Acceptance rules. (a) Where only one open Bid and one open Offer match, then:
(i) the Bid and Offer are taken to have been accepted; and
(ii) a Transaction is formed in which:
(A) the Trading Participant that submitted the Offer is the Seller and the Trading Participant that submitted the Bid is the Buyer; and
(B) the terms of the Transaction, subject to the partial acceptance rules in clause 13.1.4, are the terms of the earliest Order displayed in the form in which it was accepted (and whether one Order is earlier than another is determined by reference to the Time Stamp for each Order).
(b) Where an open Bid matches one or more open Offers, then:
(i) one or more Offers is taken to have been accepted as a consequence of the Bid, being the open Offer with the lowest price or, where the lowest price is common to two or more Offers, the Offer with the lowest price which was submitted first in time (as indicated by the most recent Time Stamp for each Offer); and
(ii) when the Offer is accepted, a Transaction is formed in which:
(A) the Trading Participant that submitted the Offer is the Seller and the Trading Participant that submitted the Bid is the Buyer; and
(B) the terms of the Transaction, subject to the partial acceptance rules in clause 13.1.4, are the terms of the Offer.
(c) Where an open Offer matches one or more open Bids, then:
(i) one or more Bids is taken to have been “accepted” as a consequence of the Offer, being the open Bid with the highest price or, where the highest price is common to two or more Bids, the Bid with the highest price which was submitted first in time (as indicated by the most recent Time Stamp for each Bid); and
(ii) when the Offer is accepted, a Transaction is formed in which:
(A) the Trading Participant that submitted the Offer is the Seller and the Trading Participant that submitted the Bid is the Buyer; and
(B) the terms of the Transaction, subject to the partial acceptance rules in clause 13.1.4, are the terms of the Bid.
Acceptance rules. The following acceptance rules apply to Spread Products in place of the rules in clause 13.1.3:
(a) where only one open Bid for a Spread Product and one open Offer for a Spread Product match, the Spread Product Price is the price of the earliest Order displayed (determined by reference to the Time Stamp for each Order);
(b) where an open Bid for a Spread Product matches one or more open Offers for a Spread Product, then the Spread Product Price is the price of the open Offer with the lowest price or, where the lowest price is common to two or more Offers, the Offer with the lowest price which was submitted first in time (as indicated by the most recent Time Stamp for each Offer); and
(c) where an open Offer for a Spread Product matches one or more open Bids for a Spread Product, then the Spread Product Price is the price of the open Bid with the highest price or, where the highest price is common to two or more Bids, the Bid with the highest price which was submitted first in time (as indicated by the most recent Time Stamp for each Bid).
Acceptance rules. The following acceptance rules apply to Spread Products in place of the rules in clause 13.1.3:
