Trading Rules US

1. Trading on the central Order book trading platform

1.1 NavExM operates a central Order book trading platform and settles trades in a number of Digital Asset Trading Pairs. Each Trader’s Account will list which Order Books are available to the Trader to trade in.

1.2 Orders

• 1.2.1 To place an Order on an Order Book, a Trader must have an Available Balance of the relevant Asset in the Linked Wallet which is sufficient to cover the total value of the Order.
• 1.2.2 When a Trader places an Order, that quantity of the relevant Asset becomes subject to a Hold.
• 1.2.3 A Trader can place an Order as either a Limit Order, a Market Order, a Loop Order, a Spot Order, a IOC (Immediate or Cancel) Order, a Iceberg Order, a AON (All or None) Order, a FOK(Fill or kill) Order or a Stop Order.
• 1.2.4 A Trader may cancel an open Maker Order or Stop Order at any time before it is Filled. No Fees are charged for such cancelled Orders which are not Filled.

1.3 Limit Orders

• 1.3.1 An Order where price limit is defined is a Limit Order.
• 1.3.2 A Limit Order is an Order to buy or sell a specified quantity of an Asset at a specified price or better.
• 1.3.3 A Limit Order will only ever Fill at the specified price or a better price i.e., if Limit Buy Order is placed @ $100.00, it can get executed only at <=$100.00. In case of Sell Order, it can get executed only at>=$100.00.
• 1.3.4 A Limit Order with "post-only" selected will only be posted to the Order Book if it would not be posted at the same price as an existing Order on the Order Book.
• 1.3.5 A Limit Order with “post-only” will exist as a maker Order in the Order book, but never match with Orders that are already on the book. Maker Orders add liquidity to the market.
• 1.3.6 “Post Only” Buy/Sell Orders above/below market price respectively will not execute and will get cancelled.
• 1.3.7 A Limit Order without "post-only" selected will be immediately posted to the Order Book (subject to any Time in Force Instructions) and can result in a Maker Order or a Taker Order, or an Order that is partially a Maker Order and partially a Taker Order.
• 1.3.8 A Stop Limit Order is an instruction to post an Order to buy or sell a specified quantity of an Asset but only when the last trade price on the Order Book equals or surpasses the Stop Price. A Stop Order is not posted to the Order Book and is not visible to other Traders, but any resulting Order is posted and visible. All Stop Orders are placed without 'post-only' enabled. A Stop Order must be placed as a Stop Limit Order, which posts a Limit Order when the Stop Price is triggered. A Stop Limit Order is not guaranteed to Fill. The Web Interface will display a warning each time a Trader attempts to place a Stop Order.
• 1.3.9 Limit Orders may be placed with one of the following Time in Force Instructions.
  • Good till cancelled: If posted, the Order will remain on the Order Book until cancelled by the Trader. This is the default Time in Force Instruction.
  • Immediate or cancel: The Order will only be posted to the Order Book to the extent that it would be immediately Filled; any remaining quantity is cancelled. This results in a Taker Order.
  • Fill or kill: The Order will only be posted to the Order Book if it would be immediately and completely Filled. This results in a Taker Order.

1.4 Market Orders

• 1.4.1 A Market Order is an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book. There is no guarantee that a Market Order will Fill at the price specified.
• 1.4.2 A Market Order may Fill at a number of different prices, based on the quantity of the Market Order and the quantities of the existing Orders on the Order Book at the time.
• 1.4.3 Depending on the volume and prices of Orders on the Order Book at the time when a Market Order is posted, the Market Order may Fill at a price less favorable than the most recent trade price, in some cases significantly so. This is commonly referred to as "slippage".
• 1.4.4 A valid Market Order will be immediately posted to the Order Book. A Market Order is always a Taker Order.

