1. Application
These rules govern trading on the Jadenex exchange and form part of the agreement between Jadenex and each account holder. Placing an order constitutes acceptance of these rules.
Jadenex operates a spot market only. No derivative, margin or leveraged product is offered.
2. Access to the market
Only a verified account holder may place an order. Access may be suspended where an account is under review, where a security concern arises or where a legal obligation requires it.
Automated order entry is permitted through the published interfaces subject to the applicable rate limits. Conduct that degrades the service or circumvents a rate limit is a breach of these rules.
3. Order types
Two order types are supported.
| Type | Behaviour | Fee treatment |
|---|---|---|
| Limit | Executes at the stated price or better. Any unfilled quantity rests on the order book until matched or cancelled. | Maker where it rests before matching, taker where it matches immediately |
| Market | Executes immediately against resting orders at the best available prices until the stated quantity is filled. | Taker |
An order is accepted when it is recorded on the order book and given an order reference. Acceptance does not guarantee execution.
4. Matching
Orders are matched on a central limit order book on a price and time priority basis. The order offering the best price is matched first. Where two orders rest at the same price, the order entered earlier is matched first.
A market order that exceeds the quantity available at the best price is filled at successively less favourable prices until the quantity is filled or the book is exhausted. Where the book is exhausted, the unfilled remainder is cancelled.
Self matching is prevented. Where two orders from the same account would match, the resting order is cancelled and the incoming order continues against the remainder of the book.
5. Cancellation and amendment
An open order may be cancelled at any time before it is matched. A partially filled order may be cancelled in respect of the unfilled quantity only.
An amendment is processed as a cancellation and a new order. An amended order loses its original time priority.
A filled order is final and cannot be cancelled by the account holder.
6. Market halts and suspension
Jadenex may halt trading in a market in the following circumstances.
- A disorderly market, including a price movement that the surveillance thresholds identify as abnormal.
- A technical fault affecting the order book, the matching engine or the market data feed.
- A network event affecting deposits or withdrawals in the underlying asset.
- A suspension of an underlying instrument or a delayed or qualified attestation for a listed real world asset.
- A direction from a competent authority.
Where a market is halted, resting orders may be cancelled. Notice of a halt and of its removal is published on the exchange status page and, where the halt is material, by email to affected account holders.
7. Error trades
A trade is final. Jadenex may cancel or adjust a trade only where it results from a fault in the matching engine or the market data feed attributable to Jadenex, and only where the cancellation or adjustment is applied consistently to every account affected.
A trade is not cancelled because an account holder made a mistake in an order. Check the price, the quantity and the side before submitting an order.
Where a trade is cancelled, affected account holders are notified with the reason and the effect on their balances.
8. Prohibited conduct
The following conduct is prohibited and may result in cancellation of orders, suspension of the account, closure of the account and a report to the competent authority.
- Wash trading, being the entry of orders on both sides of a market with the effect that no beneficial change of ownership occurs.
- Spoofing and layering, being the entry of orders without a genuine intention to trade in order to create a misleading impression of supply or demand.
- Momentum ignition, being the entry of orders intended to trigger the trading behaviour of others for the benefit of the person entering them.
- Marking the close or otherwise entering orders to set an artificial reference price.
- Trading on the basis of information obtained in breach of a duty of confidence or ahead of the publication of information that is likely to move a price.
- Coordinated conduct between accounts intended to have any of the effects described above.
9. Surveillance
Order and trade activity is monitored continuously against thresholds calibrated to each market. An alert is reviewed by the compliance team. Where the review supports it the matter is escalated, the account holder may be contacted for an explanation and a report is made where a report is required.
Jadenex may require an account holder to explain trading activity. A failure to provide a satisfactory explanation within a reasonable period may result in suspension of the account.
10. Fees and settlement
Fees are charged on the executed value of an order in the quote currency at the rates published in the fee schedule. A trade settles immediately against the balances recorded to the accounts of the two counterparties.
An order is accepted only where the account holds sufficient available balance to settle it in full, together with the applicable fee. Balances committed to an open order are not available for another order.
11. Market data
The order book, recent trades and executed prices are published to every account holder on the same basis. No account holder receives market data ahead of another.
Market data may be delayed or interrupted. Where a feed is interrupted, the exchange status page records the period of interruption.