ASIC has released its market integrity rules on dark liquidity and high-frequency trading in its Regulatory Guide 223 Guidance on ASIC market integrity for competition in exchange markets. Some rules come into effect as early as November 2013, with the bulk coming into effect in early 2014. The dark liquidity rule changes address areas such as crossing system transparency and disclosure, fair treatment, monitoring and controls. They also introduce enhanced conflict of interest obligations and order flow incentives.

Rule changes to high frequency trading address circumstances of order in manipulative trading and aim to harmonise manipulative trading rules. ASIC intends to release further guidance on automated trading and market manipulation in coming months.