1.5 Stop Orders

• 1.5.1 A Stop Order is an instruction to post an Order to buy or sell a specified quantity of an Asset but only if and when the last trade price on the Order Book is equal to, (in the case of a sell Stop Order) lower than or (in the case of a buy Stop Order) higher than the Stop Price.
• 1.5.2 Once a Stop Order has been placed, it is considered ‘active’ until it executes by posting the relevant Order when the Stop Price is reached.
• 1.5.3 A Stop Order is not posted to the regular Order Book and is not visible to other Traders, but any resulting Order is posted and visible to the user who have placed the Order.
• 1.5.4 A Stop Market Order is a stoploss Order where on reaching the trigger price, a market Order will be placed to ensure execution.
• 1.5.5 A Stop Market Order is subject to slippage in the same way as ordinary Market Orders. A Stop Limit Order is not guaranteed to Fill. The Web Interface will display a warning each time a Trader attempts to place a Stop Order.

1.6 GTC Order (Good Till Cancelled) will remain open until it is executed or cancelled manually by the user.

1.7 IOC Order (Immediate or Cancel) will either execute fully or partially at the limit price on immediate basis or will get cancelled.

1.8 AON Order (All Or None) will either execute fully at the limit price or will remain open, it is a maker Order, immediate execution not required.

1.9 FOK Order (Fill Or Kill) will either execute fully at the limit price on immediate basis or will get cancelled. It is a combination of IOC and FOK Orders.

1.10 OCO Order (One Cancels the Other) is a combination of Stop Limit Order and Limit Order. If the market price reached to the limit price, it will execute, and the Stop Limit Order will get cancelled. If the stop price triggered, it will execute, and limit price will get cancelled.

1.11 With an Iceberg Order user can disclose a portion of the total Order size and can hide the rest. Minimum amount which can be disclosed is 1/10th of the actual Order amount.

1.12 Loop Order is a special kind of Order introduced by NavExM. To enhance cashback benefit user can place such Order. Users need to specify the cycle of the Loop Order. NavExM will ensure the settlement of that transaction and will credit the cashback based on the total traded volume.

1.13 Confirmations

• 1.13.1 NavExM will require Traders to provide a confirmation when Traders attempt to place an Order which would completely or partially fill at a price which is more than 5% away from the last trade price (slippage warning).

1.14 Posting of Orders to the Order Book

• 1.14.1 (Taker Order) If an Order is posted to the Order Book at the same price as one or more existing Orders, it is a Taker Order which will result in an immediate Fill at that price, to the extent of the total quantity of those existing Orders.
• 1.14.2 (Maker Order) To the extent that an Order is posted to the Order Book at a different price to all existing Orders, it is a Maker Order which will remain open at that price on the Order Book until:
  • it is cancelled by the Trader; or
  • it is completely Filled by one or more Taker Orders placed by another Trader at the same price.
• 1.14.3 Trader must have an Available Balance of the relevant Asset in their Account which is sufficient to cover the total value of the Order.
• 1.14.4 When a Trader places an Order, that quantity of the relevant Asset becomes subject to a Hold which will be released on the cancellation of the open Order.
• 1.14.5 In case of cancellation of partial executed Order, the executed portion will be adjusted with the wallet balance and the cancelled portion will be added back to the balance.
• 1.14.6 A Trader can place an Order in a variety of manners, including a Limit Order, a Market Order, Stop Limit Order, Stop Market Order, IOC Order, Iceberg Order, GTC Order, OCO Order, AON Order, FOK Order and Loop Order.
• 1.14.7 A Trader can cancel an open Order at any time before it is Filled. No fees are charged for successfully canceled Orders.

1.15 Matching Engine and Order Priority

• 1.15.1 The NavExM Platform matches Taker Orders with open Maker Orders on each Order Book based on Price-Time Priority.
• 1.15.2 Price-Time Priority means that each time a Order is posted, the Order will be matched based on best Bid and Best Ask prices available in the market subject to in case of same price, Order entered earlier will execute first. All Traders accessing the NavExM Platform are subject to the same Price-Time Priority.
• 1.15.3 An Order may be matched with a number of corresponding Orders at the same price.

