Document ID: chunk:federal_register_of_legislation:F2024C01109:reg:4:p10
Version: federal_register_of_legislation:F2024C01109
Segment Type: reg
Provision Reference: reg 4 (pt 10/34)
Character Range: 146378–149272

Market operator must notify ASIC in writing of the Anomalous Order Threshold for each Relevant Product that is quoted on its Market, not less than 21 days before first adopting the Anomalous Order Threshold for the purposes of Rule 8.1.3.
(3) ASIC may notify a Market operator that an Anomalous Order Threshold the Market operator has notified to ASIC or adopted for the purposes of Rule 8.1.3 is not appropriate to promote market integrity or a fair, orderly or transparent market.
(4) If ASIC notifies a Market operator under subrule (3) in relation to a Relevant Product, the Market operator must, as soon as practicable, determine a new Anomalous Order Threshold for the Relevant Product and notify ASIC in writing of the new Anomalous Order Threshold before adopting the Anomalous Order Threshold for the purposes of Rule 8.1.3.
(5) In determining an Anomalous Order Threshold for a Relevant Product a Market operator must take into account, at a minimum:
 1.         the price at which a single Order deviates substantially from:
        1.          prevailing market conditions for the Relevant Product;
        2.        historical trading patterns; and
 2.        the relevant index multiplier for the Equity Index Future or ASX SPI 200 Future.

8.1.2 Requirement to make Anomalous Order Thresholds publicly available
A Market operator must make an Anomalous Order Threshold determined under Rule 8.1.1 publicly available before adopting the Anomalous Order Threshold for the purposes of Rule 8.1.3.

8.1.3 Requirement to prevent Anomalous Orders from entering Markets
A Market operator must have in place adequate controls to prevent Anomalous Orders from entering an Order Book (Relevant Order Book) of its Market at all times on a Trading Day other than a time during which:
 1.         Orders for Relevant Products are not matched and transactions are not executed on a continuous basis on the Relevant Order Book; or
 2.        an Auction is being conducted on the Relevant Order Book.

8.1.4 Requirement to have adequate arrangements in relation to Anomalous Order Thresholds
(1) A Market operator must have in place adequate arrangements for:
 1.         determining Anomalous Order Thresholds in accordance with Rule 8.1.1;
 2.        regularly reviewing, and if necessary, amending, the Anomalous Order Threshold for each Relevant Product quoted on its Market, to take into account changes to the matters set out in subrule 8.1.1(5); and
 3.         monitoring, and if necessary, adjusting, the controls referred to in Rule 8.1.3 to ensure that the controls are adequate to prevent Anomalous Orders from entering its Market.
(2) A Market operator must notify ASIC in writing:
 1.         of the arrangements that the Market operator has in place under paragraph (1)(a), not less than 21 days before first adopting an Anomalous Order Threshold for the purposes of Rule 8.1.3 in