Before we get too confident,@Kato51, there is a huge cavern that must be traversed legally and really the crux of ISX's (and our) problem. It is in this ASX document - The Obligation for ASX markets to be fair, orderly, and Transparent. It states, "It is to be noted that section 793A is not prescriptive as to what the operating rules must provide in relation tothese matters – it simply requires that the operating rules must “deal with” these matters – and so the operator ofa licensed market has substantial freedom in determining the content of its rules."
It is a valid question whether, since the rules are so open-ended and poorly defined, this freedom to determine the content is the real problem.
However, in defining fair, the document states under the heading - "The meaning of "fair" :
"The word 'fair' can have many different meanings, depending on the context in which it is used. In ASX's opinion, in the context of section 792A(a), the word 'fair' is used in one (or possibly both) of two senses 'free from bias or injustice' (as in a fair decision) or 'something that conforms to the applicable rules' (as in a fair fight).
The statutory context outlined above suggests that the enquiry as to whether a market is meeting its ongoing obligation to operate in 'fair' manner is not intended to be a value judgment as to whether its operating rules are fair (that value judgment having already been made by the Minister in deciding to grant a licence to the market operator with its rules as in force at that time and not to disallow any rule change subsequently) but rather whether the operating rules are being applied in a fair manner (that is, consistently and without inappropriate bias). "
