Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:1:p18
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 1 (pt 18/19)
Character Range: 154931–157437

(i)            the total value of the lots of each product, in eligibility points, for all the start demands of the bidder; and
            (ii)         the total value of the lots of each product, in eligibility points, for all the increase bids of the bidder;
             less:
            (iii)       the total value of the lots of each product, in eligibility points, for all the decrease bids of the bidder;
         in the clock round is not greater than the eligibility points of the bidder for the clock round.

(2) If a bidder does not make a bid, or does not make a valid bid, for lots of a product in a clock round, the bidder is taken to have requested a decrease bid for the number of lots equal to the bidder's start demand for the lots of the product in that clock round, at the opening price for the lots of the product for that clock round.

           Note 1: For subclause (2), the auction system places an automatic decrease bid for the relevant number of lots of the product for the clock round. This decrease bid is processed in accordance with clauses 2A and 2C and may be applied in full, applied in part, or rejected. This may affect the bidder's eligibility points for the next clock round.

           Note 2: During the bid processing for a clock round, if a decrease bid is applied in part leaving a remainder of the decrease bid, or a decrease bid is rejected, a bidder will still have a posted demand for lots of a product for the clock round to which the decrease bid relates.

Part 5—Determining the primary winners and primary prices

      16 End of clock rounds

  The clock rounds of the primary stage will end when there is a clock round in which, for every product, the excess demand is not greater than zero for the lots of the product (the final clock round). At this point, the auction manager will announce to each bidder, using the auction system, that the clock rounds have ended and that the auction will progress to the secondary stage (if required) or the assignment stage.

      17 Determination of primary winners and primary prices

(1) A bidder who has posted demands for a lot or lots of a product (the allocated lot) as a result of the final clock round in the primary stage is a primary winner in the primary stage for the lot or lots of the product.

 (2) The total posted price, for a primary winner, for an allocated lot or lots of a product in the primary stage is an amount equal to the posted price for a lot of the product for the final clock