Document ID: chunk:federal_register_of_legislation:F2024C01108:reg:5:p1
Version: federal_register_of_legislation:F2024C01108
Segment Type: reg
Provision Reference: reg 5 (pt 1/35)
Character Range: 302034–305075

5     Directed wholesale indicator    For each side (buy and/or sell) of the order or transaction on which:
                                        (a) the Participant acts as agent for an AOP Client that is a wholesale client; and
                                        (b) the Participant has an arrangement with the wholesale client under which the wholesale client submits Trading Messages into the Participant's system with non-discretionary execution and routing instructions,
                                      a unique notation or code to indicate this

Note: Instruments made under subrule (3) are available on the Federal Register of Legislation. The register may be accessed at www.legislation.gov.au.

Chapter 8: Extreme price movements

Part 8.1AA Application

8.1AA.1 Application of Chapter
(1) This Chapter applies to:
(a)        the operator of a Market on or through which offers to acquire or dispose of Equity Market Products are made or accepted; and
(b)       CGS Market operators.
(2) In this Chapter:
Operator means any of the operators referred to in subrule (1).
     Relevant Products means Equity Market Products and CGS Depository Interests.

Part 8.1 Order entry controls for Anomalous Orders

8.1.1 Requirement to have Anomalous Order Thresholds

(1) An Operator must determine an Anomalous Order Threshold for each Relevant Product that is quoted on its Market.

(2) An Operator must notify ASIC in writing of the Anomalous Order Threshold for each Relevant Product that is quoted on its Market, not less than 21 days before first adopting the Anomalous Order Threshold for the purposes of Rule 8.1.3.

(3) ASIC may notify an Operator that an Anomalous Order Threshold the Operator has notified to ASIC or adopted for the purposes of Rule 8.1.3 is not appropriate to promote market integrity or a fair, orderly or transparent market.

(4) If ASIC notifies an Operator under subrule (3) in relation to a Relevant Product, the Operator must, as soon as practicable, determine a new Anomalous Order Threshold for the Relevant Product and notify ASIC in writing of the new Anomalous Order Threshold before adopting the Anomalous Order Threshold for the purposes of Rule 8.1.3.

(5) In determining an Anomalous Order Threshold for a Relevant Product an Operator must take into account, at a minimum:

(a)        the price at which a single Order deviates substantially from:

(i)         prevailing market conditions for the Relevant Product;

(ii)       historical trading patterns; and
(b)       the Tick Size for the Relevant Product.

8.1.2 Requirement to make Anomalous Order Thresholds publicly available
An Operator must make an Anomalous Order Threshold determined under Rule 8.1.1 publicly available before adopting the Anomalous Order Threshold for the purposes of Rule 8.1.3.

8.1.3 Requirement to prevent Anomalous Orders from entering Markets
An Operator must have in place adequate controls to prevent Anomalous Orders from entering an Order Book (Relevant Order Book) of its Market at all