Consultation Paper on Market Management

What's this about:
  • ASX Market
  • Cash
  • Debt Instruments
  • Equities
  • Exchange Traded Products (ETP) & mFund
  • Options & ETOs
  • Trading
  • Compliance
  • Market Data
  • Operations
  • Product
  • Risk
  • Rules
  • Technology
  • ASX Trade
  • Market Management
  • Outage
  • ASIC REP 708
  • consultation
  • Enquire
  • Adjust
  • ASX System Status Page
  • Intra-day restart
  • cut-off
Notice reference number: 0690.22.06
Date published: 28/06/22
Effective as of: 28/06/22
Last updated: 28/06/22

On 28 June 2022, ASX released a Consultation Paper on Market Management.  This consultation paper follows a review of actions taken by the ASX during technical issues or outages.

In November 2021, the Australian Securities and Investments Commission (ASIC) published ASIC’s expectations for industry in responding to a market outage (Report 708). The report sets out ASIC’s ‘expectations to support the resilience and robustness of the Australian equity market’ that are applicable to market operators, market participants, and large institutional investors.

ASX is committed to working closely with our regulators, technology providers, independent experts, industry associations and customers to strengthen the resiliency and robustness of all the markets we operate, and to address the expectations listed in ASIC’s report about the equity market specifically.

A key part of this commitment is a sequence of three market consultations on aspects of ASX’s management of the equity market.  These are expected to be conducted in June, September and December 2022.

  • June 2022 (this consultation): Broadly assesses the current position and considers refinements and improvements based on current capabilities.
  • September 2022: Will request stakeholder input on potential future capabilities.
  • December 2022: Will request stakeholder feedback on participant testing needs, including changes arising from the first and second consultations.

This first market consultation (June 2022) provides transparency on ASX’s existing market management procedures and how they are applied, and invites feedback on current practices based on the following four areas:

  1. Certainty about orders and trades during an outage
  2. Market session states (including Enquire and Adjust modes)
  3. Approach, frequency and content of communications
  4. Intraday checkpoints and cut-off times.

What do I need to do by when?

Written submissions in response to the consultation paper are requested by 09 August 2022.

These should be sent by email to:

Need more information?

Contact information

For general enquiries:
Rob Nash
T  +61 2 9227 0032
Ben Jackson
T  +61 2 9227 0897
For media enquires:
Matthew Gibbs
T +61 2 9227 0218

Issued by

Ben Jackson
General Manager, Market Operations