Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:2:p1
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 2 (pt 1/3)
Character Range: 156377–158784

2  Interpretation
 (1) In this Schedule:
active: see subclause 11(2).
activity target: see subclause 11(1).
aggregate demand, for lots of a product, means:
 (a) for the first clock round – the total of the number of lots of the product recorded in the auction system as the start demands of all bidders under paragraph 3(3)(a) or subclause 3(5); or
 (b) for any clock round other than the first clock round – the total of the posted demands of all bidders for the lots of the product.
bid, in a clock round, means:
 (a) an increase bid; or
 (b) a decrease bid; or
 (c) a maintain bid.
bid increment percentage: see subclause 4(1).
bid price, for a lot of a product for a clock round, means an amount that is:
 (a) equal to or greater than the opening price; and
 (b) less than or equal to the clock price.
clock price, for a lot of a product for a clock round, means the sum of:
 (a) the opening price for the lots of the product; and
 (b) the bid increment percentage for the product multiplied by that opening price;
rounded up to the next thousand.
clock round means a round for bids in the primary stage.
decrease bid means a request to decrease the start demand of a bidder for lots of a product, by entering a negative number for the demand change for the lots of the product, at a bid price.
Note: If a bidder with a start demand for the lots of a product for a clock round does not make a valid bid for the clock round, the bidder will be taken to have requested a decrease bid: see subclause 15(2).
eligibility requirement percentage: see subclause 4(4).
excess demand, for lots of a product for a clock round, means the difference between:
 (a) the aggregate demand; and
 (b) the supply.
Note 1: The excess demand may be a positive number, a negative number, or zero.
Note 2: The aggregate demand for lots of a product has a different definition for the first clock round, than for every other clock round.
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 request is made – is taken to be for any price between the opening price and the clock price for the clock round; and
 (b) after