The exchange for MiCA institutions

Quotes are provided by multiple market makers giving the taker a range of prices to choose from.

Participants trade via a Request-for-Quote (RFQ) model with executable prices and no last look.

The exchange operates as a pure trading platform, is not a broker, and does not act as a counterparty at any time.

RULEMATCH combines trading, clearing and post-trade settlement on a single platform.

The exchange’s rulebook and market surveillance mechanisms ensure a fair, transparent trading environment for all participants by default.

Orders are not routed for execution outside the European Economic Area (EEA).

The platform supports the full set of MiCA-compliant order data fields, allowing participants to submit any combination of required and optional attributes with each order.

RTS-required data is made available to participants, supporting them to meet their reporting obligations.

All transactions involving crypto-assets are screened with a leading blockchain analytics tool for AML and sanctions purposes, protecting participants from tainted crypto-assets.

Full coverage of participants’ inbound and outbound Travel Rule obligations via API.

All trades are settled post-trade improving institutional liquidity management.

Trades within the same settlement cycle are automatically netted and cleared.

Participants may customize the default window to settle intraday, T+1 or bespoke.

Simultaneous DvP eliminates counterparty risk.

Integration into USD correspondent banking network and instant payment network via banking partner.

Guaranteed fair and equal treatment of trading participants in all market conditions.

Proven technology and on-premise infrastructure across redundant data centers ensure high availability.

Standard FIX (4.4 or 5.0SP2) enables fast integration.

A browser-based trading interface is available as an additional option.

All funds, fiat or crypto-assets, are held off the balance sheet of RULEMATCH Europe on a fiduciary basis.

Participants can define counterparty-specific risk limits.

Participants can create multiple proprietary and client accounts, enabling granular separation of trading activities.

Participants can assign granular access permissions on a per-account basis, facilitating internal separation of duties.