{"id":"F2018L00554","name":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/310","slug":"asic-market-integrity-rules-securities-markets-class-waiver-2018-310","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439603,"registerId":"F2018L00554-fast-fetch-1775955565975","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/310","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/310\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate  30 April 2018\n\n \n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512847790)\n\n[1 Name of legislative instrument](#_Toc512847791)\n\n[2 Commencement](#_Toc512847792)\n\n[3 Authority](#_Toc512847793)\n\n[4 Definitions](#_Toc512847794)\n\n[Part 2—Waiver](#_Toc512847795)\n\n[5 Waiver from subrule 6.1.1(1)](#_Toc512847796)\n\n[6 Waiver from subrule 6.1.2(1)](#_Toc512847797)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Class Waiver 2018/310.\n\n2 Commencement\n\nThis instrument commences on the day after this instrument is registered on the Federal Register of Legislation.\n\nNote: The register may be accessed at [www.legislation.gov.au](http://www.legislation.gov.au).\n\n3 Authority\n\nThis instrument is made under subrule 1.2.1(1) of the ASIC Market Integrity Rules (Securities Markets) 2017 (Rules).\n\n4 Definitions\n\n(1) In this instrument, unless the contrary intention appears, capitalised terms have the same meaning as in the Rules.\n\n(2) In this instrument:\n\nMarket on Close Order, in relation to an Equity Market Product admitted to quotation on the ASX Market, means a Hidden Order of that name available on the Chi-X Market, with the following features:\n\n(a) submittable from the opening of the Chi-X Market until 4:20 pm;\n\n(b) matchable only with another Market on Close Order;\n\n(c) either:\n\n(i) priced at the closing price (CSPA Price) of the relevant Equity Market Product published by ASX at the conclusion of the CSPA Session State on the ASX Market on the Trading Day on which the Order was entered; or\n\n(ii) in the event there is no CSPA Price published by ASX for the relevant Equity Market Product for the relevant Trading Day, priced at the last traded price on the ASX Market for the relevant Equity Market Product on that Trading Day;\n\n(d) even if matched, does not result in a transaction if:\n\n(i) there is no CSPA Price and no last traded price on the ASX Market for the relevant Equity Market Product on the relevant Trading Day; or\n\n(ii) there is a trading halt or suspension that prevents ASX from publishing a CSPA Price for the relevant Equity Market Product for the relevant Trading Day.\n\n(3) In this instrument a reference to time is to the time in Sydney, Australia.\n\nPart 2—Waiver\n\n5 Waiver from subrule 6.1.1(1)\n\nA Participant of the Chi-X Market does not have to comply with subrule 6.1.1(1) of the Rules where the Participant enters into a transaction as a result of placing a Market on Close Order on the Chi-X Market.\n\n6 Waiver from subrule 6.1.2(1)\n\nChi-X does not have to comply with subrule 6.1.2(1) of the Rules in relation to a Market on Close Order it receives.\n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"A positive credit balance is required for all requests, including BYOK, so fallback providers remain available. Add credits at https://vercel.com/d?to=%2F%5Bteam%5D%2F%7E%2Fai%3Fmodal%3Dtop-up to continue.","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument maintains its original narrow purpose. It was always intended as a specific technical waiver to enable Chi-X to offer Market on Close Orders, and it does exactly that without expanding into broader regulatory matters."},"complexity_factors":["Very short document (only 6 operative provisions plus definitions)","Single defined term ('Market on Close Order') with 4 sub-paragraphs of technical features","Only 2 substantive provisions (the waivers themselves) with no conditional exceptions or nested logic","Minimal cross-referencing—only references to subrules 6.1.1(1) and 6.1.2(1) of the parent Rules, and a generic 'capitalised terms' reference to the parent instrument","No penalty provisions, enforcement mechanisms, or procedural requirements","Straightforward temporal scope (commencement on registration) and geographic scope (Sydney time reference)"],"plain_english_summary":"ASIC’s class waiver permits Chi‑X Australia and its participants to accept Market on Close orders priced against the ASX official closing price rather than a fixed entry price. It lets Chi‑X offer closing‑price execution like ASX, enabling competition between exchanges and allowing investors on Chi‑X to place end‑of‑day orders that settle at the official close."},"flash_summary":{"complexity_score":4,"scope_assessment":{"changed":true,"description":"This instrument narrows the practical scope of subrules 6.1.1(1) and 6.1.2(1) by exempting Chi‑X and its participants when transacting via the defined Market on Close Order. Where those subrules would normally apply, the waiver (s5–6) disapplies them for this order type; the order's definition (s4(2)) and its cross‑dependence on ASX pricing determine the boundaries of that narrower scope."},"complexity_factors":["Cross‑market price dependency: Order pricing depends on ASX published CSPA price or ASX last traded price (s4(2)(c)).","Conditional execution rules: Orders do not result in transactions if ASX publishes no price or is halted (s4(2)(d)).","Narrow operational window: Orders are submittable only until 4:20 pm (s4(2)(a)).","Match restriction: Market on Close Orders are matchable only with another identical order, limiting counterparties (s4(2)(b)).","Targeted waiver of existing Rules: The waiver exempts participants and Chi‑X from complying with specified subrules (s5–6), requiring close reading of interaction with the rest of the Rules.","Dependence on defined and external terms: Capitalised terms reference the Rules and ASX published states, creating interpretive dependencies (s4(1)–(2)).","Delegated authority and commencement timing: Made by an ASIC delegate under subrule 1.2.1(1) and commences on registration, which affects implementation timing (s3; s2).","Operational risk from ASX publication: The mechanism's functioning hinges on ASX publishing the CSPA Price and handling trading halts correctly (s4(2)(c)–(d))."],"plain_english_summary":"This instrument lets Chi‑X and its participants ignore two specific obligations in the ASIC Market Integrity Rules (subrules 6.1.1(1) and 6.1.2(1)) when they use a defined “Market on Close Order” for ASX‑listed equity products (see s5–6; s4(2)). The Market on Close Order is matchable only with itself, is submitted up to 4:20 pm, and prices at the ASX closing price (or ASX last trade if no closing price) with conditional non‑execution if ASX has no price or a halt (s4(2))."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-310","history":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-310/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-310/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-310/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-310/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-class-waiver-2018-310/documents"}}