ASIC has released a consultation paper which will help to implement the Australian Government’s decision to facilitate retail trading of Commonwealth Government Securities (CGS) as part of fostering a deep and liquid corporate bond market. It proposes market integrity rules to provide for fair, orderly and transparent trading of depository interests in CGS traded on public exchanges. CP 181 proposes to specifically include CGS depository interest within the scope of the ASIC Market Integrity Rules Competition in Exchange Markets 2011, adopting the proposals in Consultation Paper 179 Australian market structure: Draft market integrity rules and guidance and tailoring them to CGS depository interests. Feedback is sought on specific regulatory proposals for CGS depository interests relating to: (i) extreme price movements; (ii) best execution; (iii) pre- and post-trade transparency; (iv) regulatory data for market surveillance; (v) market operator obligations in a multi-market environment, and (v) market participant obligations.