The post Overview first appeared on RULEMATCH.

• BTC/USD, ETH/USD, USDC/USD, EURAU/EUR and CHFAU/CHF

The following orders may be placed:

• Limit, Market, Best Limit, Market-to-Limit, Iceberg, Imbalance

The following time-in-force conditions may be used:

• Immediate or Cancel (IoC), Fill or Kill (FoK), Day, Good-till-Canceled (GtC), Good-till-Date (GtD), Good-till-Session (GtS)

The venue operates 23.5 hours per day, seven days per week, with a daily operational pause between 21:30 UTC and 22:00 UTC. Trading is divided into the following trading sessions:

• Opening auction: 22:00 – 22:05 UTC
• Continuous trading: 22:05 – 21:20 (+1) UTC
• Closing auction: 21:20 – 21:30 UTC

For more information, refer to the Order types and Trading sessions sections.

The post Venue first appeared on RULEMATCH.

Other financial institutions may gain access to the trading venue through a participant that offers Direct Market Access or Sponsored Access.

Participants onboard with support from RULEMATCH participant services and connect to trade on the venue via one of the technical connection options available (see Connectivity) or via the RULEMATCH trading interface.

The post Participants first appeared on RULEMATCH.

RULEMATCH’s primary goal is to ensure a fair, accurate and transparent market. RULEMATCH acts exclusively as a market operator that brings together the buying or selling interests of counterparties to execute and settle a transaction. It is never a market maker, broker or counterparty to the trades and corresponding settlement transactions executed.

The post Market integrity first appeared on RULEMATCH.

1. FIX (4.4/5.0SP2)
2. ITCH/OUCH

Participants may connect to the venue via Public Internet or VPN Tunnel, connect directly via AWS Private Link or Equinix POP service, or collocate within the Green Data Centers. A comprehensive trading interface and treasury dashboard also make it possible to place and monitor trading activity.

The post Connectivity first appeared on RULEMATCH.

Nasdaq

Trading engine and market surveillance technology are provided by Nasdaq with its world-class multi-matching engine and integrated market surveillance technology.

Flow Traders

Flow Traders serves as a designated market maker to ensure consistent and competitive liquidity on the RULEMATCH trading venue.

SIX

RULEMATCH and SIX have a strategic partnership with an end-to-end solution combining the trading and settlement capabilities of RULEMATCH with the off-exchange crypto custody services of SIX.

tradias

tradias serves as a designated market maker on the RULEMATCH trading venue.

Ripple Custody

Crypto assets on the trading venue are handled using the Ripple Custody system, which leverages IBM FIPS 140-2 Level 4 certified HSM hardware hosted on-premises for key creation and protection.

AllUnity

AllUnity is a regulated e-money institute delivering fully backed, MiCAR-compliant stablecoins, EURAU and CHFAU, both of which are traded on RULEMATCH.

Wyden

The RULEMATCH trading venue is integrated into Wyden, a leading Swiss-based OEM system, giving Wyden’s clients easy access to the liquidity of RULEMATCH.

Talos

Talos, a leading global trade and order management solution, is integrated with the RULEMATCH trading venue, giving Talos clients access to the guaranteed liquidity on RULEMATCH.

Haruko

Haruko provides the most comprehensive digital asset technology solution for institutions deploying capital across the digital asset ecosystem, including seamless consolidation of positions across exchanges, on-chain and OTC activity with access to real-time and historical pricing, risk and P&L reporting. Haruko is integrated with the RULEMATCH platform.

Green Data Centers

The RULEMATCH trading engine is housed redundantly in highly-secure, banking-grade locations from Green Data Centers in the Zürich metro area.

Kaiko

Kaiko provides reference data for the RULEMATCH trading venue.

Elliptic

RULEMATCH uses the Elliptic platform to support blockchain address screening, transaction forensics and AML compliance in handling crypto assets.

Pythagoras

For KYC and AML compliance and participant data handling, RULEMATCH uses Pythagoras with its screening, monitoring and client management modules.

Ergon

Custom technology integrations and software development are provided by Ergon, a leading Swiss software development provider based in Zürich.

Digital Token Identifier Foundation

RULEMATCH is a member of the Digital Token Identifier Foundation, the registration authority for the ISO 24165 standard, which is responsible for issuing and maintaining DTIs.

The post Partners first appeared on RULEMATCH.

Selected RULEMATCH participants serve as providers of sponsored access to the RULEMATCH venue, allowing their institutional clients to trade directly on RULEMATCH, while the sponsoring participant handles clearing and settlement.

ISP Securities

Swiss-based securities firm ISP Securities offers sponsored access to RULEMATCH. More information available here.

GCEX

Based in London, GCEX offers prime brokerage access to the RULEMATCH venue. More information available here.

Bank Frick

Leading Liechtenstein-based crypto service provider Bank Frick offers sponsored access to the RULEMATCH trading venue. More information available here.

DLT Finance

DLT Finance offers access to RULEMATCH for its institutional clients through its multi-venue aggregator. More information available here.

The post Sponsored access first appeared on RULEMATCH.

The RULEMATCH trading venue is powered by the matching engine technology of Nasdaq. The multi-matching engine enables swift, precise order matching to meet the rigorous demands of institutional traders of cryptocurrencies and digital assets.

Each instrument on RULEMATCH is traded on a Central-Limit Order Book (CLOB) that collects and matches orders according to the price-time priority principle. Incoming orders are compared to the passive orders resting in the CLOB and trades occur according to the rules of the matching engine.

The post Overview first appeared on RULEMATCH.

The matching engine is capable of achieving sub-80 microsecond execution latency via FIX, while collocated participants using the OUCH protocol can achieve execution speeds below 25 microseconds.

The post Low latency first appeared on RULEMATCH.

The matching engine reference price corresponds to whichever of the following reference price sources is most recently set during the current trading day:

• Last match price
• Last auction price
• Settlement price (closing price of the previous trading day)
• External reference price (real-time, provided by a third party)

The post Matching engine reference price first appeared on RULEMATCH.