Document ID: chunk:federal_register_of_legislation:F2021L01155:reg:2:p2
Version: federal_register_of_legislation:F2021L01155
Segment Type: reg
Provision Reference: reg 2 (pt 2/3)
Character Range: 158592–160970

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 the processing algorithm is given effect after the clock round – is taken to be at the posted price for the lots of the product for the clock round.
Note: The actual price will be the posted price for the relevant clock round.
opening price, for a lot of a product for a clock round, means:
 (a) for the first clock round – the starting price for lots of the product; or
 (b) for any clock round other than the first clock round – the posted price for the lots of the product for the previous clock round.
Note: For starting prices, see paragraph 28(1)(a) and 43(1)(a).
posted demand, of a bidder for lots of a product for a clock round, means:
 (a) for a bidder who requested an increase bid or a decrease bid for the lots of the product in the clock round – the number of lots of the product determined by the processing algorithm after the end time of the clock round; or
 (b) for a bidder who requested a maintain bid for the lots of the product in the clock round – the start demand of the bidder for the lots of the product for that clock round.
Note: For the number of lots of the product determined by the processing algorithm, see clauses 2B and 2C.
posted price, for lots of a product for a clock round, means the amount determined by the processing algorithm after the end time of the clock round, which must be:
 (a) equal to or greater than the opening price for the lots of the product for the clock round; and
 (b) less than or equal to the clock price for the lots of the product for the clock round.
Note: See subclause 2A(6).
price point, for a lot of a product for a clock round, means a percentage calculated as the quotient of:
 (a) the difference between the bid price and the opening price; and
 (b) the difference between the clock price and the opening price;
for the lot.
Note: Paragraph (a) is the numerator. Paragraph (b) is the denominator.
processing algorithm: see clause 2A.
start demand, of a bidder for lots of a product for a clock round, means:
 (a) for the first clock round – the number of lots of the product recorded in the auction system for the bidder under paragraph 3(3)(a) or subclause 3(5); or
 (b) for any clock round other than the first