Trading Rules
The following set of Trading Rules governs orders placed via the Proptee trading platform owned by Proptee Europe UAB.
1. Trading on Proptee Exchange
1.1 Proptee operates a central limit order book trading platform, and settles trades in a number of Digital Asset Trading Pairs. Each Trader’s Account will list on the main and only Order Book.
1.2 Orders
1.21 To place an Order on the Order Book, a Trader must have an Available Balance of the relevant Asset in their Account which is sufficient to cover the total value of the Order plus any applicable fees.
1.22 When a Trader places an Order, that quantity of the relevant Asset becomes subject to a Hold.
1.23 A Trader can place an Order as a Limit Order.
1.24 A Trader may cancel an open Limit Order at any time before it is Filled. No fees are charged for canceled Orders.
1.3 Limit Orders
1.31 A Limit Order is an Order to buy or sell a specified quantity of an Asset at a specified price.
1.32 A Limit Order will only ever Fill at the specified price or a better price.
1.33 A Limit Order will be immediately posted to the Order Book (subject to any Time in Force Instructions).
1.34 All Limit Orders placed with a Good til canceled Time in Force Instruction.
Good til canceled: if posted, the Order will remain on the Order Book until canceled by the Trader. This is the default Time in Force Instruction.
1.4 Posting of Orders to the Order Book
1.41 If an Order is posted to the Order Book at the same price as one or more existing Orders, it will result in an immediate Fill at that price, to the extent of the total quantity of those existing Orders.
1.42 To the extent that an Order is posted to the Order Book at a different price to all existing Orders, it will remain open at that price on the Order Book until:
It is canceled by the Trader;
It is completely Filled by one or more Taker Orders placed by another Trader at the same price.
1.5 Matching Engine and Order Priority
1.51 Proptee matches Orders on the Order Book based on Price-Time Priority.
1.52 Price-Time Priority means that each time a Buy Order is posted: The Buy Order is matched with the earliest in time Sell Order at the best price on the Order Book; and To the extent that the Buy Order is not completely Filled by that Sell Order, it is matched with any subsequent Sell Orders at that price, in the sequence those Sell Orders were posted; and To the extent that the Buy Order is not completely Filled by one or more Sell Orders described above, it is matched with one or more Sell Orders at the next best price, in the sequence those Sell Orders were posted, and this process is repeated until the Buy Order is completely Filled.
1.53 All Traders on accessing Proptee are subject to the same Price-Time Priority.
1.54 Subject to Time in Force Instructions, an Order may be matched with a number of corresponding Orders at the same price.
1.55 Buy Orders are matched with the best available existing Sell Orders. This means that a Limit Order placed outside the market (i.e. a sell Order below the highest existing buy Order, or a buy Order above the lowest existing Sell Order) will be Filled by the best available existing Order rather than an existing Order with the same price as the Limit Order.
1.6 Fills and Settlement
1.61 When a Buy Order is matched with a Sell Order, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same price.
1.62 Proptee settles all Filled Orders immediately, by debiting and crediting the relevant balances of Assets in both Traders’ Accounts.
1.63 Subject to daily withdrawal limits a Trader may immediately withdraw all Assets in their Account.
1.7 Trading Fees
1.71 Proptee charges a Buyer fee for each Buy Order that is posted to the Order Book. The fee is charged in the Quote Asset and is calculated as a percentage of the Order quantity.
1.72 A fee is charged by debiting the Trader’s Available Balance for the amount of the fee at the time that the Order is posted.
1.73 The current fee rates can be found at https://help.proptee.io/investing-and-trading/fees-and-commissions.
1.74 Volume-based fee discounts are available to all traders based on trades over the trailing 30 day period.
2. Market Integrity
All Trades are Final
2.1 All Fills are final and will not be reversed unless:
Proptee is compelled to do so by any applicable law or regulation; or
Due to a serious technical error, Orders or Fills do not occur as specified in these Rules - in which case Proptee will make all reasonable efforts to restore all Traders to the position they would have been in had the error not occurred.
2.12 Proptee may cancel Open Orders in the following circumstances:
Orders placed by Traders who, in our sole discretion, have engaged in abusive use of the platform, for example, Market Manipulation.
Orders which under the circumstances involve an obvious error with respect to price, quantity, or other parameters - a ‘clearly erroneous transaction’.
If required by any applicable law or regulation, including specifically where Proptee is required to suspend or terminate a Trader’s Proptee Account.
If required for technical reasons.
2.2 Access to Proptee
2.21 All Traders have equal access to the Proptee apps and Web interfaces. Proptee does not provide prioritised access to any Trader.
2.22 Proptee has the authority to take any action deemed appropriate to preserve market integrity. Such actions include, but are not limited to, the halting of trading, modifying risk-mitigating parameters, restricting Trader access to Proptee, canceling orders resting in the order book, or any other actions deemed to be in the best interest of the Exchange.
2.3 Interruptions
2.31 If technical reasons prevent or degrade Traders’ ability to place or cancel Orders, or prevent or degrade access to Apps and the Web Interfaces or affect the operation of Proptee Order Book or matching engine, then Proptee may, in its discretion, take one or more of the following actions in respect of one or more Order Books;
Temporarily disable depositing or withdrawing Assets.
Cancel Open Orders.
Disable the ability to place new Orders (Cancel-Only Mode).
