(1) The minimum volume bid is one lot, and each lot auctioned must consist of 500 allowances.

(2) Each bid must state -

(a) the identity of the bidder and whether the bidder is bidding on its own account or on behalf of a client;

(b) where the bidder is bidding on behalf of a client, the identity of the client;

(c) the volume bid as a number of allowances in integral multiples of lots of 500 allowances;

(d) the price bid in pounds sterling for each allowance specified to two decimal points.

(3) Subject to paragraph (4), each bid may only be submitted, modified or withdrawn during the bidding window set by the auction platform.

(4) Bids submitted may be modified or withdrawn by a deadline before the close of the bidding window set by the appointed auction platform and published on that auction platform’s website at least five trading days before the day on which the bidding window opens.