for a clock round, means an amount that is:
         (a)      equal to or greater than the opening price; and
         (b)      less than or equal to the clock price.

       clock price, for a lot of a product for a clock round, means the sum of:
         (a)      the opening price for the lots of the product; and
         (b)      the bid increment percentage for the lots of the product multiplied by that opening price;
         rounded up to the next hundred.

clock round means a round for bids in the primary stage.

decrease bid means a request to decrease the start demand of a bidder for lots of a product, by entering a negative number for the demand change for the lots of the product, at a bid price.
          Note: If a bidder with a start demand for the lots of a product for a clock round does not make a valid bid for the clock round, the bidder will be taken to have requested a decrease bid: see subclause 15(2).

eligibility points, in relation to a bidder, means the number of points the bidder may use in relation to bids on lots of each product for a clock round.
Note: For eligibility points, see clauses 11, 12 and 13.

         eligibility requirement percentage: see subclause 4(4).

      excess demand, for lots of a product for a clock round, means the difference between:
         (a)      the aggregate demand; and
         (b)      the supply.
          Note: The excess demand may be a positive number or a negative number or zero.

final clock round: see clause 16.