CONTROLS - GENERAL PRINCIPLES
SnapEx has implemented controls to ensure the fair and orderly functioning of the ATS, including:
- Development, testing and monitoring of the ATS;
- Monitoring of the technology infrastructure by the Technology Department;
iii. Monitoring of execution and settlement by the Operations Department;
- Supervision and surveillance of the ATS by the Compliance Department.
In order to maintain an orderly market, the ATS includes the following controls which can be configured per Virtual Asset pair.
Min Price - The minimum price allowed for a single order.
Max Price - The maximum price allowed for a single order.
Min Quantity - The minimum quantity allowed for a single order.
Max Quantity - The maximum quantity allowed for a single order.
Min Value - The minimum value allowed for a single order.
Max Value - The maximum value allowed for a single order.
MaxQuoteUp - The maximum increase (movement up) from the last traded price for orders. May be an absolute value or percentage.
MaxQuoteDown - The maximum decrease (movement down) from the last traded price for orders. May be an absolute value or percentage.
Users are not able to place an order which would result in self-execution, i.e. where the same User would act as both the maker and taker for a trade. If two orders would result in self-execution, the resting order(s) that would self-trade with the incoming order will be withdrawn and the incoming order will also be withdrawn.
MARKET MANIPULATION PROHIBITED
Users are prohibited from engaging in any form of Market Manipulation. 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 Users;
- Artificially control or manipulate the price or trading volume of [any Virtual] Asset; or
- Aid, abet, enable, finance, support, or endorse either of the above. This may include actions on or outside of SnapEx’s platforms.
- Manipulation with SnapEx’s CFD price with any external resources, including but not limited to automated bot, market misconduct, insider dealing, price rigging.
Market Manipulation specifically includes, without limitation: front-running, wash trading, spoofing, layering, churning, “pump-and-dump” and quote stuffing.
Fills and Settlement
SnapEx settles all closed orders automatically, by debiting and crediting the relevant balances of virtual assets in both Users’ accounts.
Subject to daily withdrawal limits a User may withdraw all virtual assets in their accounts.