Categories: Fees

RULEMATCH operates with a transparent fee model for participants trading on the venue, based on the schedules outlined below. Fees are charged monthly on the USD asset account. The accumulated fees for the previous month are always charged on the first business day of the month. A detailed overview of the fees can be found in the billing report of the respective Account.

Fees for trading on RULEMATCH are tiered according to the trading volume of each Organization and based on a Maker/Taker model.

RULEMATCH offers a reduced fee tier to Accounts that provide additional liquidity to the Order Books, given the Account meets specified fee schedule conditions. This reduced fee tier applies only to the Instruments for which the following conditions are met:

• Minimum size, quoted on the bid and ask side of the Order Book, defined in terms of quote Asset;
• Maximum spread, which is the absolute difference between the individual price levels on the bid and ask side on which the minimum size is quoted, divided by the arithmetic average of these price levels;
• Minimum presence, which is the minimum percentage of time, relative to the duration of the trading day, during which the minimum size and maximum spread obligations were satisfied;
• Grace period, which is the amount of time following a (partial) execution on the Orders, during which the minimum presence measurement does not apply.

Trading fees (trading volume independent):

Maker/Taker:                      0.005% / 0.015%

Clearing & settlement fees (trading volume independent):         

Maker/Taker:                      0.003% / 0.003%

All remaining fees are unaffected and apply according to the previous section.

Participants may opt into the Liquidity provision fee tier with one or more of their Accounts for specific instruments at the beginning of each month. For each month during which the obligations are met, the Account will benefit from this fee schedule. In the event the obligations are not met, the standard fee schedule will apply.

Withdrawal fees are also charged on the USD asset account according to the following schedule.

Digital asset withdrawal                    USD 8.00

FIAT withdrawal                                  USD 38.00

Fiat withdrawals can be processed with same-day value date if initiated before the cut-off time:

• USD, EUR: 11:30 CET
• CHF: 16:00 CET

For USD and EUR, transactions may be processed with same value date if initiated before 14:00 CET, but this cannot be guaranteed.

Market data can be retrieved free of charge via the FIX & NMDF protocols. Market data via ITCH is subject to a fee of USD 1’000 per month.

Fees linked to trading via colocation can be provided on request.

No additional admission or annual pro rata fees apply.