(a) the operator of a Market on or through which offers to acquire or dispose of Equity Market Products are made or accepted;
6.1.1 Relevant Participants to enter into transactions on Pre-Trade Transparent Order Book, subject to exceptions
(1) Subject to subrule (2), a Relevant Participant must not enter into a transaction unless the transaction is entered into by matching of a Pre-Trade Transparent Order on an Order Book.
(2) A Relevant Participant is not required to comply with subrule (1) in relation to:
(a) Block Trades;
(b) Large Portfolio Trades;
(c) a Trade with Price Improvement;
(d) a Permitted Trade during the Post-Trading Hours Period;
(e) a Permitted Trade during the Pre-Trading Hours Period; and
(f) Out of Hours Trades.
(3) A Relevant Participant that enters into a transaction in reliance on an exception in subrule (2) must keep, for a period of seven years from the date of the transaction, records that enable the Relevant Participant to demonstrate that the relevant transaction met the criteria for the relevant exception, including, in relation to a transaction executed in reliance on the exception in paragraph (2)(c), a record of the Best Available Bid and Best Available Offer, if applicable, at the time the Transaction was executed.
6.1.2 Operator to immediately make available Pre-Trade Information, subject to exceptions
(1) An Operator must make available Pre-Trade Information for each Market it operates:
(a) for all Orders received during Trading Hours for the Market, Continuously and in Real-Time; and
(b) for all Orders received outside of Trading Hours for the Market, by no later than the time Trading Hours next resume,
to all persons in this jurisdiction who have entered into an arrangement with the Operator to access the Pre-Trade Information on that basis.
(1A) An Operator must keep records of the Pre-Trade Information referred to in subrule (1) for a period of seven years.
(2) An Operator is not required to make available Pre-Trade Information in relation to:
(a) an Order on an Order Book that, if executed, would result in a Block Trade;
(b) an Order or series of Orders on an Order Book that, if executed, would result in a Large Portfolio Trade; and
(c) an Order on an Order Book that, if executed, would result in a Trade with Price Improvement.
(3) An Operator must take reasonable steps to ensure that all Pre-Trade Information it makes available under subrule (1) is and remains complete, accurate and up to date.
6.1.3 Operator to make available Pre-Trade Information on reasonable commercial terms and on a non-discriminatory basis
Subject to Rule 9.2.1, where a person in this jurisdiction seeks access to Pre-Trade Information for a Market on or through which offers to acquire or dispose of Relevant Products are made or accepted, the Operator of that Market must make available the Pre-Trade Information:
(a) on reasonable commercial terms; and
(b) on a non-discriminatory basis.
For the purposes of these Rules, Pre-Trade Information, in relation to an Order for an Equity Market Product, means the information set out in the following table in relation to that Order.
Item
Label
Pre-Trade Information
1
Order date
The date on which the Order was received by the Operator of the Market
2
Order time
The time at which the Order was received by the Operator of the Market
3
Product identification
The symbol, assigned in accordance with Rule 9.2.3, that identifies the Equity Market Product the subject of the Order
4
Volume
The number of Equity Market Products the subject of the Order, unless the Order is a Partly Disclosed Order and the information in item 6 of this table has been made available for all or part of the Order
5
Order side
Whether the Order is a Buy Order or Sell Order
6
Price
The price per Equity Market Product of the Order, unless the Order is a Partly Disclosed Order and the information in item 4 of this table has been made available for all or part of the Order
7
Currency
The currency of the price per Equity Market Product of the Order, unless the Order is in Australian dollars
For the purposes of these Rules, Pre-Trade Information, in relation to an Order for a CGS Depository Interest, means the information set out in the following table in relation to that Order.
Item
Label
Pre-Trade Information
1
Order date
The date on which the Order was received by the CGS Market operator
2
Order time
The time at which the Order was received by the CGS Market operator
3
Product identification
The symbol, assigned in accordance with Rule 9.2.3, that identifies the CGS Depository Interest the subject of the Order
4
Volume
The number of CGS Depository Interests the subject of the Order
5
Order side
Whether the Order is a Buy Order or Sell Order
6
Price
The price per CGS Depository Interest of the Order. The price entered should be price per $100 nominal, inclusive of interest.
6.1.5 Partly Disclosed Orders
(1) In these Rules, Partly Disclosed Order means an Order on an Order Book in relation to which:
(a) the operating rules of the relevant Market or CGS Market (as applicable) require the Pre-Trade Information referred to in the table in Rule 6.1.4 (in the case of Equity Market Products) or Rule 6.1.4A (in the case of CGS Depository Interests) to be made available, with the exception of:
(i) item 4 (volume) but not item 6 (price); or
(ii) item 6 (price) but not item 4 (volume); and
(b) the consideration for the Order is greater than $0.
