Markets Trading Rules
BBCStaticMiner Markets is BBCStaticMiner’s set of limit order books that
are accessed by clients through the BBCStaticMiner trading platforms. The
following set of Trading Rules governs orders placed via these trading
platforms.
1. Trading on BBCStaticMiner Platform
1.1 BBCStaticMiner operates a central limit order book trading platform,
and settles trades in a number of Digital Asset and Fiat Currency Trading
Pairs. Each Trader’s Account will list which Order Books are available to
the Trader.
1.2 Orders
1.21 To place an Order on an 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 either a Limit Order, a Market Order,
or a Stop Order.
1.24 A Trader may cancel an open Maker Order or Stop 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 with ‘post-only’ selected will only be posted to the
Order Book if it would not be posted at the same price as an existing Order
on the Order Book. A Limit Order with ‘post-only’ selected will always be a
Maker Order.
1.34 A Limit Order without ‘post-only’ selected will be immediately posted
to the Order Book (subject to any Time in Force Instructions) and can
result in a Maker Order or a Taker Order, or an Order that is partially a
Maker Order and partially a Taker Order.
1.35 Limit Orders may be placed with one of the following Time in Force
Instructions.
• 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.
• Immediate or Cancel: the Order will only be posted to the Order Book to
the extent that it would be immediately Filled; any remaining quantity is
canceled. This results in a Taker Order.
• Fill or Kill: the Order will only be posted to the Order Book if it would
be immediately and completely Filled. This results in a Taker Order.
1.4 Market Orders
1.41 A Market Order is an Order to buy or sell a specified quantity of an
Asset at the best available price of existing Orders on the Order Book.
1.42 There is no guarantee that a Market Order will Fill at the price
specified. A Market Order may Fill at a number of different prices, based
on the quantity of the Market Order and the quantities of the existing
Orders on the Order Book at the time.
1.43 Depending on the volume and prices of Orders on the Order Book at the
time when a Market Order is posted, the Market Order may Fill at a price
less favorable than the most recent trade price, in some cases
significantly so. This is commonly referred to as ‘slippage’.
1.44 A valid Market Order will be immediately posted to the Order Book. A
Market Order is always a Taker Order.
1.5 Stop Orders
1.51 A Stop Order is an instruction to post an Order to buy or sell a
specified quantity of an Asset but only if and when the last trade price on
the Order Book equals or surpasses the Stop Price.
1.52 Once a Stop Order has been placed, it is considered ‘active’ until it
executes by posting the relevant Order when the Stop Price is triggered.
1.53 A Stop Order is not posted to the Order Book and is not visible to
other Traders, but any resulting Order is posted and visible. All Stop
Orders are placed without 'post-only' enabled.
1.54 A Stop Order must be placed as a Stop Limit Order which posts a Limit
Order when the Stop Price is triggered.
1.55 A Stop Limit Order is not guaranteed to Fill. The Web Interface will
display a warning each time a Trader attempts to place a Stop Order.
1.56 Stop Orders may be placed with one of the following Time in Force
Instructions.
• 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.
• Good til time: if posted, the Order will remain on the order book until a
certain time is reached or the Order is canceled by the trader.
Warnings
The Web Interface will display a warning to Traders who attempt to place an
Order which would completely or partially fill at a price which is more
than 2% away from the last trade price (slippage warning).
There are deposit limit and withdrawal limit for the BBCSTATICMINER investment platform and every investor must refer at least 2 investors unto the platform whose initial deposit must be more or up to the initial deposit of their referee to be eligible to make withdrawal transactions after their maximum mining Hash rate is reached. All investment plan options requires a weekly deposit of a minimum of 50% of initial investment to enjoy benefits attributed to each plan. All withdrawals on any account requires a 10% payment of total returns to cover all mining plan expenses and charges accrued to the plan before withdrawing.
1.6 Posting of Orders to the Order Book
1.61 (Taker Order) If an Order is posted to the Order Book at the same
price as one or more existing Orders, it is a Taker Order which will result
in an immediate Fill at that price, to the extent of the total quantity of
those existing Orders.
1.62 (Maker Order) To the extent that an Order is posted to the Order Book
at a different price to all existing Orders, it is a Maker Order which will
remain open at that price on the Order Book until:
• It is canceled by the Trader;
• It expires due to a Time in Force Instruction; or
• It is completely Filled by one or more Taker Orders placed by another
Trader at the same price.
Order Protections
1.63 Market Orders and Limit Orders are subject to a 10% protection point.
Market and Limit orders will fill at prices up to 10% from the mid-point
price between the best bid and best offer on the Order Book at the time the
order was placed. If a Market or Limit Order would fill against orders
beyond the protection point, the Order will partially fill up to the 10%
price level and the matching engine will cancel all remaining portions of
the Order.
Order Minimums/Maximums
1.64 Order Minimums: All Market Orders, Limit Orders, and Stop Orders
placed on BBCStaticMiner Markets are subject to the minimum order size
requirements listed at https://
www.bbcstaticminer.com.
1.65 Order Maximums: All Market Orders, Limit Orders without 'post-only'
selected, and Stop Orders placed on Coinbase Markets are subject to the
maximum order sizes listed at https://
www.bbcstaticminer.com.
1.66 'Post-only' Limit Orders do not have a maximum order size. The size
can be in any increment of the base currency above the minimum order size
requirements.
1.67 Updating Order Minimums and Maximums: BBCStaticMiner Markets will
periodically update these Order Minimums and Order Maximums to reflect the
current state of our marketplace and the notional value of the assets.
1.7 Matching Engine and Order Priority
1.71 BBCStaticMiner Markets matches Taker Orders with Open Maker Orders on
each Order Book based on Price-Time Priority.
1.72 Price-Time Priority means that each time a Taker Order is posted: The
Taker Order is matched with the earliest in time Maker Order at the best
price on the Order Book; and To the extent that the Taker Order is not
completely Filled by that Maker Order, it is matched with any subsequent
Maker Orders at that price, in the sequence those Maker Orders were posted;
and To the extent that the Taker Order is not completely Filled by one or
more Maker Orders described above, it is matched with one or more Maker
Orders at the next best price, in the sequence those Maker Orders were
posted, and this process is repeated until the Taker Order is completely
Filled.
1.73 All Traders on accessing BBCStaticMiner Markets are subject to the
same Price-Time Priority.
1.74 Subject to Time in Force Instructions, an Order may be matched with a
number of corresponding Orders at the same price.
1.75 Taker Orders are matched with the best available existing Maker
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.
1.8 Fills and Settlement
1.81 When a Maker Order is matched with a Taker Order, those Orders are
Filled. An Order may be matched with and Filled by one or more Orders at
the same price.
1.82 BBCStaticMiner Markets settles all Filled Orders immediately, by
debiting and crediting the relevant balances of Assets in both Traders’
Accounts.
1.83 Subject to daily withdrawal limits a Trader may immediately withdraw
all Assets in their Account.
1.9 Trading Fees
1.91 BBCStaticMiner Pro and BBCStaticMiner Prime charge a Maker fee for
each Maker Order and a Taker fee for each Taker 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.
1.92 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.
1.93 If an Order is posted to the Order Book partially as a Maker Order and
partially as a Taker Order, a Maker fee applies to the portion posted as a
Maker Order and a Taker fee applies to the portion posted as a Taker Order.
1.94 Fees may vary between Order Books.
1.95 Volume-based fee discounts are available to all traders based on
trades over the trailing 30 day period across all order books.
2. Market Integrity
All Trades are Final
2.1 All Fills are final and will not be reversed unless:
• BBCStaticMiner 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 BBCStaticMiner will make all
reasonable efforts to restore all Traders to the position they would have
been in had the error not occurred.
2.12 BBCStaticMiner 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, or using the
API in a manner which unreasonably burdens the platform.
• 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 BBCStaticMiner is required to suspend or terminate a Trader’s
BBCStaticMiner Pro Account.
• If required for technical reasons.
2.2 Access to BBCStaticMiner Pro and BBCStaticMiner Prime
2.21 All Traders have equal access to the BBCStaticMiner APIs and Web
Interfaces. BBCStaticMiner does not provide prioritized access to any
Trader.
2.22 BBCStaticMiner Market Operations 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 BBCStaticMiner wallet, restricting
order types to post-only or limit only, 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 BBCStaticMiner APIs or the
Web Interfaces or affect the operation of BBCStaticMiner Markets Order
Books or matching engines, then BBCStaticMiner 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 the BBCStaticMiner APIs.
• Disable access to the Web Interface.
2.32 If access to BBCStaticMiner Pro or Prime through the Web Interface is
unavailable for 5 minutes or longer, BBCStaticMiner will move
BBCStaticMiner wallets to Cancel-Only Mode as soon as possible.
