ASIC Market Integrity Rules (Securities Markets) Amendment Instrument 2026/574

ASIC Market Integrity Rules (Securities Markets) Amendment Instrument 2026/574 changes parts of the rules governing Australian securities markets, with particular attention to trading systems, trading algorithms and related terminology. Registered as F2026L01223, it amends the ASIC Market Integrity Rules (Securities Markets) 2017.

The amendments introduce definitions for a Trading System and a Trading Algorithm and replace a number of concepts associated with automated order processing. The trading-algorithm definition concerns automated determination of parameters such as initiating an order, timing, price, quantity or management after submission. It expressly excludes systems used only for functions such as routing orders, producing confirmations or post-trade processing. That distinction is relevant when identifying which technology and activities fall within the revised framework.

The instrument also changes rule references and market terminology, including replacing specified Chi-X references with TMX. Amendments to the client-instruction provisions expressly refer to instructions relating to managed discretionary accounts. These changes mean the instrument is not confined to a simple renaming exercise.

Importantly, the commencement clause delays operation until 18 months after registration. The amendments are made law with a future commencement mechanism, not requirements that applied immediately on publication. Their detailed effect depends on the amended rules as a whole and the participant’s systems and activities.