(2) For the purposes of subrule (1), a Partly Disclosed Order includes an Order on an Order Book which the operating rules of the relevant Market or CGS Market (as applicable):
(a) require to be of a minimum volume or value; and
(b) permit to be divided into separate parts so that part of the Order is Disclosed and part of the Order is Hidden, until such time as the part of the Order that is Disclosed is executed, following which the Hidden parts of the Order (or the residual amount of the Order if less than the minimum volume or value) are in turn Disclosed until the total Order has been executed.
6.1.6 Application to partly filled Orders
Where an exception referred to in subrule 6.1.1(2) or 6.1.2(2) applies to an Order and that Order is executed in part, the exception ceases to apply unless the remainder of the Order would have been entitled to the exception if it were a separate Order.
6.1.7 Priority for Disclosed Orders and Partly Disclosed Orders
An Operator must not permit a Hidden Order in a Relevant Product on an Order Book of its market to have Time Priority over a Disclosed Order or Partly Disclosed Order on the same Order Book, where the Disclosed Order or Partly Disclosed Order is an Order to buy or sell the same class of Relevant Products, at the same price, as the Hidden Order.
6.1.8 Dealings to which this Part does not apply
For the avoidance of doubt, this Part does not apply to transactions arising from:
(a) the terms of a Relevant Product, including a redemption;
(b) primary market actions, including an issue or allotment of, or an application or subscription for, a Relevant Product;
(c) acceptance of an offer under a Takeover Off-Market Bid; and
(d) the delivery of a Relevant Product under a securities lending arrangement.
Part 6.2 Pre-Trade Information—Exceptions
6.2.1AA Application of Part
(a) the operator of a Market on or through which offers to acquire or dispose of Equity Market Products are made or accepted;
(a) Operator means any of the operators referred to in subparagraph 1(a) and (c);
(b) Relevant Participant means a participant referred to in subparagraph 1(b) or (d); and
(c) Relevant Products means Equity Market Products and CGS Depository Interests.
6.2.1 Exception—Block Trades
(1) In these Rules, Block Trade means a transaction where:
(a) if the transaction is entered into other than by matching of Orders on an Order Book, the Relevant Participant acts:
(i) on behalf of a buying or selling client on one side of that transaction and on behalf of one or more clients on the other side;
(ii) on behalf of one or more buying or selling clients on one side of that transaction and as Principal on the other side; or
(iii) on behalf of a buying or selling client (first client) on one side of that transaction and on the other side on behalf of one or more clients and as Principal in the circumstances set out in paragraph (d);
(b) the Relevant Product is issued by the same issuer, in the same class, with the same paid-up value;
(c) the consideration for the transaction is not less than:
(i) $1,000,000 or more for Tier 1 Equity Market Products;
(ii) $500,000 or more for Tier 2 Equity Market Products;
(iii) $200,000 or more for Tier 3 Equity Market Products; and
(iv) $200,000 or more for CGS Depository Interests; and
(d) if subparagraph (1)(a)(iii) applies—the consideration for the transaction that is payable by or to:
(i) the first client; and
(ii) all of the clients on the other side of the transaction in aggregate,
is not less than the relevant consideration threshold in paragraph (c).
(2) For the purposes of paragraph (1)(b), Relevant Products that differ only in relation to the amount of dividend or distribution payable are in the same class.
(3) For the purposes of paragraph (1)(c):
(a) Tier 1 Equity Market Products means those Equity Market Products determined by ASIC under these Rules and in accordance with subrule (4);
(b) Tier 2 Equity Market Products means those Equity Market Products determined by ASIC under these Rules and in accordance with subrule (4); and
(c) Tier 3 Equity Market Products means all Equity Market Products that are not Tier 1 or 2 Equity Market Products.
(4) For the purposes of subrule (3), ASIC may determine Tier 1 Equity Market Products and Tier 2 Equity Market Products in writing.
(5) An instrument referred to in subrule (4) takes effect from 20 business days following the date the instrument is registered.
Note: Instruments made under subrule (4) are available on the Federal Register of Legislation. The register may be accessed at www.legislation.gov.au.
6.2.2 Exception—Large Portfolio Trades
(1) In these Rules, Large Portfolio Trade means a transaction where:
(a) if the transaction is entered into other than by matching of Orders on an Order Book, the Relevant Participant acts:
(i) on behalf of a buying or selling client on one side of that transaction and a client on the other side; or
(ii) on behalf of a buying or selling client on one side of that transaction and as Principal on the other side;
(b) the transaction is entered into pursuant to a single agreement between the buyer and seller for consideration in total of not less than $5,000,000; and
(c) the transaction comprises purchases or sales of Relevant Products in not less than 10 different classes for which the minimum consideration in each class is $200,000.
