Document ID: chunk:federal_register_of_legislation:F2024C01109:front:0:p31
Version: federal_register_of_legislation:F2024C01109
Segment Type: other
Provision Reference: 
Character Range: 80888–83701

an intent to trade
(1) A Market Participant must not enter Orders where there does not exist an intent to trade.
(2) For the purposes of this Rule, circumstances which indicate that there does not exist an intent to trade include:
(a)        Orders which are entered at price limits substantially higher or lower than the previous settlement price of the specific Contract, or alternatively, entered with unusually large volume levels; or
(b)       placement, modification and cancellation of Orders during the Pre-Opening Phase, which are entered with intent to affect the opening price of any Futures Market Contract or Option Contract.

3.1.4 Orders to be transmitted as soon as received
(1) Subject to subrule (3), subrule 3.3.1(1) and paragraph 3.4.1(b), a Market Participant must transmit Orders to a Trading Platform as soon as they are received.
(2) Subrule (1) applies to Orders that can, in accordance with Client instructions, be immediately transmitted to a Trading Platform and include "limit" and "market" Orders.
(3) Exceptions to subrule (1) are:
(a)        Orders that cannot be transmitted to a Trading Platform such as "market on close", "stop loss" or "market if touched";
(b)       "at best" Orders, provided these Orders are transmitted to a Trading Platform at such time as the Market Participant forms the view that the best price may be achieved; and
(c)        Orders where Client instructions preclude immediate transmission unless those instructions would cause the Market Participant to breach these Rules.

3.1.5 Orders to be transmitted and executed in the sequence received
(1) Subject to subrule (2), subrule 3.3.1(1) and paragraph 3.4.1(b) a Market Participant must:
(a)        transmit Orders in the sequence in which they are received;
(b)       not leave an Order in a Trading Platform and then promote another Client Order to take the place of a cancelled Client Order;
(c)        not promote an Order to take the place of a cancelled Client Order;
(d)       reduce the volume of an aggregated Order by the amount remaining of a cancelled Order where a Client cancels an Order which was part of the aggregated Order; and
(e)        not engage in broking or offering of a favourable queue position.
(2) Orders may be transmitted and executed outside of the sequence in which they are received where Orders are aggregated under Rule 3.1.6.

3.1.6 Aggregation of Orders
(1) Subject to subrule 3.3.1(1) and paragraph 3.4.1(d), a Market Participant must not aggregate Orders for entry into a Trading Platform unless permitted under subrules (2A) or (2B).
(2A) For the ASX 24 Market, the only types of Orders which, when received, may be aggregated for placement into the Trading Platform of the ASX 24 Market, are:
(a)        all futures or options Orders received when the ASX 24