Jan 5 Amended Terms of Service

Purchase Orders -
order minimums are enforced on the quote
asset. For example, the ETH-USD book may have a minimum size
of 510 USD.
ii.
Sale Orders -
order minimums are enforced in the base asset. For
example, the BTC-USD book may have a minimum size of 0.001
BTC.
b.
Order Maximums. Orders placed on CoinList may be subject to maximum
order sizes. For example: on the ETH-BTC Order Book, orders
denominated in ETH may be subject to a 600 ETH maximum, orders
denominated in BTC may be subject to a 50 BTC maximum.
c.
Updating Order Minimums and Maximums. CoinList will periodically
update these Order Minimums and Order Maximums to reflect the current
state of our marketplace and the notional value of the assets.
d.
User Specific Order Minimums and Maximums. CoinList may restrict an
individual User’s minimum and maximum order sizes at its sole
discretion.
Trading on CoinList Pro
Open Order Book Trading. CoinList operates a periodic auction trading platform, and
settles trades in a number of Digital Assets and fiat currency trading pairs. Each User's
Account will list which Order Books are available to the User. The following set of Rules
governs Orders placed via the open Order Books.
Orders Generally
1.
To place an Order on an Order Book, a User must have an available balance of the
relevant quote asset (for a buy order) or base asset (for a sell order) 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 base or quote asset
becomes subject to a Hold.
3.
A User can place the following types of Order:
a.
Limit Order
b.
Market Order (Buy or Sell)
c.
Stop Order
d.
Take Profit Order
4.
A User may request to cancel any open non-Market Order at any time before it is
Filled. No fees are charged for canceled Orders.
Limit Orders
1.
A Limit Order is an Order to buy or sell a specified quantity of a Digital Asset at a
specified price.
2.
A Limit Order will only ever fill at the specified price or a better price.
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3.
A Limit Order with 'post-only' selected will only be posted to the Order Book if it
would not have crossed in the last auction as a Taker Order. A Limit Order with
'post-only' selected will always be a Maker Order.
4.
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.
5.
Limit Orders will be placed with the following Time in Force Instructions: Good
til canceled. If posted, the Order will remain on the Order Book until canceled by
the User.
Market Orders
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.
2.
There is no guarantee that a Market Order will Fill or Fill at any expected price. 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 or in the current auction.
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 or quote, in some cases significantly
so.
4.
A valid Market Order will be immediately posted to the Order Book. A Market
Order is always a Taker Order.
Stop Orders
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 equals or
surpasses the Stop Price.
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 triggered.
3.
A Stop Order is not posted to the Order Book and is not visible to other Users, but
any resulting Order is posted and visible. All Stop Orders are placed without
“post-only” enabled.
4.
A Stop Order can be placed as a Stop Market Order, which posts a Market Order
when the Stop Price is triggered, a Stop Limit Order, which posts a Limit Order
when the Stop Price is triggered, or a Trailing Stop Order, which causes the stop
price to be adjusted with the order's trigger price.
5.
A Stop Market Order is subject to change in the same way as ordinary Market
Orders. A Stop Limit Order is not guaranteed to Fill. The CoinList Site will
display a warning each time a User attempts to place a Stop Order.
6.
Stop Orders may be placed with the following Time in Force Instructions.
a.
Good til canceled. If posted, the Order will remain on the Order Book until
canceled by the User. This is the default Time in Force Instruction.
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b.
The CoinList Site will display a warning to Users who attempt to place an
Order which would completely or partially fill at a price which is more
than 5% higher or lower than the last trade price (slippage warning).
7.
A Stop Market Order may be specified with either a fixed or percentage trail
value, which causes the stop price to be pegged to no more than a fixed offset
away from the order's trigger price (which is a fair price, index price, or last trade
price, depending on the order's specified trigger type).When the trigger price
moves away from the current stop price, the stop price is moved as well, thus the
stop price trails the trigger price. (Note however that when the trigger price
moves towards the current stop price, the stop price doesn't change, otherwise
the order would never trigger.)
Take Profit Order
A Take market or take limit order is the same as a stop market or limit order, but with
the trigger directions reversed as follows:
●
Buy - the take profit order triggers when the trigger price is less than or equal to
the stop price
●
Sell - the take profit order triggers when the trigger price is greater than or equal
to the stop price
Posting of Orders to the Open Order Book
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 a Fill at that price at
the next auction, to the extent of the total quantity of those existing Orders.
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:
i.
It is canceled by the User;
ii.
It expires due to a Time in Force Instruction; or
iii.
It is completely Filled by one or more Taker Orders placed by
another User at the same price.
Auction Matching Engine and Order Priority.
1.
To the extent CoinList's Order Book is operational, it will match Taker Orders
with Open Maker Orders on each Order Book through Auctions with discrete
Price-Time Priority.
2.
CoinList conducts frequent discrete uniform-price sealed-bid double Auctions. In
each auction, all of the outstanding orders are batched, and the aggregate
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demand and supply functions are computed from orders to buy and sell. In each
auction, there are two cases: supply and demand cross, or they do not. If there is
a cross, orders will be filled.
a.
If there is an intersection between supply and demand, there will be a
volume-maximizing Crossing Range of prices, s.t. the volume of the
auction would be maximized if it crossed at a price in that range. The
Crossing Range may be a single point (a single price), or a range of prices,
or may not exist (if the supply and demand curves do not intersect).
b.
If the Crossing Range consists of a single point, that will be the Crossing
Price of the auction. If the Crossing Range includes a range of prices, the
price closest to the midpoint of the Best Bid/Offer after the last auction is
selected as the Crossing Price (in order to minimize price movement). (If
there have been no previous auctions, the midpoint of the Crossing Range
is used.)
c.
At a given Crossing Price, there may be equal volume available on the Bid
and Offer sides, or there may be an imbalance. If there is an imbalance, all
of the crossing orders on the side with less volume will be filled in entirety,
but some of the orders on the side with more volume will be filled only