1.16 Fills and Settlement

• 1.16.1 When a Maker Order is matched with a Taker Order, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same price.
• 1.16.2 As and when Orders are Filled, the NavExM Platform will promptly proceed to effect the settlement of such Filled Orders, by debiting and crediting the relevant Digital Asset balances in the Linked Crypto Wallet(s).
• 1.16.3 The Trader acknowledges and agrees that there is no assurance or guarantee that an Order will be Filled and/or settled.

1.17 Exclusion of Liability

• 1.17.1 Under no circumstances shall any of (a) NavExM, (b) NavExM ’s shareholders, joint venture parties, affiliates and related corporations and entities, and (c) the officers, directors, employees, representatives, agents, suppliers and service providers of all of the persons and entities described in (a) and (b) ((a), (b) and (c) collectively, the "Indemnified Persons") be responsible or liable for any direct or indirect losses (including loss of profits, business or opportunities), damages or costs suffered by any Trader or any other person or entity, arising from or in connection with (a) any act, omission, negligence, breach, offence or default committed by or attributable to any other Trader(s) and/or (b) any Order and/or Transaction failing to be Filled, completed and/or settled, whether this failure is attributable to NavExM or otherwise.

1.18 Exchange Modes

In case of certain situations exchange can change its operational mode where traders will be able to place defined type of Orders in the market.

• Full Trading: All kind of Orders can be placed.
• Limit Only: Only limit Orders will be allowed to place. Market Orders will automatically get cancelled by the exchange.
• Auction Only: While in this mode, limit Orders are collected for certain timeframe for price discovery. Using this indicative price as a signal of the eventual open price, users can cancel and resubmit Orders while the auction takes place. Upon completion of the auction, Orders crossing the final opening price will be matched and the book will move to full trading or limit only.
• Cancel Only: Only open Orders can be cancelled. Fresh Orders are not allowed to enter.

2. NavExM Transaction Steps

• Step 1: Order placed by trader on NavExM (receivable crypto vs paying crypto).
• Step 2: NavExM first swaps between paying crypto into NavC token and then auto-place swap against NavC with receivable crypto.
• Step 3: Value of receivable crypto will be dependent on the category of the user. If the user is a community member, he/she would receive Receivable crypto and NavC. If he/she is a non-community member, he/she will not be eligible to receive NavC Cashback.

3. Cashback

• NavExM offering cashback to its community members in NavC tokens for each swap transactions.
• Cashback amount will be based on transaction value of the user and appreciation of price of NavC tokens.
• Cashback value will vary from 0.05% - 0.5% of total value and to be distributed between Makers and Takers.
• Maker and Taker for each swap will get the cashback in a ratio of 40:60 (when both are community members).
• Cashback value for each swap will be visible to the traders after each transaction.
• Cashback value of last 24 hours and from the beginning will be visible to the traders.
• NavC Cashback will be credited after each 150 hours cycle. Any trades within the cycle will be eligible to get the cashback after completion of the cycle.

4. Trading Terms

4.1 Pool Refund

• 4.1.1 Traders who are not eligible for community membership will contribute to NavExM as “Pool Refund”.
• 4.1.2 Value of Pool Refund will be 0.02% for Non-Stakers and for 5000 & 50000 NavC Stakers, it will be 0.01% of the total value.
• 4.1.3 Traders will be able to see the detail breakup of the cashback and pool refund after placing Orders.

4.2 Trading Hours

• 4.2.1 Subject to Scheduled Downtime, or the disabling, termination or suspension of any Service in accordance with these Trading Rules and/or the Terms of Use, the Services will be made available 24 hours a day, 7 days a week.

4.3 Withdrawal of Assets

• 4.3.1 Subject to any Limits imposed by NavExM, a Trader may withdraw some or all of its Digital Assets from the Linked Crypto Wallet(s).

