1. Purpose
This policy sets out how Jadenex decides whether an asset is admitted to trading, what is required of an asset after admission and when an asset is suspended or removed.
Admission to trading is not an endorsement of an asset and is not a recommendation to acquire it. Jadenex does not give investment advice.
2. Admission criteria
An asset is assessed against the following criteria before a listing decision is made.
| Criterion | What is assessed |
|---|---|
| Legal analysis | Whether the asset is a security, an electronic money token or another regulated instrument in each jurisdiction served, and whether listing it would require a permission Jadenex does not hold. |
| Issuer and team | The identity of the issuer, the governance of the project, the disclosure made to holders and any adverse findings from screening. |
| Technology | The maturity of the protocol, the results of independent security review, the mechanics of custody and the finality characteristics of the network. |
| Supply and distribution | Total and circulating supply, the schedule for release of locked supply, concentration of holdings and any rights attaching to the asset. |
| Market integrity | Depth and quality of trading on other venues, the credibility of reported volume and the susceptibility of the asset to manipulation. |
| Compliance | Exposure of the asset and of major holders to sanctions, to illicit finance and to jurisdictions Jadenex does not serve. |
| Operational readiness | Whether deposits, withdrawals and reconciliation can be supported reliably for the asset. |
For a tokenised real world asset, the following additional criteria apply. The identity and standing of the issuer and of the custodian of the underlying instruments. The legal structure connecting the token to the underlying. The frequency and scope of independent reserve attestation. The redemption mechanism available to holders.
3. Decision making
A listing decision is made by a listing committee that includes compliance, legal, risk and operations. The commercial function does not have a casting vote and a fee is not accepted in exchange for a listing decision.
Every decision is recorded with the evidence considered and the reasons given. A record is retained for each listed asset.
4. Ongoing obligations
After admission, a listed asset remains subject to review.
- Screening and market integrity monitoring continue for the life of the listing.
- For a tokenised real world asset, the attestation must be published on the stated cycle and must be unqualified.
- A material change in the issuer, the protocol, the supply schedule or the legal analysis must be assessed and may trigger a review.
- A periodic review of every listed asset is carried out at least annually.
5. Suspension and removal
Trading in an asset may be suspended, and the asset may be removed from trading, in the following circumstances.
- A change in law or a direction from a competent authority makes continued listing unlawful or inappropriate.
- The legal analysis changes such that the asset would now require a permission Jadenex does not hold.
- A security failure, a protocol failure or a sustained network halt affects the integrity of the asset.
- Liquidity falls below the level at which an orderly market can be maintained.
- Evidence emerges of manipulation, of misleading disclosure by the issuer or of exposure to illicit finance.
- An attestation for a tokenised real world asset is delayed, qualified or withdrawn.
Where an asset is removed, notice is given so that holders can trade out of or withdraw the asset before trading ends. Where notice cannot be given because immediate action is required, withdrawal is supported for as long as the network and the law allow.
6. Conflicts
Jadenex does not accept payment in exchange for a listing decision. Personnel involved in a listing decision are subject to the conflicts of interest policy and to the personal account dealing rules, and must declare any holding in an asset under consideration.