Document ID: chunk:federal_register_of_legislation:F2020L01453:schedule:1:p14
Version: federal_register_of_legislation:F2020L01453
Segment Type: schedule
Provision Reference: sch 1 (pt 14/19)
Character Range: 145176–147912

this, the auction manager must:
         (a)      tell each bidder in writing of the proposed change; and
         (b)      ask each bidder to provide comments on the proposal within the time (being not less than 1 hour) set by the auction manager; and
         (c)      take into account any comments on the proposal that are received within that time.

      (3) The auction manager must notify each bidder for the clock round when the change takes effect before that clock round.

Part 4—Bidding in the primary stage

      11 Definitions

      (1) In this Part:
  activity target, for a bidder during a clock round, means the figure obtained by multiplying the amount of the bidder's eligibility points for that clock round by the eligibility requirement percentage set by the auction manager for that clock round, rounded up to the nearest integer.
(2) In this Part, a bidder is active on lots of a product for a clock round if the bidder has a posted demand greater than zero for the lots of the product after the end time of the clock round.

      12 Eligibility points bidding cap

(1) In a clock round, a bidder's eligibility points will be:
         (a)      for the first clock round – the initial eligibility points, calculated as the total value of the lots of each product (in eligibility points) for the start demands of the bidder as recorded in the auction system under paragraph 3(2)(a) or 3(3)(a); or
         (b)      for any clock round other than the first clock round – the lesser of:
            (i)            the bidder's eligibility points in the previous clock round; and
            (ii)         the bidder's eligibility points calculated in accordance with subclause 13(2).
          Note: This means that if a bidder's posted demands for the lots of each product are zero for any clock round, the bidder's eligibility points will become zero and the bidder will not be entitled to bid in subsequent clock rounds for the lots of any products.
 (2) A bidder is not entitled to bid in such a way that the sum, in eligibility points, of:
         (a)      the total value of the lots of each product, in eligibility points, for the start demands of the bidder; and
         (b)      the total value of the lots of each product, in eligibility points, for all the increase bids of the bidder;
         less:
         (c)      the total value of the lots of each product, in eligibility points, for all the decrease bids of the bidder;

  in any one clock round is greater than the bidder's eligibility points at the time of the bid or bids.

      13 Loss of eligibility points

(1) A bidder's eligibility points for a clock round (the next clock round) will be adjusted to an amount calculated in accordance