{"id":"F2018L00576","name":"ASIC Market Integrity Rules (Securities Markets) Determination 2018/314","slug":"asic-market-integrity-rules-securities-markets-determination-2018-314","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439616,"registerId":"F2018L00576-fast-fetch-1775955574052","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Market Integrity Rules (Securities Markets) Determination 2018/314","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) Determination 2018/314\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 1 May 2018\n\n \n\n \n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc512933824)\n\n[1 Name of legislative instrument](#_Toc512933825)\n\n[2 Commencement](#_Toc512933826)\n\n[3 Authority](#_Toc512933827)\n\n[4 Interpretation](#_Toc512933828)\n\n[Part 2—Determination](#_Toc512933829)\n\n[5 Market identifier codes](#_Toc512933830)\n\n[6 Crossing System codes](#_Toc512933831)\n\n[7 Capacity of Participant](#_Toc512933832)\n\n[8 Directed wholesale indicator](#_Toc512933833)\n\n[Schedule 1—Crossing System codes](#_Toc512933834)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Market Integrity Rules (Securities Markets) Determination 2018/314.\n\n2 Commencement\n\nThis instrument commences on the day after it 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 subrules 3.4.3(4), 5A.2.1(5), 6.3.6A(4) and 7.4.4(3) of the ASIC Market Integrity Rules (Securities Markets) 2017 (Rules). \n\n4 Interpretation\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, ASX Centre Point means the Order Book maintained by or on behalf of ASX and known as ASX Centre Point.\n\nPart 2—Determination\n\n5 Market identifier codes\n\nFor the purposes of subrules 3.4.3(4), 6.3.6A(4) and 7.4.4(3) (as that subrule relates to item 1 (Execution venue) of the table in Rule 7.4.4) of the Rules:\n\n(a) the code for identifying ASX TradeMatch is ASXT; and\n\n(b) the code for identifying ASX Centre Point is ASXC; and\n\n(c) the code for identifying the Chi-X Market is CHIA.\n\n6 Crossing System codes\n\n For the purposes of subrules 3.4.3(4), 5A.2.1(5), 6.3.6A(4) and 7.4.4(3) (as that subrule relates to item 1 (Execution venue) of the table in Rule 7.4.4) of the Rules, the code for identifying a Crossing System described in columns 2 and 3 of the table in Schedule 1 is the code specified in column 4 of the table.\n\nNote:  The execution venue for a Crossing is the Crossing System on which the Crossing is matched or executed.\n\n7 Capacity of Participant\n\n For the purposes of subrule 7.4.4(3) of the Rules, the notation referred to in item 2 (Capacity of Participant) of the table in Rule 7.4.4 for identifying that in relation to an order or transaction the Participant is acting:\n\n(a) as Principal—is “P”; and\n\n(b) as agent for a client—is “A”; and\n\n(c) as both Principal and agent for a client—is “M”.\n\n8 Directed wholesale indicator\n\n For the purposes of subrule 7.4.4(3) of the Rules, the notation referred to in item 5 (Directed wholesale indicator) of the table in Rule 7.4.4 for indicating in relation to an order or transaction that:\n\n(a) paragraphs (a) and (b) of item 5 are both satisfied— is “Y”; and\n\n(b) paragraphs (a) and (b) of item 5 are not both satisfied—is “N”.\n\n \n\nSchedule 1—Crossing System codes\n\nCrossing System codes\n\n| Column 1 | Column 2 | Column 3 | Column 4 |\n| --- | --- | --- | --- |\n| Item | Operator of Crossing System | Crossing System name | Code |\n| 1 | Best Ex Pty Ltd | Block Event | 2011 |\n| 2 | Citigroup Global Markets Australia Pty Ltd | Citi Match | 2032 |\n| 3 | CLSA Australia Pty Ltd | Crossing Engine | 2311 |\n| 4 | Credit Suisse Equities (Australia) Limited | CrossFinder | 1101 |\n| 5 | Deutsche Securities Australia Limited | SuperX | 2102 |\n| 6 | Goldman Sachs Australia Pty Ltd | Sigma X Australia | 3611 |\n| 7 | Instinet Australia Pty Limited | BLX Australia | 2171 |\n| 8 | ITG Australia Limited | POSIT | 3451 |\n| 9 | J.P. Morgan Securities Australia Limited | JPM-X | 2972 |\n| 10 | Liquidnet Australia Pty Ltd | [unnamed] | 9991 |\n| 11 | Macquarie Securities (Australia) Limited | MAQX | 1561 |\n| 12 | Macquarie Securities (Australia) Limited | MACB | 1562 |\n| 13 | Morgan Stanley Australia Securities Limited | MS POOL | 2991 |\n| 14 | State One Stock Broking Ltd | SOSL 1 | 6781 |\n| 15 | UBS Securities Australia Limited | UBS PIN | 1501 |\n\n\n \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"},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"This Determination does not expand or narrow the substantive reach of the ASIC Market Integrity Rules. It implements and specifies the mechanical identifiers and notations required by particular subrules (see ss.5–8 and Schedule 1), thereby standardising how execution venues, Crossing Systems and participant capacities are reported under the existing Rules."},"complexity_factors":["Highly technical but narrow subject‑matter (codes and notations only)","Extensive cross‑referencing to the ASIC Market Integrity Rules (the Determination does not stand alone)","Tabulated schedule of numeric codes mapping to named operators (requires upkeep when operators/systems change)","Delegated legislative form—relies on specific subrules for operative effect (Authority: subrules 3.4.3(4), 5A.2.1(5), 6.3.6A(4), 7.4.4(3))","Low interpretive discretion in the text (mostly fixed codes), but operational compliance risk if codes are mis‑applied","Affects multiple private parties (market operators, crossing system operators, participants) who must adopt the codes for reporting"],"plain_english_summary":"This Determination prescribes the short codes and notation conventions that market operators, crossing system operators and market participants must use for reporting and recordkeeping under the ASIC Market Integrity Rules. It lists market identifier codes (for ASX TradeMatch, ASX Centre Point and Chi‑X), numeric Crossing System codes (Schedule 1), participant capacity codes (P/A/M) and a directed‑wholesale flag (Y/N).\n\nIt is made by an ASIC delegate and mechanically standardises reporting inputs required by the cited Rules (see Authority and ss.5–8)."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument maintains its original narrow, technical purpose. It was always intended to be a simple code-assignment mechanism supporting the broader 2017 Market Integrity Rules, and it has not expanded beyond that function."},"complexity_factors":["Extremely short length (8 substantive sections plus a schedule table)","Only 1 defined term in the interpretation section ('ASX Centre Point')","Minimal cross-referencing — only references to 4 specific subrules in the parent 2017 Rules","No conditional logic, exceptions, or nested provisions","Schedule 1 is a simple lookup table with 4 columns and 15 rows","Straightforward command structure ('the code is...', 'the notation is...') with no discretion or ambiguity"],"plain_english_summary":"This ASIC rule prescribes standard three-letter and four-digit codes that identify trading venues, transaction types and participant roles across Australia’s equity markets. It requires brokers, exchanges and crossing systems to use those codes in trade reports.\n\nThose codes let ASIC link trades to specific venues and parties, aiding market surveillance, detecting misconduct, and ensuring transparency between exchanges, dark pools and brokers — so regulators can monitor fairness and compliance."}},"importantCases":[],"_links":{"self":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-314","history":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-314/history","analysis":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-314/analysis","conflicts":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-314/conflicts","importantCases":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-314/important-cases","documents":"/api/acts/asic-market-integrity-rules-securities-markets-determination-2018-314/documents"}}