GMV The Future, page-40

from the ASX Rules:

When is information“market sensitive”?

Information is “market sensitive” if a reasonable person would expect that information tohave a material effect on the price or value of the securities of ASX. A reasonable person istaken to expect information to have such an effect if the information would, or would be likelyto, influence persons who commonly invest in securities in deciding whether or not tosubscribe for, buy or sell those securities4.Neither the Listing Rules nor the Corporations Act define when information will be taken tohave such an effect. The Guidance Note suggests two questions to consider:

 Would this information influence my decision to buy or sell securities in the entity attheir current market price? and
 Would I feel exposed to an action for insider trading if I were to buy or sell securities inthe entity at their current market price, knowing this information had not beendisclosed to the market?

If the answer to either question is yes, then information may be market sensitive and, if itdoes not fall within the carve-outs to immediate disclosure in Listing Rule 3.1A, may need to be disclosed to the market.Matters to consider in determining materiality also include whether a matter:

 will significantly damage ASX’s image or reputation;
 will significantly affect ASX’s ability to carry on business in the ordinary course; or
 involves a serious breach of any law or regulation.