The requirement, in our words
A Trading Participant must ensure at all times that its use of a Trading System leaves a Market efficient and its integrity intact, does not disturb how a Trading Platform works, and leaves the efficiency and integrity of its own Crossing System intact. The rule is an outcome duty. The automated filter obligation that sat in the old 5.6.1 is removed and now sits inside the controls and arrangements rule at 5.6.3.
What the rule is trying to do
The duty is continuous and outcome based. It is not satisfied by having controls on paper; the firm must be able to show that the system, as operated, did not interfere. The removal of the filter words from 5.6.1 does not remove the filter duty, which moves to 5.6.3(1)(a).
What good practice looks like
Define the interference scenarios for each Market and Crossing System. Monitor for them in real time and in post-trade review. Record the thresholds, the alerts and the actions. Test a message burst, a runaway algorithm and a filter change. Keep the evidence that the controls were operating during the period, not only that they existed.
What changed in the instrument
Item 66 replaces Rule 5.6.1. The old automated filter paragraph is removed and the rule now states the three interference outcomes. Item 61 renames Part 5.5 from infrastructure to management arrangements.
Evidence an auditor or ASIC asks for
| Category | Record to keep | Retention |
|---|---|---|
| Outcome monitoring | The real-time and post-trade measures used to detect interference with a Market, a Trading Platform or a Crossing System, with thresholds. | Seven years. |
| Control operation | Evidence that the 5.6.3 filters and controls were live during the period, including parameter versions. | Seven years. |
| Incident record | Every interference event, the detection time, the action taken and the market or platform notification. | Seven years. |
| Test | A scenario test showing the firm can detect and stop a message series that interferes. | Current, with date and result. |
Common gaps
- The firm can show the filters exist but not that they were operating on the day.
- Interference is assessed only after a market complaint.
- The Crossing System is omitted from the monitoring scope.
- Filter parameter changes are not retained, so the operating state cannot be reconstructed.
What to do before 17 March 2028
- Define interference scenarios for each Market and Crossing System.
- Map each scenario to a real-time and a post-trade measure.
- Retain filter parameters and changes with the monitoring output.
- Run a live scenario test before commencement.
Dates and cross-references
Commences: 17 March 2028 (Rule 2 of F2026L01223 and the registration date). Retention: Seven years for the monitoring records under 5.6.3A(3).
Read with: 5.6.3, 5.6.3A, 5.6.3B, 5A.5.2.
Source
This page reads ASIC Market Integrity Rules (Securities Markets) Amendment Instrument 2026/574 (F2026L01223), Schedule 1, items 61 and 66, 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.