A
and backup
B
pairs. This protects against software or hardware connectivity failures and ensures there’s always a view of the
market and a way to trade out of positions. Unfilled orders are not shared between these connections because of
cancel-on-disconnect.Messaging rate exceeded
reason, except for
cancel messages. Cancel messages count towards the message limit but will not be rejected.The Dynamic Price Bands are used to prevent a single aggressive order from trading through too many price levels in a trade. If an order is submitted that would create a match event violating the Dynamic Price Bands, the order is rejected by the matching engine.
Price Bands are a per-product price range for aggressive orders based on the latest top-of-book price. If there are no orders on the book then the price bands do not apply. Once there are orders on the book the initial Price Bands are based on the latest top-of-book price +/- the Price Band Variation which is set by the Bitnomial Market Operations & Risk Team. The Price Band Variation range is continuously re-calculated from top-of-book.
Price Limits are a per product price range based on a percentage of the previous day settlement price. If a trade occurs at the Price Limit for a side, the matching engine triggers a timer. If the timer elapses and no trades occur inside of the Price Limit, the Price Limits are re-calculated and reset. The resultant Price Limits are outside the original Price Limits to allow for additional price movement. The Exchange Market Operations & Risk Team may adjust the daily Price Limits at its sole discretion based on market conditions.
Product | Price Band Variation | Price Limit (the greater of) |
---|---|---|
BUS | $250.00 | 50% or $10,000 |
BUS-BUS | $50.00 | 50% or $5,000 |
BUI | $250.00 | 50% or $10,000 |
BUI-BUI | $50.00 | 50% or $5,000 |
BUSO | $250.00 | 100% or $10,000 |
HUP | $10.00 | 50% or $40 |
HUP-HUP | $5.00 | 50% or $20 |