Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:2a:p1
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 2A (pt 1/2)
Character Range: 162766–165470

2A  Processing algorithm
 (1) In this Schedule, the processing algorithm is a method in the auction system that is given effect immediately after the end time of a clock round, and that performs the following steps:
              Step1: collects all the increase bids and decrease bids requested by bidders for lots of each product in the clock round.
              Step 2: calculates the price point of each increase bid and each decrease bid.
              Step 3: sorts all the increase bids and decrease bids, in ascending order based on the price point of each bid, to form a queue of bids.
              Step 4: sorts any bids in the queue with equal price points using a pseudorandom process.
              Step 5a: processes the first bid in the queue to determine if it is to be:
                   (a) applied in full, in which case go to Step 5b; or
                   (b) applied in part, in which case go to Step 5c; or
                   (c) rejected, in which case go to Step 5d.
              Step 5b: if the bid is applied in full, deletes the bid from the queue and returns to Step 5a.
              Step 5c: if the bid is applied in part, modifies the bid by removing the part of the bid that is applied and leaving the remainder of the bid in its place in the queue, and returns to Step 5a.
              Step 5d: if the bid is rejected, leaves the bid in its place in the queue and processes the next bid in the queue to determine if it is to be:
                   (a) applied in full, in which case go to Step 5b; or
                   (b) applied in part, in which case go to Step 5c; or
                   (c) rejected, in which case this Step 5d is recursive.
              Step 6: stops processing bids if:
                   (a) a bid is rejected and there is no next bid in the queue; or
                   (b) there is no bid remaining in the queue.
              Step 7: determines:
                   (a) the posted price for the lots of each product for the clock round in accordance with subclause (6); and
                   (b) the posted demand of each bidder for the lots of each product for the clock round in accordance with paragraph 2B(12)(a) or 2C(6)(a), whichever is the case.
Note: Clause 2B deals with increase bids. Clause 2C deals with decrease bids. For posted demands for maintain bids, see clause 2D.
              Step 8: calculates the eligibility points of each bidder for the next clock round in accordance with paragraph 12(1)(b) and subclause 13(2).
 (2) In relation to Step 1, a maintain bid is:
 (a) not collected by the processing algorithm; and
 (b) always applied in full in accordance with clause 2D; and
 (c) taken to be at the posted price