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.

Trades concluded bilaterally and off-order book between two onboarded participants of the RULEMATCH trading venue can be reported, to go through the clearing and settlement process of RULEMATCH.

A participant may enter a one-sided trade report for this purpose, which should either be accepted by the other counterparty or matched by another trade report initiated by them. Once accepted or matched, reported trades are subject to approval by the RULEMATCH Market Operations team, after which they are disseminated as trades within the venue.

The post Off-order book trade reporting first appeared on RULEMATCH.