Trading rules

1.Application

These are the trading rules of the NioX spot exchange, which is owned and operated by NIO X PTE. LTD., a company registered in Singapore. They form part of the wider agreement between you and NioX and they bind you in full from the moment you access the market. Where these rules conflict with any other document you have accepted, these rules prevail on every matter of trading, order handling and market conduct.

NioX holds the permissions required to operate this market and supervises trading conduct continuously. NioX runs a spot market only. There is no derivative, no margin facility and no leveraged product anywhere on the venue, and any balance you commit to an order remains your property held for settlement.

Submitting an order is your acceptance of everything set out here as it stands at that moment. NioX may amend these rules to keep pace with new markets, new asset classes, new order handling technology and changing regulatory expectations, and the version in force is the one published on this page when your order is received. NioX reserves every right granted to it under these rules, and a decision not to exercise a right on one occasion never waives it.

2.Eligibility and access

The order book is open only to account holders who have completed identity verification, who are of legal age in their own jurisdiction, who act on their own account or under a mandate they can evidence, and who are not resident in or accessing the market from a territory NioX has restricted. You must satisfy each of these conditions at all times and not merely at the point of registration.

Access to the market is a privilege granted by NioX and never a right. NioX may refuse, restrict, suspend or withdraw access at its discretion, including while an account is under review, where a security or sanctions concern arises, where a payment remains unsettled, or where the law or a competent authority so requires. NioX may set position, order rate and exposure limits on any account and may vary them at any time.

You may send orders programmatically through the interfaces NioX publishes, provided you stay within the stated rate limits and identify your automated systems where NioX asks you to. Any conduct that degrades the service, evades a limit or interferes with fair access for others is a breach of these rules and may lead to immediate withdrawal of access.

3.Order types

NioX currently accepts the two order types described in the table below. Every order must state a market, a side, a quantity and, for a limit order, a price. An order that is incomplete, malformed or outside the parameters NioX publishes for a market is rejected.

An order is accepted once NioX has written it to the order book and issued an order reference. Acceptance confirms receipt and validity only and is never a guarantee of execution. NioX may reject any order and may decline to open, or may close, any order type or market. NioX may introduce further order types and markets as the venue develops, and each is governed by these rules and by any parameters published for it.

4.Matching and executable prices

All trading takes place on a single central limit order book for each market. Orders are ranked first by price and then by the time at which NioX received them. The order showing the best price trades ahead of every other order, and where two orders show the same price the one that arrived earlier trades first. This priority is absolute and NioX grants no account a preferential place in the queue.

The executable price of a trade is the price of the resting order it matches. An incoming order takes the best price available on the opposite side of the book at the instant it is processed, and a market order continues to match against the next best prices in turn until its full quantity is filled or the book is exhausted. Any quantity that cannot be filled is cancelled, and a limit order never executes at a price worse than the price you set.

The matching engine does not permit an account to trade against itself. Where an incoming order would match a resting order from the same account, NioX cancels the resting order and the incoming order continues against the remainder of the book. NioX may adjust matching parameters where that is necessary to preserve an orderly market, and any such change applies equally to every participant in that market.

5.Cancellation and amendment

You may cancel an open order at any time up to the moment it matches. Where an order has filled in part, only the quantity still resting may be cancelled. A cancellation takes effect only once NioX has processed it, and an order that matches before your cancellation is processed is executed and stands.

An amendment is never a light change to an existing order. NioX cancels the original order and enters a new order in its place, so an amended order loses the time priority the original held and takes a new place in the queue. You remain responsible for every order and cancellation submitted from your account, including those sent by any automated system you operate.

Once an order has matched, the resulting trade is final and binding on you. You cannot reverse, repudiate or renegotiate a completed trade, and settlement follows automatically as set out in these rules.

6.Market halts and suspension

NioX may halt or suspend trading in any market, or across the whole venue, at its sole discretion and without prior notice where it judges that trading should not continue. The circumstances in which NioX may act include those set out below, and this list does not limit that discretion.

• The market has become disorderly, for example a price movement that NioX surveillance thresholds read as abnormal or a sudden loss of liquidity.
• A technical fault has affected the order book, the matching engine or the market data feed.
• A network or custody event is interfering with deposits or withdrawals in an underlying asset.
• An underlying instrument has been suspended, or an attestation for a listed real world asset is late, withheld or qualified.
• A competent authority has directed NioX to halt, or the law otherwise requires it.

