Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:1:p3
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 1 (pt 3/19)
Character Range: 117796–120475

See subclause 2A(6).

      price point, for a lot of a product for a clock round, means a percentage calculated as the quotient of:
         (a)      the difference between the bid price and the opening price; and
         (b)      the difference between the clock price and the opening price.

          Note: Paragraph (a) is the numerator. Paragraph (b) is the denominator.

      primary price: see subclause 17(3).

primary winner: see subclause 17(1).

processing algorithm: see clause 2A.

start demand, for a bidder for lots of a product for a clock round, means either:
         (a)      for the first clock round – the number of lots of the product recorded in the auction system for the bidder under paragraph 3(2)(a) or 3(3)(a); or
         (b)      for any clock round other than the first clock round – the posted demand of the bidder for the lots of the product for the previous clock round.

supply, for lots of a product before the first clock round or for a clock round, means the number of lots of the product that are available in the primary stage of the auction.

      Note:   For the definitions of size and total size, see subsection 5(2).

       (2) In this Schedule, a reference to the total value of the lots, in eligibility points, is a reference to the sum of the lot ratings for the lots.
       (3) In this Schedule, after a decrease bid is entered, a reference to the decrease bid or the number of lots for the decrease bid is a reference to the absolute value of the decrease bid or absolute value of the number of lots for the decrease bid.

          Note: This means that after a negative number is entered for a decrease bid, the provisions in this Schedule use the positive value for that number.

Part 2—Processing of bids

      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, that performs the following steps:
            Step 1: 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 bids to determine if the first bid in the queue is to be applied in full, applied in part, or rejected.
            Step 5b: if the bid is applied in full, deletes the bid from