(2) Nothing in paragraph (1)(c) prevents the transaction from comprising additional purchases or sales in other classes where the consideration for those classes is less than $200,000.
6.2.3 Exception—Trades with Price Improvement
(1) In these Rules, a transaction is a Trade with Price Improvement where:
(a) the transaction is executed at a price per Relevant Product which is:
(i) higher than the Best Available Bid and lower than the Best Available Offer for the Relevant Product by one or more Price Steps; or
(ii) at the Best Mid-Point;
(b) if the transaction is entered into other than by matching of Orders on an Order Book, the Relevant Participant acts:
(i) on behalf of both buying and selling clients to that transaction; or
(ii) on behalf of a buying or selling client on one side of that transaction and as Principal on the other side; and
(c) the consideration for the transaction is greater than $0.
(2) For the purposes of this Rule, the Best Mid-Point is not limited to standard Price Steps for the Relevant Product.
6.2.4 Exception—Permitted Trades during the Post-Trading Hours Period
In these Rules, Permitted Trade during the Post-Trading Hours Period means a transaction in a Relevant Product during the Post-Trading Hours Period in relation to that Relevant Product:
(a) that completes an Order received prior to the end of Trading Hours for the Market (and, if there is an Auction at the end of Trading Hours, prior to that Auction);
(b) that comprises a bona fide hedge;
(c) if there is an Auction at the end of Trading Hours for a Market, that completes an Order that narrowly missed execution during that Auction;
(d) that rectifies an error; or
(e) that results in the Relevant Products the subject of the transaction being sold by a nominee that holds those Relevant Products on behalf of a Funds Manager to another nominee that holds those Relevant Products on behalf of the same Funds Manager, and where the Relevant Participant acts for both clients.
6.2.5 Exception—Permitted Trades during the Pre-Trading Hours Period
In these Rules, Permitted Trade during the Pre-Trading Hours Period means a transaction in a Relevant Product during the Pre-Trading Hours Period in relation to that Relevant Product where:
(a) the Relevant Participant acts:
(i) on behalf of both buying and selling clients to that transaction; or
(ii) on behalf of a buying or selling client on one side of that transaction and as Principal on the other side; and
(b) either:
(i) overseas resident clients are involved in both sides of the transaction; or
(ii) an overseas resident client is involved in one side and the Relevant Participant is acting as Principal on the other side of the transaction; and
(c) a stock market maintained by a Recognised Stock Exchange either:
(i) in the overseas client’s country of residence; or
(ii) if both sides of the transaction involve overseas resident clients, in the country of residence of one of those clients,
is open for trading at that time.
6.2.6 Exception—Out of Hours Trade
In these Rules, Out of Hours Trade means a transaction in a Relevant Product entered into by a Relevant Participant:
(a) during the period after the Post-Trading Hours Period in relation to that Relevant Product on a Trading Day and before the Pre-Trading Hours Period in relation to that Relevant Product on the next Trading Day; and
(b) if the transaction is entered into on behalf of a client, where the relevant Order was received from the client during the period set out in paragraph (a) and the Relevant Participant entered into the other side of the transaction as Principal or on behalf of another client whose instructions were received at any time.
Part 6.3 Transactions must be post-trade transparent
6.3.1AA Application of Part
(a) the operator of a Market on or through which offers to acquire or dispose of Equity Market Products are made or accepted;
(e) Orders and transactions in Equity Market Products and CGS Depository Interests, except Rule 6.3.6A which applies to transactions in financial products executed on a Market or reported to a Market operator.
6.3.1AB Dealings to which this Part does not apply
For the avoidance of doubt, this Part does not apply to:
(a) a Relevant Participant transmitting an Order to another Participant for the purposes of the second Participant transmitting the Order to an Order Book or Crossing System;
(b) primary market actions, including an issue or allotment of, application or subscription for a Relevant Product, or acceptance of an offer under an Off-Market Bid;
(c) the delivery of a Relevant Product under a securities lending arrangement; and
(d) Exchange-Traded Fund Special Trades within the meaning of the term “ETF Special Trade” given by the operating rules of a Market.
6.3.1 Relevant Participants to report transactions done other than on an Order Book of a Market
(1) The Reporting Participant must report Post-Trade Information for a transaction entered into otherwise than by matching of Orders on an Order Book, to an Operator.
