Document ID: chunk:federal_register_of_legislation:F2024C01109:reg:4:p12
Version: federal_register_of_legislation:F2024C01109
Segment Type: reg
Provision Reference: reg 4 (pt 12/34)
Character Range: 151619–154368

a Reference Price for a Relevant Product in accordance with subrule (1), immediately:
 1.         use the Reference Price to determine the Extreme Trade Range for the Relevant Product in accordance with Rule 8.2.1, until the next Trading Reset for the Relevant Product; and
 2.        notify ASIC and the Market operator of each other Market on which the Relevant Product is quoted, of the Reference Price for the Relevant Product.
(3) Subject to subrule (4), each Market operator that receives a notification under paragraph (2)(b) must immediately use the Reference Price in the notification to determine the Extreme Trade Range for the Relevant Product in accordance with Rule 8.2.1, until it next receives a notification under paragraph (2)(b) in relation to the Relevant Product.
(4) A Market operator that operates an Order Book for Relevant Products other than:
 1.         ASX Trade24 (in the case of ASX SPI 200 Futures); or
 2.        the central Order Book of the Responsible Market Operator for Equity Index Futures (in the case of Equity Index Futures);
must determine the Reference Price for each Relevant Product for that Order Book after each Trading Reset on that Order Book, as:
 1.         the price of the first transaction after a Trading Reset; or
 2.        if paragraph (c) applies and the price of the first transaction after a Trading Reset is Invalid, a price determined by the Market operator, acting reasonably, to be not Invalid,
until the Market operator receives a notification of the Reference Price for the Relevant Product under paragraph (2)(b).

8.2.2A Requirement to prevent extreme price movements
A Market operator must have in place adequate controls to prevent a transaction in a Relevant Product executing on an Order Book (Relevant Order Book) of its Market in the Extreme Trade Range for the Relevant Product, at all times during a Trading Day other than at a time during which:
 1.         Orders are not matched and transactions are not executed on a continuous basis on the Relevant Order Book; or
 2.        an Auction is being conducted on the Relevant Order Book.

8.2.2B Requirement to identify and notify of ETR Event
(1) A Market operator must identify when an ETR Event occurs on an Order Book (Relevant Order Book) of its Market, at all times on a Trading Day other than at a time during which:
 1.         orders for financial products are not matched and transactions are not executed on a continuous basis on the Relevant Order Book; or
 2.        an Auction is being conducted on the Relevant Order Book.
(2) Where a Market operator (other than the Responsible Market Operator) identifies that an ETR Event has occurred on an Order Book of its Market, that Market operator must immediately