March 11 Amended Terms of Service

partially, or not at all.
d.
Orders on the side of the imbalance are selected to be (partially) filled on
the basis of Discrete Price-Time Priority. First, orders are prioritized by
price -- orders with more aggressive prices (high for Bids, low for Offers)
are prioritized first. Second, orders are prioritized by discrete time. The
time priority of an order is determined by the number of auctions it has
been available to cross in -- older orders have higher priority, but orders
that were received in the same auction batch are treated as having equal
priority with each other. (Note that modifying an order resets its priority.)
e.
Thus, crossing orders on the side of the imbalance are divided into cohorts
of equal Discrete Price-Time Priority. For a given cohort, either all of the
orders in the cohort will be filled completely, or they will all be filled
pro-rata, or none of them will be filled, depending on the volume to fill
remaining for that cohort, after filling orders in cohorts with higher
priority.
3.
CoinList settles all Filled Orders immediately, by instructing its Custodian
Partners to debit and credit the relevant balances of assets on behalf of both
users.
Trading on CoinList RFQ Platform
Request for Quote. CoinList operates a Request for Quote (“RFQ”) trading platform and
settles trades in a number of Digital Assets and fiat currency Pairs. Each User's Account
will list which Digital Assets are available to the user. Users may submit Market Orders
to purchase or sell a single Digital Asset (a “Buy Order” or “Sell Order”) in exchange for
a fiat currency or another Digital Asset. The following set of Rules governs Orders
placed via the RFQ system.
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RFQ Orders
1.
To place an Order, a User must have an available balance of the relevant trading
pair in their Account which is sufficient to cover the total value of the Order plus
any applicable fees.
2.
When a User places an Order, that quantity of the relevant trading pair becomes
subject to a Hold.
3.
CoinList only supports Market Orders (Buy or Sell) through the RFQ trading
platform.
4.
Upon entering an Order for a specified quantity, the User will be presented with a
Quote price and fees by CoinList and/or our Liquidity Partners.
5.
The Quote price will be locked for 30 seconds (“Live Quote Period”) during which
time, the User may accept or execute at the Quote Price or decline (Cancel) the
Order. Orders Executed during the Live Quote Period will be considered final.
6.
When an Order is executed by the User, that Order is Filled.
7.
CoinList settles all Filled Orders immediately, by debiting and crediting the
relevant balances of Assets in the User's Account.
8.
open orders unexecuted after the Live Quote Period will be considered Expired
after which you must input a new Order to execute a trade. No fees are charged
for expired or canceled Orders.
Definitions.
In these CoinList Trading Rules, the following words and phrases have the
corresponding meanings.
1.
Account means a User's CoinList Account.
2.
Asset means a Digital Currency or Fiat Currency.
3.
Available Balance means a User's Total Asset Value less any amounts held for
open orders and fees.
4.
Base Asset means the Asset being traded on the Order Book; the first Asset in the
Trading Pair. For example, on the BTC-USD Order Book, BTC is the Base Asset
and USD is the Quote Asset.
5.
Cancel-only Mode means that Users cannot place new Orders. Users are able to
cancel open Orders. No Orders will be filled.
6.
Digital Asset means a blockchain-based digital currency, security, app coin or
protocol token which is offered for trading on CoinList.
7.
Fiat currency means a government-issued currency.
8.
Fill means a match of two Orders. Also referred to as an execution.
9.
Full Trading Mode means normal operation of CoinList. Users can place Market
Orders and Limit orders and can cancel Orders.
10.
Hold means the setting aside of Assets allocated to an Order.
11.
Buy Order means an Order to buy a specified quantity of an Asset at the best
available price provided through CoinList.
12.
Sell Order means an Order to buy a specified quantity of an Asset at the best
available price provided through CoinList.
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13.
Limit Order means an Order to buy or sell a specified quantity of an Asset at a
specified price.
14.
Limit-only mode means that Users can only place and cancel Limit Orders but
any Market Order will be rejected. During this mode, Limit Orders can be filled.
15.
Market Order means an Order to buy or sell a specified quantity of an Asset at the
best available price through the RFQ or of existing Orders on the Order Book.
16.
Order means an instruction to buy or sell a specified quantity of the Base Asset at
a specified price in the Quote Asset.
17.
Order Book means each order book on which Orders are placed for trading in a
Trading Pair.
18.
Open Order means a Maker Order which has been posted but not Filled, canceled
or expired, or a Stop Order which is currently active.
19.
Post-only Mode means that Users can only place an Order if it would be posted to
the Order Book as a Maker Order. An Order which would be posted as a Taker
Order will be rejected. No Market Orders may be placed and no Orders will be
filled. Resting orders may be canceled in post-only mode.
20.
Price-Time Priority means that Orders with more aggressive prices (higher for
Bids, lower for Offers) have priority over Orders with less aggressive prices, and
that for Orders with the same price, Orders that were entered in earlier auction
periods have priority over later Orders. Orders that were entered in the same
auction period have equal time-priority with each other.
21.
Quote Asset means the Asset in which trading is denominated on the Order Book;
the second Asset in the Trading Pair. For example, on the BTC/USD Order Book,
BTC is the Base Asset and USD is the Quote Asset.
22.
Scheduled Downtime means a planned temporary outage for maintenance or
upgrades.
23.
Stop Order means 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
equals or surpasses the Stop Price.
24.
Stop Price means the price specified in a Stop Order.
25.
Total Asset Value means the gross value of all of a User's Assets for the relevant
Order Book, expressed in the Quote Asset based on the last trade price. This
includes all Assets allocated to open orders.
26.
User means each customer trading on CoinList.
27.
Trading Halt means that Users cannot place or cancel any Orders.
28.
Liquidity Partner means a certain class of User designated by CoinList eligible to
execute against other User Orders on the Trading Platforms.
29.
Trading Pair means each pair of a Base Asset and a Quote Asset offered on
CoinList.
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APPENDIX 1: PROHIBITED USE, PROHIBITED BUSINESSES AND CONDITIONAL
USE