5. Order Cancellation

5.1 If in any condition open Orders are there in the market and trader has been converted from community member to non-community member for the failing of NavExM conditions, all open Orders will be cancelled, and trader have to place them further.

5.2 If any account has been identified for suspicious transaction, NavExM reserves the right to cancel all open Orders.

5.3 Any account identified as disputed, NavExM reserves the right to cancel all open Orders.

6. Market Integrity

6.1 All trades are final

• 6.1.1 Subject to Clause 6.2 below, all Fills are final, and no Trader shall have the right to reverse or cancel any Transaction or Fill.

6.2 Reversal, cancellation, modification and/or disregard of trades

• 6.2.1 NavExM may, in its sole and absolute discretion, reverse, cancel, modify and/or disregard any Transaction, Fill, Order or Instruction under any circumstance and for whatever reason or no reason whatsoever, including but not limited to where:
• NavExM is compelled to do so by any applicable law or regulation, including but not limited to where NavExM is required to suspend or terminate a Trader’s Account;
• due to a technical error, Transactions, Orders, or Fills do not occur as specified in these Trading Rules;
• Orders placed by Traders who, in our sole discretion, have engaged in abusive use of the platform, for example, Market Manipulation, or using the NavExM APIs in a manner which unreasonably burdens the NavExM Platform; and/or
• for technical reasons or to maintain the proper functioning of the NavExM Platform, it would be necessary or desirable to do so.
• 6.2.2 Under no circumstances shall any of the Indemnified Persons be responsible or liable for any direct or indirect losses (including loss of profits, business or opportunities), damages or costs suffered by any Trader or any other person or entity, arising from or in connection with NavExM's decision to reverse, cancel, modify and/or disregard any Transaction, Fill, Order, or Instruction.

6.3 Access to the NavExM Platform

• 6.3.1 Subject to the Terms of Use of NavExM, all Traders have equal access to the NavExM APIs and Web Interfaces. NavExM does not provide prioritized access to any Trader.
• 6.3.2 NavExM has the authority to take any action that it deems appropriate in its sole and absolute discretion to preserve market integrity. Such actions include, but are not limited to, the halting of trading, modifying risk-mitigating parameters, restricting Trader access to the NavExM Platform, restricting Order types to Limit Orders only, cancelling Orders resting in the Order Book, or any other action that NavExM deems to be in its best interest.

6.4 Interruptions

• 6.4.1 If technical reasons prevent or degrade Traders’ ability to place or cancel Orders, or prevent or degrade access to the NavExM APIs or the Web Interfaces or affect the operation of the NavExM Platform's Order Books, matching engines or any other systems or processes, then NavExM may, in its discretion, take one or more of the following actions (where applicable) in respect of one or more Order Books pursuant to the Multilateral Trading Service or in respect of the purchase or sale of Digital Assets pursuant to the One Click Buy/Sell Service:
• disable or suspend the depositing or withdrawing of Assets;
• reverse, cancel, modify and/or disregard Open Orders;
• disable or suspend the ability to place new Orders;
• disable or suspend any entry into, completion and/or settlement of any Filled Orders, and/or Transactions;
• disable or suspend sign-in;
• disable or suspend the NavExM APIs; and/or
• disable or suspend access to the Web Interface.
• 6.4.2 In the case of the Multilateral Trading Service:
• If access to the NavExM Platform through the Web Interface is unavailable for 5 minutes or longer, NavExM may choose to move the NavExM Platform to Cancel-Only Mode as soon as possible.
• If the NavExM Platform is in Cancel-Only Mode, it will be restored to Full Trading Mode only after access through the Web Interface becomes available for at least 5 minutes and NavExM deems is it safe to restore the NavExM Platform to Full Trading Mode.
• NavExM will notify Traders of the move to or from Cancel-Only Mode via our website.

