ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

LexisNexis ASIC Market Integrity Rules (ASX Market) 2010“Derivatives Only Combination” means a transaction which comprises at least twocomponent Derivatives Market Transactions, in a specific ratio, in respect of which:(a)(b)(c)entry into each component Derivatives Market Transaction is contingent on entry intoeach of the other component Derivatives Market Transactions;the combined transaction has a net price; andeach transaction is for the same client.“DTR” means a Representative of the Trading Participant who has been authorised by theTrading Participant to submit Trading Messages to the Trading Platform on behalf of theTrading Participant.“DTR identifier” means a unique code, allocated by the Trading Participant under Rule2.5.6, that identifies a DTR.“Employee” in relation to a Market Participant includes a director, employee, officer, agent,representative, consultant or adviser of that Market Participant, or an independent contractorwho acts for or by arrangement with a Market Participant.“ETF” means a Managed Fund:(a)(b)(c)(d)which is listed on the Market or admitted to Trading Status as an AQUA Product or tothe AQUA Quote Display Board;with power and approval to continuously issue and have quoted on the Market, EquitySecurities in the Managed Fund;which provides for the issue of new Equity Securities in return for the subscribertransferring to the Managed Fund a portfolio of Securities; andfor which the price of the Underlying Instrument is continuously disclosed or can beimmediately ascertained.“ETF Security” means a Financial Product issued by or provided pursuant to an ETF.“Equilibrium Price” means, in relation to a Product, the price calculated by applying theprinciples below (to each Product) in the following order until a single price results:(a)(b)(c)(d)(e)maximum executable volume—this principle determines the price (or prices) at whichthe largest possible executable volume is achieved;minimum surplus—this principle ascertains the price (or prices) at which the unfilled orunmatched quantity is at a minimum;market pressure—this principle ascertains whether the result achieved under theprevious principle exists on the buy or sell side of the market; andreference price—this principle narrows the potential prices as calculated above andconfirms one of the potential prices;confirmation occurs by using either:(i)the price of the last on-market trade for that day; orCopyright Australian Securities and Investments Commission. Reproduced with permission.