ASIC Market Integrity Rules (ASX Market) 2010 - LexisNexis

LexisNexis ASIC Market Integrity Rules (ASX Market) 20105.8.3 Pre-arranged trades(1) A Market Participant must not give or accept a request or instructions that a FuturesMarket Transaction only be entered into between particular Market Participants.(2) A Market Participant must not arrange a Futures Market Transaction with another MarketParticipant to the exclusion of other Market Participants.Maximum penalty: $100,0005.8.4 Dual tradingA Market Participant must ensure that arrangements are in place to ensure that aRepresentative responsible for placing orders for the Market Participant’s own account doesnot have access to orders submitted by clients of the Market Participant before the clientorders are transmitted for execution.Maximum penalty: $100,0005.8.5 Corners—Postponement of deliveriesWhen, in the opinion of ASIC, a person or two or more persons acting in concert haveacquired such control of a Quoted Product that the Quoted Product cannot be obtained fordelivery on existing contracts except at prices or on terms arbitrarily dictated by suchpersons which are unfair, harsh, or unconscionable, ASIC may:(a)(b)for the purpose of enabling equitable settlement to be effected on these contracts,postpone (or from time to time further postpone) the times for deliveries on contractsfor any such Quoted Product; andat any time declare that if such Quoted Product is not delivered on any contractrequiring delivery on or before the time to which delivery has been postponed suchcontract will be settled by payment to the party entitled to receive such Quoted Productor by the credit to such party of a fair settlement price determined under Rule 5.8.6.Note: There is no penalty for this Rule.5.8.6 Establishment of a fair settlement priceIf the parties to a contract referred to in Rule 5.8.5 do not agree on a fair settlement price andset a date for payment they must submit the differences or matter in dispute to arbitration byan independent arbiter capable of making an award on the difference or matters in dispute inaccordance with the provisions of the Commercial Arbitration Act 1984 (NSW).Maximum penalty: $20,000Copyright Australian Securities and Investments Commission. Reproduced with permission.