6.5 Flash Crashes and Circuit Breakers

• 6.5.1 The NavExM Platform does not use circuit breakers or automated trading halts based on predetermined price bands. However, as provided in Clauses 6.3.2 and 6.4.1, NavExM may, in its discretion, halt trading.

6.6 False Trading and Market Manipulation Prohibited

• 6.6.1 Traders are prohibited from engaging in Market Manipulation.
• 6.6.2 Market Manipulation of any kind is strictly prohibited. Market Manipulation is defined as any action taken or procured to be taken, or any course of conduct, by any person (whether acting alone or in concert with other person(s)) which is intended to, or does, or is likely to:
• create a false or misleading appearance;
• of active trading in any Digital Asset on the NavExM Platform; or
• with respect to the market for, or the price of, any Digital Asset traded on the NavExM Platform; or
• artificially control or manipulate the price or trading volume of a Digital Asset, including but not limited to maintaining, inflating, depressing or causing fluctuations in the market price of a Digital Asset; or
• aid, abet, enable, finance, support, or endorse any of the above. For the avoidance of doubt, Market Manipulation may include, without limitation, any action or course of conduct carried out or undertaken on the NavExM Platform and/or outside of the NavExM Platform.
• 6.6.3 A Trader must also not effect, take part in, be concerned in or carry out, directly or indirectly, two or more Transactions in Digital Assets being Transactions that have, or are likely to have, the effect of raising, lowering, maintaining or stabilizing the price of the Digital Asset, with the intent to induce other persons to purchase or sell such Digital Assets.

6.7 False or Misleading Statements

• 6.7.1 Traders are prohibited from making false or misleading statements or disseminating information that is false or misleading in a material particular and is likely:
• to induce other persons to purchase or sell Digital Assets; or
• to have the effect (whether significant or otherwise) or raising, lowering, maintaining or stabilizing the market price of Digital Assets.

6.8 Employment of Manipulative and Deceptive Devices

• 6.8.1 Traders are prohibited from engaging in manipulative or deceptive conduct in connection with the purchase or sale of any Digital Asset. Examples of manipulative or deceptive conduct include:
• employing any device, scheme or artifice to defraud;
• engaging in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, upon any person;
• making any statement the Trader knows to be false in a material particular; or
• omitting to state a material fact necessary in Order to make the statements made, in the light of the circumstances under which they were made, not misleading.

7. Access To Information

7.1 All Traders have full and equal real-time access to Market Data. Market Data is made available through the Web Interface or through other avenues which NavExM may make available from time to time in its sole discretion, including the NavExM APIs.

• 7.1.1 Market Data comprises the following: all Limit Orders placed on the Order Book (price, quantity, volume and time), and all Fills (price, quantity, volume and time).
• 7.1.2 Market Data does not include the following:
• resting Stop Orders (Stop Orders that have been placed but where the Stop Price has not been reached); and
• any information about the Trader that placed any Order.

7.2 NavExM Corporate Operations

• 7.2.1 NavExM which owns and operates the NavExM Platform, or any of its affiliates, may also trade on the NavExM Platform.
• 7.2.2 NavExM and its affiliates is subject to the same Price-Time Priority as all other Traders.
• 7.2.3 NavExM and any of its affiliates that trades on the NavExM Platform only trades based on Market Data and does not have access to any inside information. It does not engage in any front running.
• 7.2.4 All trades of Assets by NavExM or its affiliate for its proprietary account will be made under a separate Account and Linked Wallet.

7.3 NavExM Employee Access

• 7.3.1 NavExM’s policies prohibit all NavExM’s employees from using inside, corporate or proprietary information to trade Digital Assets.