(2) The Reporting Participant must report Post-Trade Information for a transaction referred to in subrule (1):
(a) subject to paragraph (b):
(i) if the transaction is matched or executed during Normal Trading Hours, immediately after the transaction is executed;
(ii) if the transaction is matched or executed during a period in which there is an Auction on the Market to which the transaction will be reported, immediately after that Auction;
(iii) if the transaction is executed outside of the times referred to in subparagraphs (i) and (ii), by no later than 15 minutes before the time Normal Trading Hours next resume, or at such earlier time as is required by the operating rules of the Market under which the Reporting Participant determines the transaction has taken place;
(b) if the transaction is:
(i) a Large Principal Transaction; or
(ii) a Large Portfolio Trade in which the Reporting Participant acts as Principal as either buyer or seller,
as soon as practicable after the Reporting Participant is no longer exposed to risk as Principal in connection with the transaction, and by no later than the time set out in subrule (3).
(3) The Reporting Participant must report Post-Trade Information for a transaction referred to in paragraph (2)(b):
(a) if the transaction is executed before 1.00 pm on a Trading Day, by no later than 15 minutes prior to the next Trading Day of the Market on which the Reporting Participant determines the transaction has taken place; or
(b) if the transaction is executed after 1.00 pm on a Trading Day, by no later than 1.00 pm on the next Trading Day of the Market on which the Reporting Participant determines the transaction has taken place.
(4) The Reporting Participant must take reasonable steps to ensure that all Post-Trade Information it reports under subrule (2) is and remains complete, accurate and up to date.
(4A) Without limiting subrule (4), a Reporting Participant must have in place systems and controls to ensure that each transaction it reports under subrule (2) and (3) meets all of the criteria for:
(a) the exception in subrule 6.1.1(2) relied upon by the Reporting Participant to enter into the transaction other than in accordance with subrule 6.1.1(1); and
(b) the exception in paragraph (2)(b), if the Reporting Participant has relied upon that exception to report the transaction other than in accordance with the times set out in paragraph (2)(a).
(4B) A Reporting Participant that is notified by an Operator under paragraph 6.3.4A(3)(b) in relation to a transaction it has reported must immediately amend or cancel the transaction or take other appropriate measures in relation to the transaction, having regard to the Reporting Participant’s obligations under this Rule and Rule 6.1.1.
(5) A Relevant Participant that enters into more than one transaction as Principal and in the same class of Relevant Products, at the same time and for the same price, for the purposes of executing a Buy Order of one client against a Sell Order of another client, must take reasonable steps to ensure that those transactions are reported as a single transaction.
6.3.2 Reporting Participant
(1) In these Rules, Reporting Participant means, in relation to a transaction:
(a) where a Relevant Participant is the only party to the transaction that is required to comply with these Rules, the Relevant Participant; or
(b) where more than one party to the transaction is required to comply with these Rules, the Executing Participant.
(2) In subrule (1), Executing Participant means:
(a) the Relevant Participant that receives the Order and executes the transaction without transmitting the Order to another Relevant Participant (for example, a Relevant Participant that executes an Order on its own Crossing System); or
(b) if both Relevant Participants satisfy paragraph (a) (for example, Relevant Participants that manually negotiate a transaction):
(i) the Relevant Participant that is the seller, or is acting on behalf of the seller; or
(ii) as otherwise agreed between the Relevant Participants.
(3) If a Relevant Participant is determined to be the Executing Participant in accordance with subparagraph (2)(b)(ii), the Relevant Participant that is the seller, or is acting on behalf of the seller, must document the agreement reached.
(4) Each Relevant Participant that is a party to a transaction to which subrule 6.3.1(1) applies must take reasonable steps to determine, prior to the transaction being executed, which party is the Reporting Participant.
6.3.3 Application to constituent parts of portfolio trade
Where a Relevant Participant enters into a single agreement to buy or sell more than one class of Relevant Products, the Relevant Participant may consider each class of Relevant Products to be bought or sold under the agreement as a separate transaction for the purposes of determining whether that transaction is a Large Principal Transaction.
6.3.4 Operator to immediately make available Post-Trade Information
(1) An Operator must make available Post-Trade Information for each Market it operates:
(a) for transactions executed or reported during Trading Hours, Continuously and in Real-Time; and
(b) for transactions executed or reported outside of Trading Hours, before Trading Hours next resume,
to all persons in this jurisdiction who have entered into an arrangement with the Operator to access the Post-Trade Information on that basis.
(1A) An Operator must keep records of the Post-Trade Information referred to in subrule (1) for a period of seven years.
(2) The Operator must take reasonable steps to ensure that Post-Trade Information it makes available under subrule (1) is and remains complete, accurate and up to date.
6.3.4A Operator to validate Post-Trade Information
(1) Without limiting subrule 6.3.4(2), an Operator that receives a report of Post-Trade Information for a transaction from a Reporting Participant under Rule 6.3.1 must have in place arrangements to determine whether the transaction as reported meets the criteria for:
(a) the exception in subrule 6.1.1(2) relied upon by the Reporting Participant to enter into the transaction other than in accordance with subrule 6.1.1(1); and
(b) where applicable, the exception in paragraph 6.3.1(2)(b) relied upon by the Reporting Participant to report the transaction other than in accordance with the times set out in paragraph 6.3.1(2)(a).
