Past version: Effective from 19 Jan 2015 to 13 Nov 2016
An error trade occurs when a transaction is effected on QUEST as a result of an error in the entry of a bid or offer that is subsequently matched. The following procedures apply in relation to error trades:
(a) a Member shall take all necessary steps and exercise due diligence in monitoring trades done for any errors;
(b) a Member requesting an error trade cancellation or price adjustment shall promptly take all necessary mitigating actions to minimize the losses suffered;
(c) the error trade policy administered by the Exchange may be specific to the Market or a Contract. The Exchange's error trade policies are set out more fully in the Regulatory Notice.* Upon the occurrence of an error trade, the Exchange retains the discretion to cancel or adjust the price of such error trade in accordance with its error trade policy. The Exchange may impose any condition on the cancellation or price adjustment of an error trade, including the charging of fees for requests to cancel or adjust the price of any error trade;
* Refer to Regulatory Notice 4.1.8.
* Refer to Regulatory Notice 4.1.8.
(d) the cancellation or price adjustment of an error trade by the Exchange does not affect the Exchange's right to take any disciplinary action against the Member, Approved Trader or Registered Representative who was responsible for the error trade.
For the avoidance of doubt, the Exchange is not liable for any loss or damage (including consequential loss or damage) which may be suffered as a result of the cancellation or price adjustment of an error trade in accordance with this Rule 4.1.8.
Amended on 26 November 200726 November 2007 and 19 January 201519 January 2015.