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Cancellation Ranges: Grain

If a Trading Participant submits an Order incorrectly which is subsequently executed, and the Trading Participant wants that trade be considered for cancellation, it must submit a request to the Exchange to obtain the consent of the counterparty to cancel the trade if certain conditions specified in the Procedures are met. Subject to the exceptions specified in the ASX 24 Operating Rules, if the conditions are met the Exchange will cancel the trade.

Important Points to Note

 

If a Trading Participant wishes to apply for a cancellation as per the ASX 24 Operating Rules the following steps are to be taken.

 

  1. A Participant's application must be made by an Authorised Signatory. To register Authorised Signatories
  2. Call ASX within 10 minutes of the trade occuring to notify of the cancellation request on:
    • +61 2 9256 0677 
  3. Within 10 Minutes of the call email ASX Trading Operations with the following details:
    • time of execution;
    • security/symbol;
    • number of contracts;
    • price;
    • deal number; and/or
    • order number

For further information please refer to the following sections of the ASX 24 Operating Rules:

 

The definitions and values for the ranges are as below.

Range

 Outcome

 At or within the NCR (No Cancellation Range)  The trade will not be cancelled.
 At or within the QCR (Qualifying Cancellation Range)  The trade will only be cancelled if the Participant counterparty to the trade consents within 5 minutes of the request.
 At or within the ETR (Extreme Trade Range)  The Exchange will cancel the trade subject to any exception under Rule set out in the Procedures.

Reference Price
The Reference Price is established by the Exchange using any or a combination of the following criteria:

  • Valid last trade price preceding the entry of the asserted error trade
  • Valid bid or ask available in the market
  • Preceding Daily Settlement Price
  • Intra and inter spread relationships
  • Market conditions immediately before and after the transaction(s)
  • Theoretical valuation
  • Independent third parties
  • Physical markets
  • Utilisation of RFQs

Futures Contracts

No Cancellation Range (NCR)

Qualifying Cancellation Range (QCR)

Start of Extreme Trade Range (ETR)

     Lower Limit  Upper Limit  
 NSW Wheat  $5.00  $5.10  $14.90  $15
 WA Wheat  $5.00  $5.10  $14.90  $15
 Eastern Australia Feed Barley  $5.00  $5.10  $14.90  $15
 Australian Sorghum  $5.00  $5.10  $14.90  $15
 Eastern Australia Canola  $5.00  $5.10  $14.90  $15

Option Contracts     

No Cancellation Range (NCR)

Qualifying Cancellation Range (QCR)

Start of Extreme Trade Range (ETR) 

     Lower Limit  Upper Limit  
 NSW Wheat  $5.00  $5.10  $19.90  $20
 WA Wheat  $5.00  $5.10  $19.90  $20
 Eastern Australian Feed Barley  $5.00  $5.10  $19.90  $20
 Australian Sorghum  $5.00  $5.10  $19.90  $20
 Eastern Australia Canola  $5.00  $5.10  $19.90  $20

 

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