(2) Without limiting subrule (1), the Operator must have in place arrangements that enable the Operator to determine that the applicable criteria set out in column 3 of the following table are met in relation to each transaction of the kind set out in column 1, as follows:
(a) for all applicable criteria in relation to a transaction, other than the criteria in items 3, 5 or 12, before accepting a report of Post-Trade Information for the transaction;
(b) for the applicable criteria in items 3, 5 or 12, as soon as practicable after the report of Post-Trade Information for the transaction is received, and by no later than the end of the same Trading Day.
<table cellspacing="0" cellpadding="0" style="margin-left:5.4pt; margin-bottom:0pt; border-collapse:collapse"><thead><tr><td style="width:109.7pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top; background-color:#c2e3fa"><p class="tablehead"><span>Exception relied upon by Relevant Participant</span></p></td><td style="width:24.65pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top; background-color:#c2e3fa"><p class="tablehead"><span>Item</span></p></td><td style="width:286.85pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top; background-color:#c2e3fa"><p class="tablehead"><span>Operator must determine that the following applicable criteria are met</span></p></td></tr></thead><tbody><tr><td rowspan="2" style="width:109.7pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>Block Trades (see paragraph 6.1.1(2)(a))</span></p></td><td style="width:24.65pt; border-top:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>1</span></p></td><td style="width:286.85pt; border-top:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Block Trade, the consideration for the transaction meets the criteria in Rule 6.2.1</span></p></td></tr><tr><td style="width:24.65pt; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>2</span></p></td><td style="width:286.85pt; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Block Trade, the Relevant Product was not in a Trading Suspension at the time the transaction was reported</span></p></td></tr><tr><td rowspan="3" style="width:109.7pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>Large Portfolio Trades (see paragraph 6.1.1(2)(b) and </span><span style="letter-spacing:-0.2pt">subparagraph 6.3.1(2)(b)(ii))</span></p></td><td style="width:24.65pt; border-top:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>3</span></p></td><td style="width:286.85pt; border-top:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Large Portfolio Trade, the consideration for each transaction and the total consideration for the series of transactions meets the criteria in Rule 6.2.2</span></p></td></tr><tr><td style="width:24.65pt; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>4</span></p></td><td style="width:286.85pt; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Large Portfolio Trade, the transaction has been reported to the Operator by no later than the time set out in subrule 6.3.1(3)</span></p></td></tr><tr><td style="width:24.65pt; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>5</span></p></td><td style="width:286.85pt; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Large Portfolio Trade, the Relevant Product was not in a Trading Suspension at the time the transaction was reported</span><span style="font-family:'Times New Roman', serif; font-size:11pt"> </span><span>as being executed</span></p></td></tr><tr><td style="width:109.7pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>Trade With Price Improvement (see paragraph 6.1.1(2)(c))</span></p></td><td style="width:24.65pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>6</span></p></td><td style="width:286.85pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Trade with Price Improvement, the price per Relevant Product for the transaction meets the criteria in subrule</span><span> </span><span>6.2.3(1) based on the Operator’s calculation of the Best Available Bid and Best Available Offer at the time the transaction is reported</span></p></td></tr><tr><td style="width:109.7pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>Permitted Trades During Post-Trading Hours Period (see paragraph 6.1.1(2)(d))</span></p></td><td style="width:24.65pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>7</span></p></td><td style="width:286.85pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Permitted Trade During the Post-Trading Hours Period, the Post-Trade Information indicates that the transaction was entered into during the Post-Trading Hours Period as set out in Rule 6.2.4</span></p></td></tr><tr><td style="width:109.7pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>Permitted Trades During Pre-Trading Hours Period (see paragraph 6.1.1(2)(e))</span></p></td><td style="width:24.65pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>8</span></p></td><td style="width:286.85pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Permitted Trade During the Pre-Trading Hours Period, the Post-Trade Information indicates that the transaction was entered into during the Pre-Trading Hours Period as set out in Rule</span><span> </span><span>6.2.5</span></p></td></tr><tr><td style="width:109.7pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>Out of Hours Trades (see paragraph 6.1.1(2)(f))</span></p></td><td style="width:24.65pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>9</span></p></td><td style="width:286.85pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as an Out of Hours Trade, the Post-Trade Information indicates that the transaction was entered into outside of Normal Trading Hours as set out in Rule 6.2.6</span></p></td></tr><tr><td rowspan="3" style="width:109.7pt; border-top:0.75pt solid #999999; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>Large