ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

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LexisNexis ASIC Market Integrity Rules (ASX Market) 20105.1.4 Relevant factors(1) In considering whether Rule 5.1.3 has been complied with, the following factors arerelevant:(a)(b)(c)(d)(e)(f)the Market Participant acts in accordance with its instructions;orders that do not involve the exercise of discretion by the Market Participant in relationto the time or price or quantity of the order are entered in a Trading Platform in thesequence in which they are received, and otherwise as expeditiously as practicable;orders of a client (which is not a Prescribed Person) that involve the exercise ofdiscretion by the Market Participant in relation to the time or price or quantity of theorder are given preference, within the meaning of subrule (2), over orders on the MarketParticipant’s Own Account, unless the client otherwise consents;if the sequence of entry of orders into a Trading Platform is not clearly established bythe time the orders were received, and one of the orders is for the Market Participant’sOwn Account, the Market Participant gives preference to the order of a client over anyorder for the Market Participant’s Own Account;if the Market Participant has acted in accordance with its procedures to ensure that aperson initiating, transmitting or executing an order who is aware of instructions of aclient (which is not a Prescribed Person) to deal in the relevant Products that has notbeen entered in a Trading Platform does not use that information to the disadvantage ofthat client;the Market Participant buys or sells for a Wholesale Client;(g) allocation of Market Transactions occurs in accordance with Rule 5.1.5.(2) In paragraph (1)(c), a reference to a Market Participant giving preference to an order of aclient over an order on the Market Participant’s Own Account, means that from the time ofreceipt of the order until it is fully executed, the Market Participant does not enter into, on itsOwn Account, a Market Transaction for the same Products on the same terms, having regardto subrule (3), unless:(a)(b)the Products are allocated to the client in accordance with paragraph 5.1.6(c); orthe Products are allocated to the client pursuant to an allocation policy previouslydisclosed to the client, to which the client consents, under which the Market Participantmay buy or sell (and be allocated) the same Products on its Own Account.(3) For the purposes of subrule (2), a limit order which cannot be executed owing to pricedifferences is not on the same terms.(4) A Market Participant must keep a record of any consent given by a client for the purposesof paragraph (1)(c).Note: There is no penalty for this Rule.Copyright Australian Securities and Investments Commission. Reproduced with permission.
LexisNexis ASIC Market Integrity Rules (ASX Market) 20105.1.5 Fairness and priority in allocationA Market Participant must allocate Market Transactions fairly.Maximum penalty: $1,000,0005.1.6 Relevant factorsIn considering whether Rule 5.1.5 has been complied with, the following factors arerelevant:(a)(b)(c)(d)(e)allocation of Market Transactions is immediate and automatic, unless circumstances orinstructions justify later or manual allocation;Market Transactions executed pursuant to instructions (whether an order of a client oran order on its Own Account) are allocated in the sequence in which the MarketParticipant received those instructions, entered those instructions or the MarketTransactions were effected;the client’s instructions;allocation of a Market Transaction occurs in accordance with the disclosed allocationpolicy of the Market Participant; andexcept as provided in these Rules or the Market Operating Rules, a Market Participantdoes not allocate Market Transactions to fulfil all or part of an order for its OwnAccount when it has an unfulfilled order on the same terms for those MarketTransactions from a client.Note: There is no penalty for this Rule.5.1.7 Unexecuted order in Underlying Financial Products—TradingParticipant not to make Bids or OffersIf a Trading Participant has or receives an Order to buy or sell an Underlying FinancialProduct in the Underlying Market which may materially affect:(a)(b)the market price of the Underlying Financial Product in the Underlying Market; orthe level of an Underlying Index, the level of which is calculated by reference to thevalue of that Underlying Financial Product and other Products,the Trading Participant must not make Bids or Offers to enter into an Options MarketTransaction over that Underlying Financial Product as Principal until the order in theUnderlying Financial Product has been executed in the Underlying Market.Maximum penalty: $1,000,000Copyright Australian Securities and Investments Commission. Reproduced with permission.
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ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

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