Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:2:p12
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 2 (pt 12/13)
Character Range: 185179–187817

applies, the secondary winner for the lot will be selected from the bidders who made the tied exit bids using a pseudorandom process.  The pseudorandom process must be conducted before the next round of the secondary stage (if any).
      (3) For the purposes of paragraph 14(3)(d), the final high bid on the lot is the amount of the last bid made by the secondary winner.

Part 5—Bringing the secondary stage to an end

      16 End of rounds of the secondary stage
      (1) The rounds of the secondary stage will end immediately after:
         (a)      if:
            (i)        clause 15 applies in relation to a lot; and
            (ii)      for each other lot, either:
              (A) there is a secondary winner for the lot; or
              (B) there were no bids on the lot in the first round of the secondary stage;
         – the pseudorandom process mentioned in subclause 15(2) occurs;
         (b)      in any other case – the final round of the secondary stage.
      (2) After the rounds of the secondary stage end, the auction manager must tell each bidder, using the auction system, that the rounds of the secondary stage have ended and that the auction will progress to the assignment stage.

      17 Determination of secondary winners and secondary prices
(1) Subject to subclause 15(2), a bidder who has the final high bid for a lot (the allocated lot), in accordance with subclause 14(4), as a result of the final round for bids on a lot in the secondary stage is a secondary winner in the secondary stage for the lot of the product.
(2) For the purposes of subclause (3), the residual price for an allocated lot of a product in the secondary stage is an amount equal to:
         (a)      if there is only one bid on the lot – the starting price for the lot; or
         (b)      if there is more than one bid on the lot – the highest bid made for the lot by any bidder, during any round of the secondary stage, other than the final high bid.
(3) The secondary price to be paid by a secondary winner for all the allocated lots of each product of the secondary winner is the sum of all the secondary winner's residual prices.
(4) The secondary price calculated under subclause (3) must be rounded up to the next hundred.
          Note: This clause relates to Division 2 of Part 6 of this instrument for the purposes of section 294 of the Act and is disallowable under section 42 of the Legislation Act 2003.

      18 Results of the secondary stage
(1) After the secondary winners and secondary prices are determined, the auction manager must tell each secondary winner, using the auction system:
(a)      the