51Large securities exchange operators

#### 51 Large securities exchange operators (1) A leviable entity forms part of the large securities exchange operators sub‑sector in a financial year if, at any time in the financial year, the entity is the operator of a large securities exchange. Entity metric (2) The leviable entity’s entity metric for the sub‑sector for the financial year is: (a) unless paragraph (b) applies—the total value of all transactions that: (i) are entered into on, or reported to, the large securities exchange operated by the entity in the financial year; and (ii) are within the operating rules of the exchange; and (iii) are not invalid or cancelled; or (b) if the entity operated 2 or more large securities exchanges in the financial year—the sum of the amounts worked out under paragraph (a) for each of those exchanges. (3) A licensed market is a large securities exchange, in relation to a financial year, if: (a) 10 million or more transactions in securities are entered into on the market in the financial year; and (b) the market is not an overseas market. (4) For the purposes of paragraph (3)(a), securities has the same meaning as in subsection 92(5) of the Corporations Act 2001.