Information about the minimum liquidity obligations for each schedule is found below:
Bid (A$)
Maximum Spread
Minimum Value
Minimum time*
Schedule 1
$5<
2c
$50,000
80%
≥$5
40bps
$50,000
80%
Schedule 2
$5<
3c
$30,000
80%
≥$5
60bps
$30,000
80%
Schedule 3
$5<
5c
$25,000
80%
≥$5
1%
$25,000
80%
Schedule 4
$5<
7c
$20,000
80%
≥$5
1.5%
$20,000
80%
Schedule 5
$5<
10c
$17,500
80%
≥$5
2%
$17,500
80%
Schedule 6
$5<
12c
$15,000
80%
≥$5
250bps
$15,000
80%
Schedule 7
$5<
17c
$12,500
80%
≥$5
350bps
$12,500
80%
Schedule 8
$5<
Reasonable Bid**
$1,000***
90%
≥$5
Reasonable Bid**
$1,000***
90%
Schedule 9
$5<
1.5c
$100,000
80%
≥$5
30bps
$100,000
80%
*As a percentage of “Active Continuous Trading” as defined in the CXA Operating Rules
**A reasonable bid for a schedule 8 investment product (TraCRs) will exist only if one of the following two quoting metrics are met:
(a) if both a bid and offer is being posted, the spread between the bid price and the offer price is no more than 10% of the bid price and the minimum bid value is no less than $1,000; or
(b) if a bid only is being maintained, there is less than 10% divergence from an Investment Product’s current AUD value, based upon the formal closing price of the underlying and the relevant currency pair (e.g. AUD/USD), and the minimum value of the bid is $1,000.
***Note that the minimum value requirement for schedule 8 investment products is imposed in relation to the bid only.
