National DTR Accreditation

National DTR Accreditation


Under the ASIC Market Integrity Rules for both the ASX and Chi-X Markets, trading participants must have at least one Designated Trading Representative (DTR). Only DTRs may submit trading messages, unless an automated order processing system is used.

Trading participants must ensure that each of its DTRs:

  • is a representative of the participant who has been authorised by the participant to submit trading messages to the trading platform on behalf of the participant
  • is suitably qualified and experienced
  • prior to submitting trading messages, has demonstrated to the trading participant knowledge of the rules and processes of trading and reporting on the trading platform and its relevant practices
  • does not trade for the DTR’s own benefit without prior written approval, and
  • does not intentionally take advantage of breakdowns or malfunctions in the trading platform or errors by the market operator.

The Stockbrokers And Financial Advisers Association National DTR Accreditation is designed in particular to help trading participants to satisfy the third criterion.

The authorisation and conduct of DTRs is regulated in part by the Australian Securities and Investments Commission (ASIC) via the market integrity rules (MIRs). DTRs must also comply with the Operating Rules and Procedures of the market whose trading platform they are submitting messages into.

This manual covers the key rules that are relevant to DTRs, as set out in:

  • ASIC Market Integrity Rules (ASX Market) 2010
  • ASIC Market Integrity Rules (Chi-X Australia Market) 2011
  • ASIC Market Integrity Rules (Competition in Exchange Markets) 2011
  • ASX Operating Rules and Procedures, and
  • Chi-X Operating Rules and Procedures.

The Stockbrokers And Financial Advisers Association’s National DTR Accreditation program is a comprehensive accreditation system for DTRs operating in Australia’s financial markets.

The National DTR Accreditation is designed for individuals who will be or are employed as DTRs. It is not designed for others (eg advisers, compliance staff, management, DMA order originators) who are looking to gain a theoretical understanding of trading rules and protocol. Enrolling candidates are to have at least four (4) weeks on-the-job-training and/or work experience with a Senior DTR.

The accreditation is comprised of two parts – a national DTR online examination and a one-on-one oral assessment conducted by a DTR Governor (who is also a member of the National DTR Working Group). All successful applicants will then have the opportunity to register for the National Register of DTR Operators, a searchable database held by the Stockbrokers And Financial Advisers Association which maintains the details of Nationally Accredited DTRs.

There are two National DTR Accreditations available:

  1. National DTR Cash Equities Accreditation (short name: DTR Cash Equities)
  2. National DTR Derivatives Accreditation (short name: DTR Derivatives)

Each accreditation is made up of an Online Examination and a one-on-one assessment component known as the Oral DTR Governor's Assessment. Senior members of the Stockbrokers And Financial Advisers Association's National DTR Working Group, some of whom were former ASX Governors, conduct the Oral DTR Governor's Assessments. There will be 2 Stockbrokers DTR Governors, as well as the Candidate and a Responsible Executive (RE) and/or Senior DTR from their firm at the oral assessment sessions. Skype (with visual) may be used.

National DTR Cash Equities Accreditation (short name: DTR Cash Equities)

Four (4) weeks on-the-job-training with a Senior DTR + 1 x Online Examination (80% pass mark required) + 1 x Oral DTR Governor's Assessment (one-on-one assessment)

National DTR Derivatives Accreditation (short name: DTR Derivatives)

Four (4) weeks on-the-job-training with a Senior DTR + 1 x Online Examination (80% pass mark required) + 1 x Oral DTR Governor's Assessment (one-on-one assessment)

*Prior to attempting the DTR Derivatives assessment candidates must successfully complete DTR Cash Equities.
**Candidates who successfully complete the National DTR Accreditation (online exam + oral assessment) may claim up to 10 hours of Continuing Professional Education (CPD).  These hours may be claimed as compliance CPD. 

Once candidates have successfully passed their online exam component, they are to contact the Stockbrokers And Financial Advisers Association on 02 8080 3200 or email dtr@stockbrokers.org.au to make arrangements for the oral assessment session.

Details

Enrol Online
Enrolment Form
Online Examination Supervisor Nomination Form
Supervisor Guidelines
Market Integrity Rules
Summary of Assessment Form
Application for Registration on the National DTR Register 
Download Brochure
Notification to Applicants who enrol in Accreditations:

Enrolments received and processed via the Stockbrokers And Financial Advisers Association by the Wednesday of each week will receive their DTR Exam details and login from DeakinPrime on the following Monday and materials by the following Wednesday. It is advisable that students enrol prior to or on the Wednesday of each week.

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