While a market is halted or suspended NioX may cancel every order resting in it, and no new order in that market is accepted until trading resumes. NioX publishes notice of any halt and of its lifting on the exchange status page, and where a halt is material NioX also notifies the account holders it affects. NioX is not liable for any loss arising from a halt, a suspension or a cancellation of orders carried out under this section.

7.Error trades

As a general rule a completed trade stands. NioX cancels, busts or adjusts a trade only where it results from a fault in the NioX matching engine or market data feed, and only where the same treatment is applied evenly to every account caught up in the event. NioX alone decides whether a trade is erroneous and what correction is appropriate, and its determination is final.

A mistake on your part is never grounds for a reversal. NioX does not undo a trade because an account holder entered the wrong price, quantity or side, so you must satisfy yourself as to every parameter of an order before you submit it. NioX may also cancel or bust a trade, and reverse the balances it moved, where the trade formed part of conduct prohibited under these rules.

Where NioX cancels, busts or adjusts a trade, it informs the affected account holders of the reason and of the resulting change to their balances. Any correction under this section is made to restore an orderly and fair market and is binding on the account holders concerned.

8.Prohibited conduct

You must not engage in, attempt, assist or facilitate any form of market abuse or manipulation on NioX. The conduct set out below is prohibited, and this list is illustrative rather than exhaustive.

• Wash trading, which is trading with yourself or arranging matched trades so that no genuine change of ownership occurs.
• Spoofing and layering, which is entering orders you do not intend to execute in order to create a false impression of supply or demand.
• Momentum ignition, which is entering orders designed to trigger the trading of others for your own advantage.
• Marking the close or marking the open, or any similar order entered to set a reference price artificially.
• Trading on material non public information, or on information you hold in breach of a duty of confidence, and passing such information to another person.
• Front running, quote stuffing, or flooding a market with orders or messages in order to degrade its operation.
• Acting in concert across one or more accounts to produce any effect described above.

A breach of this section carries serious consequences. NioX may cancel your open orders, bust the trades concerned, freeze or claw back balances that resulted from the conduct, suspend or permanently close your account, retain any fees you have paid, and report the matter to the competent authority. These measures are cumulative and are without prejudice to any other right NioX or a third party may hold against you at law.

9.Surveillance

NioX monitors order and trade activity continuously against thresholds calibrated to each market, using automated surveillance systems together with human review. NioX develops and refines these systems as trading patterns and technology evolve, and it may apply new analytical methods without notice.

Where an alert is raised the NioX compliance team investigates it. NioX has the right to examine any account, order, message and connected activity, to require an account holder to explain their trading, and to demand records and information relevant to an investigation. Where an investigation confirms a concern, NioX escalates the matter, applies the measures available to it under these rules, and files any report required of it.

You must cooperate fully and promptly with any NioX investigation. NioX may suspend your account and withhold access to balances for the duration of an investigation, and a failure to give a satisfactory account within a reasonable time is itself a breach of these rules.

10.Fees, settlement and finality

Fees are charged on the executed value of an order, are taken in the quote currency, and follow the rates set out in the fee schedule in force at the time of execution. NioX may amend the fee schedule, and the rate that applies to a trade is the rate published when the trade executes. A maker rate applies to liquidity that rests on the book before it is matched and a taker rate applies to liquidity that is removed on entry.

NioX accepts an order only where the account holds enough available balance to cover the order in full together with the fee it will attract. Any balance committed to an open order is reserved and cannot be spent on another order, and NioX may recover an unpaid fee from any balance on the account.

Settlement is immediate and runs against the balances of the two counterparties at the moment of execution. Once settled, a trade is final and irrevocable, and title to the assets passes as recorded by NioX. The records maintained by NioX are the definitive record of every order, trade, fee and settlement, and they prevail in any dispute save for manifest error.

11.Market data

The order book, the record of recent trades and the prices at which they executed are made available to every account holder on identical terms. No account sees the market ahead of any other, and NioX does not sell or grant privileged early access to trading information.

Market data may be delayed or interrupted from time to time. Where a feed fails, NioX records the duration of the interruption on the exchange status page. Market data is provided for your own use in connection with trading on NioX, and you must not redistribute or resell it except as NioX permits in writing. NioX gives no warranty that market data is free of error or delay and is not liable for any loss arising from reliance on it.