8. Scheduled Downtime

8.1 From time to time, NavExM may suspend trading temporarily for maintenance or upgrades. Absent extenuating circumstances, the NavExM Platform will use reasonable endeavors to follow the following process for closing and re-opening trading:

• Step 1: Announce Scheduled Downtime.
• Step 2: Scheduled Downtime Begins.
• Step 3: Immediately after Scheduled Downtime is completed, all Order Books to enter into Cancel-only Mode.

8.2 Approval of Market Makers

A corporation may be approved by NavExM as a Market Maker, in which case the corporation shall execute a Market Maker Agreement in such form and content prescribed by NavExM.

8.3 Obligations of a Market Maker

• 8.3.1 The Market Maker shall comply with this set of Trading Rules.
• 8.3.2 The Market Maker shall continually, or upon demand, place two-way quotes in all Digital Assets covered by its Market Maker obligations:
• on a continuous basis or in such manner as NavExM specifies in the relevant Market Maker Agreement to provide for an adequately liquid market;
• within the maximum spread that NavExM specifies in the relevant Market Maker Agreement;
• for not less than the minimum quantity that NavExM specifies in the relevant Market Maker Agreement; and
• in accordance with such other requirements or specifications as NavExM may from time to time impose in the relevant Market Maker Agreement.
• 8.3.3 NavExM may grant exemptions from the Market Maker obligations for a limited period of time in exceptional circumstances for a specific or all Market Makers in one or several Digital Assets. NavExM will use reasonable endeavors to make public the occurrence of exceptional circumstances as soon as reasonably possible when it has become aware of such occurrence. It shall also make public the resumption of normal trading after such exceptional circumstances have ceased to exist.
• 8.3.4 The obligation to continually and upon request place two-way quotes shall apply within the NavExM Platform opening hours at the times stated in the relevant Market Maker Agreement. After the Filling of Orders or after the re-opening of the NavExM Platform after extraordinary closure or scheduled downtime, the Market Maker shall, promptly or within a certain grace period (if any) stated in the relevant Market Maker Agreement, place new two-way quotes.
• 8.3.5 The Market Maker shall appoint and notify NavExM one or more natural persons who shall be continuously responsible for the market making function during the NavExM Platform opening hours.

8.4 Suspension and Restriction of Activities

• 8.4.1 NavExM may suspend or restrict the activities of a Market Maker for such period as NavExM specifies if the Market Maker:
• fails to comply with any of the provisions in these Trading Rules or in the relevant Terms of Use;
• defaults on any trade in Digital Assets;
• in NavExM 's opinion, is in financial or operating difficulty;
• is suspected of manipulating or distorting the market for a Digital Asset or attempting to do so;
• is the subject of a written complaint involving an allegation of fraud or dishonesty, whether in or out of the jurisdiction;
• is the subject of an investigation involving an allegation of fraud or dishonesty, whether in or out of the jurisdiction;
• engages in conduct detrimental to the financial integrity, reputation or interests of NavExM, or the NavExM Platform; or
• refuses to provide NavExM with information to aid NavExM in its investigation of the Market Maker for suspected manipulation or other breach of these Trading Rules.
• 8.4.2 NavExM may modify, suspend or terminate the activities of the Market Maker where extreme market conditions arise. In such an event, NavExM would issue a general notice to all Traders.

8.5 Revocation of Approval of Market Maker

• 8.5.1 NavExM may revoke the approval of a Market Maker by terminating the Market Making Agreement in accordance with the terms of the Market Making Agreement.

8.6 Resignation of Market Maker

• 8.6.1 A Market Maker who intends to resign from making a market for a specified Digital Asset must give at least 30 days written notice to NavExM, stating the proposed date of resignation.
• 8.6.2 A Market Maker who intends to resign from making a market for all Digital Assets must terminate its Market Maker Agreement in accordance with the terms of the relevant Market Maker Agreement.
• 8.6.3 A Market Maker must continue to comply with the Trading Rules and the relevant Market Making Agreement until the date of resignation.

9. No Self-Trade Prevention

If two Orders of the same counter price would result in self-execution, it will execute.