What records must a market participant keep for client orders?

Records for client orders

Under the amended Rule 4.1.1, a participant must record the client, the person who gave the instruction, the representatives responsible, who received, entered and submitted it, every amendment, the Trading Message, the Market and transaction, any nominated derivatives contracts, and the date and time of each stage.

The amended Rule 4.1.1 follows the instruction, not only the order. It applies to a Market Participant that receives a client instruction to trade, whether or not a Trading Message is entered or matched. The record must be detailed enough to reconstruct the instruction and every stage that follows.

Which fields does the rule name?

The financial product, the number, any price or time related aspect and any time limit; the name of the client and, where different, the person who gave the instruction; the name and capacity of the representative responsible for the instruction; the representative who received it, entered it into a Trading System, submitted the Trading Message or otherwise acted; every amendment; the corresponding Trading Message; the Market and the Market transaction; any Derivatives Market Contracts nominated for accumulation and price averaging; and the date and time of each processing stage, from the giving of the instruction to the resulting transaction.

What is new compared with the current rule?

The current rule uses instructions, DTRs and Open Interface Devices. The amended rule uses one instruction, representatives and Trading Messages. It adds a Managed Discretionary Account instruction to the scope, replaces the old paragraphs with a new set, and makes the stage timestamps an express particular. The old cross-reference to Rule 5.5.3 is removed because that rule is repealed.

Can a participant rely on the market operator record?

Only for the fields listed in the amended Rule 4.1.6 table, and only where the platform records that field in the stated circumstance. The table covers the entry time, the transaction time, the financial products, the number, the price, an amendment and two stage timestamps. It is not a blanket transfer of the record duty.

How long are the records kept?

Seven years from when the record is created, under Rule 4.1.4. Where authorisation ends, the Rule 4.1.9 record is kept for seven years from that point. A firm should check that its system retention matches the rule, not a general company policy.

Where to read it in the record

The source

ASIC Market Integrity Rules (Securities Markets) Amendment Instrument 2026/574 (F2026L01223), read against compilation Compilation No. 6 (F2024C01108). Retrieved 2026-10-19. The answer is our own statement. Not legal advice; does not certify.

Last updated: 2026-10-19.