ASIC has announced it has refined its proposals for market structure reform and issued a timetable for implementing the regulatory framework. Based on feedback on the key issues impacting market structure outlined in Consultation Paper 168 Australian equity market structure: Further proposals (CP 168), ASIC has revised its proposals, to: (i) On automated trading – make no new rule on algorithm testing, make a new rule for kill switch capabilities, amend existing rules to require annual review of systems; and publish guidance clarifying our expectations on trading system controls, testing of systems and additional minimum standards for direct market access; (ii) On extreme price movements – amend existing anomalous order threshold and extreme cancellation range rules, and extend those amended rules (as adopted) to the ASX SPI 200 index futures contract; (iii) On enhanced data for surveillance – make a new rule requiring identification of some information (but not all of the information mentioned in CP 168 recognising cost to industry); make no change to current clock synchronisation rules; publish guidance on format of information provided to ASIC; (iv) On best execution – make no change to current obligations; (v) On pre-trade transparency – make the new rule on price improvement and alter the block sizes as proposed and make no new rule on a minimum size threshold for dark orders.