Principal Transactions (see </span><span style="letter-spacing:-0.3pt">subparagraph 6.3.1(2)(b)(i))</span></p></td><td style="width:24.65pt; border-top:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>10</span></p></td><td style="width:286.85pt; border-top:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Large Principal Transaction, the consideration for the transaction meets the criteria in Rule 6.4.1</span></p></td></tr><tr><td style="width:24.65pt; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>11</span></p></td><td style="width:286.85pt; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Large Principal Transaction, the transaction has been reported to the Operator by no later than the time set out in subrule 6.3.1(3)</span></p></td></tr><tr><td style="width:24.65pt; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>12</span></p></td><td style="width:286.85pt; border-bottom:0.75pt solid #999999; padding-right:5.4pt; padding-left:5.4pt; padding-bottom:5.65pt; vertical-align:top"><p class="tbltext"><span>For a transaction reported as a Large Principal Transaction, the Relevant Product was not in a Trading Suspension at the time the transaction was reported</span><span style="font-family:'Times New Roman', serif; font-size:11pt"> </span><span>as being executed</span></p></td></tr></tbody></table>
(3) Where an Operator determines under this Rule that a transaction reported to it under Rule 5.1.1 does not meet one or more of the applicable criteria set out in the table in subrule (2), other than the criteria in items 3, 5 or 12, the Operator:
(a) must not accept the report of Post-Trade Information for the transaction;
(b) must notify the Reporting Participant that the Operator will not accept the report of Post-Trade Information for the transaction; and
(c) must not make available Post-Trade Information for the transaction under Rule 6.3.4.
(4) Where an Operator determines under this Rule that a transaction reported to it under Rule 6.3.1 does not meet one or more of the applicable criteria set out in items 3, 5 or 12 of the table in subrule (2), the Operator must take steps to cancel the transaction or take other appropriate measures in relation to the transaction, having regard to the Operator’s obligations under this Rule and Rule 6.3.4.
6.3.5 Operator to make available Post-Trade Information on reasonable commercial terms and on a non-discriminatory basis
Subject to Rule 9.2.1, where a person in this jurisdiction seeks access to Post-Trade Information, the Operator must make available the Post-Trade Information:
(a) on reasonable commercial terms; and
(b) on a non-discriminatory basis.
6.3.6 Operator to make available Trading Information on a website within 20 minutes
(1) An Operator must make available Trading Information for each Market it operates:
(a) on a website that is publicly accessible;
(b) free of charge; and
(c) on a delayed basis of no more than 20 minutes.
(2) For the purposes of subrule (1), Trading Information means, for each Equity Market Product that is quoted on an Operator’s Market, the information set out in column 3 of the following table.
Item
Label
Post-Trade Information
1
Product identification
The symbol, assigned in accordance with Rule 9.2.3, that identifies the Equity Market Product to which the information referred to in items 2 to 8 of this table relates
2
Last traded price
The price per Equity Market Product of the last transaction in the Equity Market Product whether on an Order Book of the relevant Market or reported to the relevant Market as a Trade with Price Improvement
3
Bid
The highest Bid for the Equity Market Product on an Order Book of the relevant Market
4
Offer
The lowest Offer for the Equity Market Product on an Order Book of the relevant Market
5
High
The highest price at which a transaction in the Equity Market Product has been executed whether on an Order Book of the relevant Market or reported to the relevant Market as a Trade with Price Improvement on the Trading Day to which the information relates
6
Low
The lowest price at which a transaction in the Equity Market Product has been executed whether on an Order Book of the relevant Market or reported to the relevant Market as a Trade with Price Improvement on the Trading Day to which the information relates
7
Volume
The total number of Equity Market Products in all transactions in the Equity Market Product executed on an Order Book of, or reported to, the relevant Market, for the Trading Day to which the information relates
8
Trading status
The trading status for the Equity Market Product
9
Delay
If the information in items 1 to 8 of this table is made available on a delayed basis, the delay, in minutes
Note 1: Items 3 and 4 of this table refer to information in relation to bids and offers on an Order Book. Accordingly, the Trading Information made available by an Operator under items 3 and 4 of this table must not include transactions in Equity Market Products reported to the Operator under Rule 6.3.1 (Relevant Participants to report transactions done other than on an Order Book of a Market).
Note 2: Items 2, 5 and 6 of this Table refer to information in relation to prices on an Order Book and also to information in relation to Trades with Price Improvement. The Trading Information made available by an Operator under items 2, 5 and 6 of this Table must not include transactions in Equity Market Products reported to the Operator under Rule 6.3.1 (Relevant Participants to report transactions done other than on an Order Book of a Market), other than transactions reported as a Trade with Price Improvement.
(3) For the purposes of subrule (1), Trading Information means, for each CGS Depository Interest that is quoted on an Operator’s Market, the information set out in column 3 of the following table.
