Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:1:p2
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 1 (pt 2/19)
Character Range: 115488–118055

excess demand, for lots of a product for a clock round, means the difference between:
         (a)      the aggregate demand; and
         (b)      the supply.
          Note: The excess demand may be a positive number or a negative number or zero.

final clock round: see clause 16.

increase bid means a request to increase the start demand of a bidder for lots of a product, by entering a positive number for the demand change for the lots of the product, at a bid price.

maintain bid means a request to maintain the start demand of a bidder for lots of a product in a clock round, which:
         (a)      at the time the bid is requested – is taken to be for any price between the opening price and the clock price for the clock round; and
         (b)      after the processing algorithm is given effect after the clock round – is taken to be at the posted price for the lots of the product for the clock round.

          Note: The actual price will be the posted price for the current clock round.

opening price, for a lot of a product for a clock round, means either:
         (a)      for the first clock round – the starting price for the lots of the product; or
          Note: For starting prices, see paragraph 27(1)(a) or 37(1)(a).
         (b)      for any clock round other than the first clock round – the posted price for the lots of the product for the previous clock round.

posted demand, for a bidder for lots of a product for a clock round, means:
         (a)      for a bidder who requested an increase bid or a decrease bid for the lots of the product in the clock round – the number of lots of the product determined by the processing algorithm after the end time of the clock round;
         (b)      for a bidder who requested a maintain bid for the lots of the product in the clock round – the start demand for the bidder for the lots of the product for that clock round.

posted price, for a lot of a product for a clock round, means the amount determined by the processing algorithm after the end time of the clock round, which must be:
         (a)      equal to or greater than the opening price for the lots of the product for the clock round; and
         (b)      less than or equal to the clock price for the lots of the product for the clock round.

          Note: 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