Disable sign-in.
Disable access to the Apps and Web Interface.
2.32 If access to Proptee through the Apps and Web Interface is unavailable for 5 minutes or longer, Proptee will move the Exchange to Cancel-Only Mode as soon as possible.
2.33 If Proptee is in Cancel-only Mode, it will be restored to fully operational only after access through the Web Interface becomes available for at least 5 minutes and Proptee deems is it safe to restore the Exchange to fully operational.
2.34 Proptee will notify Traders of the move to or from Cancel-Only Mode via @PropteeSupport on Twitter or community.proptee.io.
2.4 Self-trade Prevention
2.41 Traders are not able to place an Order which would result in self-execution—i.e., where the same Trader would act as both the buyer and seller for the trade.
2.42 If two Orders of the same quantity would result in self-execution, the second Order pair cannot be placed. The first order remains Open.
2.5 Flash Crashes and Circuit Breakers
2.51 Proptee does not use circuit breakers or automated trading halts based on predetermined price bands. As provided in Section 2.22 and 2.31.
2.6 Market Manipulation Prohibited
2.61 Traders are prohibited from engaging in Market Manipulation.
2.62 Market Manipulation of any kind is strictly prohibited. Market Manipulation is defined as actions taken by any market participant or a person acting in concert with a participant which are intended to:
Deceive or mislead other Traders;
Artificially control or manipulate the price or trading volume of an Asset; or
Aid, abet, enable, finance, support, or endorse either of the above. This may include actions on Proptee and/or outside of Proptee.
2.63 Market Manipulation specifically includes, without limitation: front-running, wash trading, spoofing, layering, churning, and quote stuffing.
3. Access to Information
3.1 All Traders have full and equal real-time access to Market Data. Market Data is made available through the Apps and Web Interface.
3.12 Market Data comprises the following:
All Limit Orders placed on the Order Book (price, quantity, and time).
All canceled Orders on the Order Book (price, quantity, and time).
All Fills or Executions (price, quantity, and time).
3.13 Market Data does not include the following:
Any information about which Trader placed or canceled an order.
3.3 Proptee Employee Access
3.31 Proptee policies prohibit all Proptee employees from using inside, corporate or proprietary information to trade Digital Assets.
3.32 Proptee Employees are required to trade Proptee supported assets on Proptee products, subject to Proptee’s employee trading policy and trade surveillance program.
4. Scheduled Downtime
4.1 From time to time, Proptee may suspend trading temporarily for maintenance or upgrades. Absent extenuating circumstances, Proptee will follow this process for closing and re-opening trading;
Step 1: Announce Scheduled Downtime
Announce scheduled downtime via community.proptee.io, email, or Twitter
Step 2: Scheduled Downtime Begins
Step 3: Immediately after Scheduled Downtime is Completed
All books enter 'post-only' mode
Announce the above via community.proptee.io, email, or Twitter
To ensure a fair and orderly marketplace, Proptee may in its discretion cancel all resting limit orders.
Step 4: At least 1 minute after Step 3; or longer if necessary
Announce the above via community.proptee.io, email, or Twitter
Step 5: At least 10 minutes after Step 4; or longer if necessary
All books enter Full-trading mode
Announce the above via community.proptee.io, or Twitter
5. Definitions
In these Proptee Trading Rules, the following words and phrases have the corresponding meanings.
Account means a Trader’s Proptee Account.
Asset means a Digital Asset or Fiat Currency.
Available Balance means a Trader’s Total Asset Value less any amounts held for Open Orders and fees.
Base Asset means the Asset being traded on the Order Book; the first Asset in the Trading Pair. For example, on the BTC-USD Order Book, BTC is the Base Asset and USD is the Quote Asset.
Cancel-only Mode means that Traders cannot place new Orders. Traders are able to cancel open Orders. No Orders will be filled.
Digital Asset means a blockchain-based digital currency, app coin or protocol token which is offered for trading on Proptee.
Fiat Currency means a government-issued currency.
Fill means a match of two Orders. Also referred to as an execution.
Full Trading Mode means normal operation of Proptee. Traders can place Limit orders and can cancel Orders.
Hold means the setting aside of Assets allocated to an Order.
Limit Order means an Order to buy or sell a specified quantity of an Asset at a specified price.
Order means an instruction to buy or sell a specified quantity of the Base Asset at a specified price in the Quote Asset.
Order Book means each order book on which Orders are placed for trading in a Trading Pair.
Open Order means a Limit Order which has been posted but not Filled, canceled or expired.
Price-Time Priority means that earlier in time Orders have priority over later Orders. See sections 1.23 and 1.24.
Quote Asset means the Asset in which trading is denominated on the Order Book; the second Asset in the Trading Pair. For example, on the BTC/USD Order Book, BTC is the Base Asset and USD is the Quote Asset.
Scheduled Downtime means a planned temporary outage for maintenance or upgrades. See section 4.
Total Asset Value means the gross value of all of a Trader’s Assets for the relevant Order Book, expressed in the Quote Asset based on the last trade price. This includes all Assets allocated to Open Orders.
Trader means each customer trading on Proptee. Trading Halt means that Traders cannot place or cancel any Orders.
Trading Pair means each pair of a Base Asset and a Quote Asset offered on Proptee. Web Interface means the user interface available through https://proptee.io.
If you have any questions, please contact us at [email protected].
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