Item
Label
Post-Trade Information
1
Product identification
The symbol, assigned in accordance with Rule 9.2.3, that identifies the CGS Depository Interest to which the information referred to in items 2 to 8 of this table relates
2
Last traded price
The price per CGS Depository Interest of the last transaction in the CGS Depository Interest whether on an Order Book of the relevant Market or reported to the relevant Market as a Trade with Price Improvement
3
Bid
The highest Bid for the CGS Depository Interest on an Order Book of the relevant Market
4
Offer
The lowest Offer for the CGS Depository Interest on an Order Book of the relevant Market
5
High
The highest price at which a transaction in the CGS Depository Interest has been executed whether on an Order Book of the relevant Market or reported to the relevant Market as a Trade with Price Improvement on the Trading Day to which the information relates
6
Low
The lowest price at which a transaction in the CGS Depository Interest has been executed whether on an Order Book of the relevant Market or reported to the relevant Market as a Trade with Price Improvement on the Trading Day to which the information relates
7
Number of Trades
The number of transactions in the CGS Depository Interest executed on an Order Book of, and reported to, the relevant Market on the Trading Day to which the information relates
8
Value
The total value of all transactions in the CGS Depository Interest executed on an Order Book of, or reported to, the relevant Market, for the Trading Day to which the information relates
9
Trading Status
The trading status for the CGS Depository Interest
10
Coupon
For the CGS Depository Interest, the fixed interest amount paid at regular intervals
11
Maturity Date
For the CGS Depository Interest, the date on which the principal will be repaid
12
Face Value
For the CGS Depository Interest, the principal or redemption value
13
Delay
If the information in items 1 to 12 of this table is made available on a delayed basis, the delay, in minutes
Note 1: Items 3 and 4 of this table refer to information in relation to bids and offers on an Order Book. Accordingly, the Trading Information made available by an Operator under items 3 and 4 of this table must not include transactions in CGS Depository Interests reported to the Operator under Rule 6.3.1 (Relevant Participants to report transactions done other than on an Order Book of a Market), other than a transaction reported as a Trade with Price Improvement.
Note 2: Items 2, 5 and 6 of this table refer to information in relation to prices on an Order Book and also to information in relation to Trades with Price Improvement. The Trading Information made available by an Operator under items 2, 5 and 6 of this table must not include transactions in CGS Depository Interests reported to the Operator under Rule 6.3.1 (Relevant Participants to report transactions done other than on an Order Book of a Market), other than transactions reported as a Trade with Price Improvement.
6.3.6A Operator to make available Course of Sales information within three days
(1) An Operator must make available in accordance with subrule (3) Course of Sales Information for each transaction in a financial product executed on or reported to its Market.
(1A) An Operator must keep records of the Course of Sales Information referred to in subrule (1) for a period of seven years.
(2) For the purposes of these Rules, Course of Sales Information means, for each financial product that is quoted on the Operator’s Market, the information set out in column 3 of the following table.
Item
Type of information
Course of Sales Information
1
Product identification
The symbol, assigned in accordance with Rule 9.2.3 that identifies each financial product to which the information referred to in items 2 to 9 of this table relates
2
Transaction time
The time at which each transaction was executed by, or a report was received by, the Operator
3
Price
The price of each financial product that is the subject of each transaction
4
Volume
The number of financial products that are the subject of each transaction
5
Value
The total dollar value of each transaction (Volume multiplied by Price)
6
Buy PID
The Relevant Participant identifier for the buyer in each Transaction
7
Sell PID
The Relevant Participant identifier for the seller in each transaction
8
Condition Code
If the transaction was a Crossing, the code applicable to the type of Crossing
9
Execution Venue
The code identifying the market, Crossing System or other facility on which the transaction was executed
(3) An Operator must make available the information required under subrule (1):
(a) for each transaction in a financial product executed on, or reported to its Market, on the third business day after the transaction was executed;
(b) on reasonable commercial terms; and
(c) on a non-discriminatory basis.
(4) ASIC may determine in writing the execution venue codes referred to in item 9 of the table in subrule (2).
Note: Instruments made under subrule (4) are available on the Federal Register of Legislation. The register may be accessed at www.legislation.gov.au.
(a) in relation to a transaction in Equity Market Products entered into otherwise than matching of Orders on an Order Book and reported by the Reporting Participant to the Operator, the information set out in items 1 to 9 of the following table;
(b) in relation to a transaction in Equity Market Products entered into by matching of an Order on an Order Book:
(i) the information set out in items 2 and 4 of the following table in relation to that Order; and
(ii) the information set out in items 1, 3 and 5 to 9 of the following table, to the extent that the information is unable to be readily determined by reference to both Pre-Trade Information that was made available in relation to that Order and the information referred to in subparagraph (i); and
(c) in relation to a transaction in Equity Market Products referred to in paragraph (a) or (b) that is cancelled, the information set out in items 7 and 8 of the following table.
