The requirement, in our words
A Market Participant that decides, or instructs, to trade on its Own Account must keep a record whether or not the transaction is executed. The amended rule requires the financial products, the number, any price or time related aspect and any time limit; the name and capacity of the representative behind the instruction or decision, the representative who entered it into a Trading System or submitted a Trading Message; every amendment; the corresponding Trading Message; the Market and transaction; and the date and time of each stage. The old requirement to name the decision maker in subparagraph (a)(i) is replaced by the broader representative particulars in paragraph (b).
What the rule is trying to do
Own-account dealing carries the same reconstructability standard as client dealing. The amended rule removes the old split between the person who made the decision and the DTR who entered it, and asks instead for the representative at each stage.
What good practice looks like
Treat a proprietary algorithm decision as an own-account decision and capture the algorithm, the person who approved its deployment and the representative who operated it. Test a decision that was reversed before submission, a manual override of an algorithm, and an order amended after entry. Keep the record linked to the Trading Message, not to the profit and loss system.
What changed in the instrument
Items 48 to 50 replace subrule 4.1.2(1) wording and paragraphs (a) to (f) of subrule 4.1.2(2). The new paragraphs add the representative behind the instruction or decision, the representative who entered it and the representative who submitted the message, and they replace the old DTR and Open Interface references with Trading System and Trading Message stages.
Evidence an auditor or ASIC asks for
| Category | Record to keep | Retention |
|---|---|---|
| Record design | The own-account record layout with a field for each amended particular and the representative at each stage. | Current, plus version history. |
| Sample | A reconstructed own-account decision from start to Market transaction, including a manual override and an amendment. | Seven years from the record date. |
| Algorithm link | Where an algorithm made the decision, the algorithm identifier, version and the deployment approval reference. | Seven years. |
| Completeness test | The result of a test that every own-account Trading Message has a corresponding decision record. | Current, with the date of the test. |
Common gaps
- The proprietary desk records the trade but not the decision, so pre-trade intent is lost.
- The algorithm is named in the trade record but the version that generated the decision is not.
- A manual override is recorded as a new order with no link to the algorithm decision it replaced.
- The record stops at submission and does not carry the Market transaction stage timestamps.
What to do before 17 March 2028
- Separate own-account decisions from client instructions in the record design.
- Add the representative and algorithm identity at the decision stage.
- Test a reversed decision and a manual override.
- Reconcile own-account Trading Messages to decision records for one full trading day.
Dates and cross-references
Commences: 17 March 2028 (Rule 2 of F2026L01223 and the registration date). Retention: Seven years from the date the record is made (Rule 4.1.4).
Read with: 4.1.3, 4.1.4, 4.1.6, 4.1.8, 5.5.1.
Source
This page reads ASIC Market Integrity Rules (Securities Markets) Amendment Instrument 2026/574 (F2026L01223), Schedule 1, items 48 to 50, against the current compilation Compilation No. 6 (F2024C01108). Retrieved 2026-10-19. The requirement above is our own statement, not the instrument's wording. Not legal advice; does not certify.