Block Trades

How to Participate in Block Trades

To participate in block trades, Participants must meet the following requirements:

  • Registered business entity on bitnomial.com
  • Is an Eligible Contract Participant (ECP), as defined in the Commodities Exchange Act.

After an account is approved for block trading, any Authorized Users that have the Trader role are assigned a Block Trader ID. A Block Trader ID can also be generated on the Block Trades tab. Block Trader IDs are shareable UUIDs used when reporting block trades.

Block Trade Workflow

The Bitnomial Block Trade Workflow relies on the concept of a ‘Leader’ and a ‘Follower’. The ’Leader’ is responsible for the initial reporting of the block trade. The ’Follower’ is responsible for confirming accuracy and confirming the block trade once reported by the ’Leader’.

The following steps outline the required workflow to report block trades:

  1. Participants negotiate and execute block trade off-exchange.
  2. Participants determine the ’Leader’ and the ’Follower’ and share Block Trader IDs.
  3. The ’Leader’ signs into bitnomial.com and navigates to ‘Orders’ and then ‘Block Trades’ sub-tab.
  4. The ’Leader’ clicks ‘New Block Trade’ and enters relevant block trade information, including the counter-parties’ Block Trader ID. Once entered, the block trade is pending.
  5. The ’Follower’ signs into bitnomial.com and navigates to ‘Orders’ and then ‘Block Trades’ sub-tab.
  6. The ’Follower’ reviews the pending block trade for accuracy and sets the appropriate account. If any information is incorrect, either the ’Leader’ or the ’Follower’ can reject the pending block trade. If the block trade is rejected, the ’Leader’ needs to create a new block trade with the correct information.
  7. The ’Follower’ confirms the trade. The trade is now Confirmed.
  8. Once acknowledged by the reporting system, the trade is Accepted.

If the block trade has an Accepted status, reporting is complete. If Participants experience issues reporting block trades, they should contact help@bitnomial.com.

See Block Trade Statuses for more information about the possible states of a block trade.

Block Trade Rules

Rules regarding block trades are found in our Bitnomial Exchange Rulebook under Rule 505.

Block Trade Statuses

  • Pending: The leader has submitted the trade and is waiting for the follower to confirm.
  • Canceled: Either party does not agree with the trade as initially reported by the leader.
  • Confirmed: Confirmation that the Participants have agreed to this trade, but awaiting acknowledgement from the platform.
  • Rejected: The platform rejected the submission of the block trade. Participants may resubmit trades in the Rejected state.
  • Accepted: The trade has been accepted by the platform.