Item
Label
Post-Trade Information
1
Trade execution date (as at date)
The date on which the transaction is executed, unless the transaction is reported on the same day it is executed
2
Trading time
The time at which the transaction was executed
3
Product identification
The symbol, assigned in accordance with Rule 9.2.3, that identifies the Equity Market Product the subject of the transaction
4
Volume
The number of Equity Market Products the subject of the transaction
5
Price
The price per Equity Market Product of the transaction
6
Currency
The currency of the price per Equity Market Product of the transaction, unless the transaction was in Australian dollars
7
Trade cancellation indicator
If the transaction is cancelled, a notation or code to identify that the transaction is cancelled
8
Original trade date
If the transaction is cancelled, the information in item 1 of this table
9
Exception code
If the transaction was executed:otherwise than by matching of Orders on an Order Book; orwithout Pre-Trade Information in relation to the Order being made available,a unique code that identifies the exception in subrule 6.1.1(2) or 6.1.2(2) relied upon
(a) in relation to a transaction in CGS Depository Interests, the information set out in items 1 to 5 and 8 of the following table; and
(b) in relation to a transaction referred to in paragraph (a) that is cancelled, the information set out in items 6 and 7 of the following table.
Item
Label
Post-Trade Information
1
Trade execution date (as at date)
The date on which the transaction is executed, unless the transaction is reported on the same day it is executed
2
Trading time
The time at which the transaction was executed
3
Product identification
The symbol, assigned in accordance with Rule 9.2.3, that identifies the CGS Depository Interest the subject of the transaction
4
Volume
The number of CGS Depository Interests the subject of the transaction
5
Price
The price per CGS Depository Interest of the transaction
6
Trade cancellation indicator
If the transaction is cancelled, a notation or code to identify that the transaction is cancelled
7
Original trade date
If the transaction is cancelled, the information in item 1 of this table
8
Exception code
If the transaction was executed:otherwise than by matching of Orders on an Order Book; orwithout Pre-Trade Information in relation to the Order being made available,a unique code that identifies the exception in subrule 6.1.1(2) or 6.1.2(2) relied upon
Part 6.4 Delayed reporting
6.4.1AA Application of Part
(a) the operator of a Market on or through which offers to acquire or dispose of Equity Market Products are made or accepted;
6.4.1 Delayed reporting—Large Principal Transaction
(1) In these Rules, Large Principal Transaction means:
(a) a transaction in which one party to the transaction is the Relevant Participant acting as Principal and the other party to the transaction is the Relevant Participant acting as agent for a client;
(b) the consideration for the transaction is:
(i) $15,000,000 or more for Category A Equity Market Products;
(ii) $10,000,000 or more for Category B Equity Market Products;
(iii) $5,000,000 or more for Category C Equity Market Products; or
(iv) $2,000,000 or more for Category D Equity Market Products or CGS Depository Interests; and
(c) the transaction is not effected to unwind, close out or liquidate (in whole or in part) a position established by a transaction which meets the requirements in paragraphs (a) and (b).
(2) For the purposes of paragraph (1)(a), the client may be a Funds Manager acting on behalf of more than one fund.
(3) For the purposes of paragraph (1)(b):
(a) Category A Equity Market Products means those Equity Market Products admitted to Official Quotation or Trading Status on a Market and notified by the operator of that Market under the operating rules of that Market in accordance with subrule (4);
(b) Category B Equity Market Products means those Equity Market Products admitted to Official Quotation or Trading Status on a Market and notified by the operator of that Market under the operating rules of that Market in accordance with subrule (4);
(c) Category C Equity Market Products means those Equity Market Products admitted to Official Quotation or Trading Status on a Market and notified by the operator of that Market under the operating rules of that Market in accordance with subrule (4); and
(d) Category D Equity Market Products means all Equity Market Products that are not Category A, B or C Equity Market Products.
(4) For the purposes of subrule (3), the notification given by a Market operator:
(a) must be published on its website and notified in writing to the operator of any other Market where the Equity Market Product is able to be traded; and
(b) takes effect from the day following the notification.
6.4.2 Dealings to which this Part does not apply
For the avoidance of doubt, this Part does not apply to:
(a) a Relevant Participant transmitting an Order to another Participant for the purposes of the second Participant transmitting the Order to an Order Book or Crossing System;
(b) primary market actions, including an issue or allotment of, application or subscription for a Relevant Product, or acceptance of an offer under an Off-Market Bid;
(c) the delivery of a Relevant Product under a securities lending arrangement; and
(d) Exchange-Traded Fund Special Trades within the meaning of the term “ETF Special Trade” given by the operating rules of a Market.