Common use of Implied Orders Clause in Contracts

Implied Orders. 13.8.1. Overview (a) Implied Orders are only calculated and displayed in respect of Spread Products and their Related Products. (b) If Orders for any two Related Products for the same Delivery Period are displayed on the Exchange on a trading day, an Implied Order for the remaining Related Product for the same Delivery Period is automatically calculated and displayed. (c) Each Implied Order is displayed in the form of a Bid or Offer to facilitate trading. (d) Each Implied Order provides the following information: (i) the category of the remaining Related Product; (ii) the form of Order (Bid or Offer) required to be submitted for Transactions to be formed in the Related Products. For this purpose: (A) an Implied Order in the form of a Bid indicates that a corresponding Offer for the remaining Related Product should be submitted; and (B) an Implied Order in the form of an Offer indicates that a corresponding Bid for the remaining Related Product should be submitted; and (iii) the Price at which a corresponding Order for the remaining Related Product would result in Transactions being formed using the two other Related Products. (e) If a corresponding Order for the remaining Related Product is made and is matched and accepted, Transactions for Physical Gas are formed as set out in clause 13.7.6. (f) If an Implied Order ceases to reflect current Orders in the Exchange (for example, if the Orders used to calculate the Implied Orders are matched, modified or withdrawn), the Implied Orders will be amended or cease to be displayed as soon as practicable. (g) (g) No Implied Order will be calculated and displayed, and the Operator may cancel any Implied Order where the Implied Order would otherwise be inconsistent with the characteristics of any Order and in the other circumstances provided for in this clause 13.7.

Implied Orders. 13.8.113.7.1. Overview (a) Implied Orders are only calculated and displayed in respect of Spread Products and their Related Products. (b) If Orders for any two Related Products for the same Delivery Period are displayed on the Exchange on a trading day, an Implied Order for the remaining Related Product for the same Delivery Period is automatically calculated and displayed. (c) Each Implied Order is displayed in the form of a Bid or Offer to facilitate trading. (d) Each Implied Order provides the following information: (i) the category of the remaining Related Product; (ii) the form of Order (Bid or Offer) required to be submitted for Transactions to be formed in the Related Products. For this purpose: (A) an Implied Order in the form of a Bid indicates that a corresponding Offer for the remaining Related Product should be submitted; and (B) an Implied Order in the form of an Offer indicates that a corresponding Bid for the remaining Related Product should be submitted; and (iii) the Price at which a corresponding Order for the remaining Related Product would result in Transactions being formed using the two other Related Products. (e) If a corresponding Order for the remaining Related Product is made and is matched and accepted, Transactions for Physical Gas are formed as set out in clause 13.7.6. (f) If an Implied Order ceases to reflect current Orders in the Exchange (for example, if the Orders used to calculate the Implied Orders are matched, modified or withdrawn), the Implied Orders will be amended or cease to be displayed as soon as practicable. (g) (g) No Implied Order will be calculated and displayed, and the Operator may cancel any Implied Order where the Implied Order would otherwise be inconsistent with the characteristics of any Order and in the other circumstances provided for in this clause 13.7.