Red Coat Cattle Feeders

At The Leading Edge In Animal and Dryland Feed Production

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Matching Procedures

At each Trading Session the Administrator shall:

  1. Plot on the Settlement Grid all Sell Offers that have been submitted to the Company and have not expired or been revoked as of the commencement of the Trading Session from highest to lowest based on their respective Ask Price.
  2. Subject to below, if the Ask Price for any two or more Sell Offers is equal, such Sell Offers shall be ranked in accordance with the date such Sell Offer was deemed to be received by the Company with the Sell Offer deemed to be received first being ranked higher.
  3. If the Ask Price for any two or more Sell Offers is equal and they were received on the same day, such Sell Offers shall be ranked equally.
  4. Plot on the Settlement Grid all Buy Offers that have been submitted to the Company and have not expired or been revoked as at the commencement of the Trading Session from lowest to highest based on their respective Bid Price.
  5. If the Bid Price for any two or more Buy Offers is equal and such Buy Offers were deemed to be received on the same day, such Buy Offers shall be ranked equally.
  6. Determine the maximum, aggregate number of Buy Offer Shares that are potentially matchable with Sell Offers. For this purpose, a Buy Offer is potentially matchable with a Sell Offer if, after matching all Buy Offer Shares having a higher Bid Price with one or more Sell Offers, the Bid Price of such first mentioned Buy Offer is equal to or greater than the Ask Price of a remaining Sell Offer. Conversely, a Sell Offer is potentially matchable with a Buy Offer if, after matching all Sell Offer Shares having a lower Ask Price with one or more Buy Offers, the Ask Price of such first mentioned Sell Offer is equal to or less than the Bid Price of a remaining Buy Offer.
  7. Determine the actual number of Matched Shares and the Purchase Price for the each such set of Matched Shares. For this purpose, the following basic principles apply:
    1. Start by matching the Buy Offer with the highest Bid Price and working downwards e.g., Buy Offer #1 would be filled first, Buy Offer #2 would be filled second and so on with Buy Offer #7 filled last;
    2. In the event that two or more Sell Offers are ranked equal (the offers have been received on the same day and are for the same amount), any Buy Offer that applies to such Sell Offers shall be split pro rata among the Sell Offers, based upon the number of shares contained in each Sell Offer; and
    3. The Bid Price sets the Purchase Price.