SRA Secondary Trading Project

AEMO is implementing secondary trading in the Settlement Residue Auction (SRA). This page will be used to provide information regarding the implementation.

For further information regarding the SRA Secondary Trading project, contact the project team at


On 10 October 2017, in response to an NER Rule change proposal submitted by Westpac Banking Corporation (Westpac), the Australian Energy Market Commission (AEMC) made a final determination to change the NER.  This change was to enable AEMO, with the approval of the Settlements Residue Committee (SRC), to provide a platform for secondary trading of settlements residue distribution units (units). The AEMC’s determination considered secondary trading will improve liquidity in units, which in turn is likely to increase interstate trade of electricity, improve risk management, and increase competition in retail and wholesale markets. AEMC’s consultation can be found on the AEMC’s website at: .

Implementation of secondary trading will allow participants to offer units that they have previously purchased in an auction for sale in a subsequent auction.

Throughout 2018, AEMO developed a high-level design in conjunction with the SRC, incorporating all necessary requirements of the final NER determination, and consulted on this with industry. The design is discussed in the consultation paper to implement the secondary trading in the Auction Rules, published on the consultation page.

In January 2019, AEMO published the final report and determination, with the SRC’s approval, of the amended Auction Rules to implement secondary trading. AEMO is now progressing system changes to implement secondary trading.

Guidance Material

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