Document ID: chunk:federal_register_of_legislation:F2024C01109:front:0:p34
Version: federal_register_of_legislation:F2024C01109
Segment Type: other
Provision Reference: 
Character Range: 88551–91259

trade register in respect of any wash trade executed under their mnemonic, recording details of breaches of subrule (1) that were not reported to ASIC under paragraph (3)(b).
(5) A Market Participant is not required to report a wash trade to ASIC where a Client with direct market access has inadvertently executed a wash trade and the Market Participant has processes in place to review, and reviews in accordance with those processes, the actions of the Client to ensure the trade was inadvertent and subsequently records the details required by paragraph (3)(b) on its wash trade register.
(6) Where an error results in a Market Participant allocating both sides of a trade to its error account, the Market Participant is not required to report this as a wash trade to ASIC but must record the trade on its wash trade register.
(7) For the purposes of subrules (4), (5) and (6) a wash trade register is a register of the following information in relation to the wash trades referred to in subrules (4), (5) and (6):
(a)        time and date of trade execution;
(b)       deal number and full Order details;
(c)        an explanation as to why/how the trade occurred;
(d)       details of any subsequent action taken by the Market Participant; and
(e)        details on whether the wash trade was inadvertent or deliberate.

3.1.13 Acting in accordance with Client instructions and Client's best interests
(1) A Market Participant must:
 1.         act on behalf of a Client only in accordance with that Client's instructions, unless to do so would be contrary to the Rules;
 2.        not act in a manner which has, or is intended to have, a detrimental effect, on the Client's best interests.
(1A) A Market Participant must give priority to the Client's instructions where there is a conflict between the Client's interests and the Market Participant's interests.
(2) For the purposes of this Rule, a Client of a Market Participant which is a corporation includes a related body corporate or a division of the Market Participant which is separate from that Market Participant's futures division.

3.1.14 Personal account trading
(1) A person must not initiate a trade on a Market in any Contract for that person's account where that person has or is likely to have knowledge or information about any Client Orders of a Market Participant to trade, or instructions to trade, in the same or similar commodity.
(2) For the purpose of this Rule, a person has traded for that person's account if that person trades for any entity, person or account:
 1.         in which that person has a beneficial interest, including a Market Participant's House Account in which the person has a financial interest; or
 2.