Liquidity Requirements

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%

*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.