- Cancel-on-Disconnect: If a connection is dropped, the respective open orders are canceled and missed fills may be
discovered via drop copy and Position REST API (not yet available in the Test environment). If a participant connects
to the Exchange through a CQG connection the same functionality is in effect.
- A-B Connectivity: Gateways and pricefeeds are provisioned and permissioned in primary
A and backup
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
- DR Backup: A full production exchange instance is provisioned and on standby in case of a data center or matching
- Self Match Prevention (SMP): By default, every participant TCP connection has self-match prevention enabled. In
the event that a participant’s aggressing order would match with a resting order from the same participant ID the
passive order will be cancelled. The Exchange does not allow participants to disable this functionality.
- Message Throttling: A connection is only allowed to send 500 messages in any given 3 second period. Any messages
sent that exceed the rate given by this threshold will be rejected with a
Messaging rate exceeded reason, except for
cancel messages. Cancel messages count towards the message limit but will not be rejected.
- Maximum Order Quantity: Each product on the Exchange has a maximum allowable order quantity. Please see the
individual product specifications
Dynamic Price Bands
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 Band Variation
Price Bands are a per product price range for aggressive orders based on the latest top of book price. The initial Price
Bands are based on the previous day settlement 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 has the ability to manually
adjust the daily price limits if required by market conditions.
Current Price Bands & Limits
||Price Band Variation