2.33 If BBCStaticMiner Pro or Prime 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 BBCStaticMiner deems is it
safe to restore BBCStaticMiner wallet to be fully operational.
2.34 BBCStaticMiner will notify Traders of the move to or from Cancel-Only
Mode via @BBCStaticMiner on Twitter or support@bbcstaticminer.com
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 maker and
taker for the trade.
2.42 If two Orders of the same quantity would result in self-execution,
both Orders are canceled.
2.43 If two Orders of different quantities would result in self-execution,
the smaller Order is canceled and the larger order is decremented by an
amount equivalent to the smaller quantity. The remainder of the larger
order remains Open.
2.5 Flash Crashes and Circuit Breakers
2.51 BBCStaticMiner Markets does not use circuit breakers or automated
trading halts based on predetermined price bands. As provided in Section
2.22 and 2.31, BBCStaticMiner Markets Market Operations may, in its
discretion, halt trading.
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 BBCStaticMiner wallets outside of Coin
BBCStaticMiner wallet.
• 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 Web Interface or the BBCStaticMiner
wallet APIs.
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:
• Resting Stop Orders (Stop Orders that have been placed but not triggered)
• Any information about which Trader placed or canceled an order.
3.2 BBCStaticMiner Corporate Operations
3.21 BBCStaticMiner, Inc., which owns and operates BBCStaticMiner wallet,
also trades its own corporate funds on BBCStaticMiner Pro and Prime.
3.22 BBCStaticMiner does not have any special priority and is subject to
the same Price/Time/Priority and fee structure as all other Traders.
3.23 The BBCStaticMiner application which trades on BBCStaticMiner Markets
only trades based on Market Data and does not have access to inside
information. It does not engage in any front-running.
3.3 BBCStaticMiner Employee Access
3.31 BBCStaticMiner policies prohibit all BBCStaticMiner employees from
using inside, corporate or proprietary information to trade Digital Assets.
3.32 BBCStaticMiner Employees are required to trade BBCStaticMiner
supported assets on BBCStaticMiner products (either BBCStaticMiner Consumer
or Pro), subject to BBCStaticMiner’s employee trading policy and trade
surveillance program.
4. Scheduled Downtime
4.1 From time to time, BBCStaticMiner wallet may suspend trading
temporarily for maintenance or upgrades. Absent extenuating circumstances,
BBCStaticMiner wallet will follow this process for closing and re-opening
trading;
Step 1: Announce Scheduled Downtime
• Announce scheduled downtime via status.pro.coinbase.com,
status.prime.coinbase.com, 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 status.pro.coinbase.com or
status.prime.coinbase.com
• To ensure a fair and orderly marketplace, BBCStaticMiner Market
Operations may in its discretion cancel all resting limit orders in an
order book before moving the market to post-only mode or to limit-only mode
Step 4: At least 1 minutes after Step 3; or longer if necessary
• All books enter Limit-Only mode
• Announce the above via status.pro.coinbase.com,
status.prime.coinbase.com, 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 status.pro.coinbase.com
5. Definitions
In these BBCStaticMiner Markets Trading Rules, the following words and
phrases have the corresponding meanings.
• Account means a Trader’s BBCStaticMiner Pro or Prime 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 BBCStaticMiner wallet.
• 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 BBCStaticMiner wallet.
Traders can place Market Orders and 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.
• Limit-only Mode means that Traders can only place and cancel Limit Orders
but any Market Order will be rejected. During this mode, Limit Orders can
be filled.
• Market Order means an Order to buy or sell a specified quantity of an
Asset at the best available price of existing Orders on the Order Book.
• 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 Maker Order which has been posted but not Filled,
canceled or expired, or a Stop Order which is currently active.
• Post-only Mode means that Traders can only place an Order if it would be
posted to the Order Book as a Maker Order. An Order which would be posted
as a Taker Order will be rejected. No Market Orders may be placed and no
Orders will be filled. Resting orders may be canceled in post-only mode.
• 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.
• Stop Order means an instruction to post an Order to buy or sell a
specified quantity of an Asset but only if and when the last trade price on
the Order Book equals or surpasses the Stop Price.
• Stop Price means the price specified in a Stop Order.
• 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 BBCStaticMiner wallet. Trading Halt
means that Traders cannot place or cancel any Orders.
