Market Model
EX.IO will provide a centralized virtual asset trading platform that enables continuous trading through an order book on 24 hours, 7 days a week basis. This will allow clients to transact with each other through a matching engine.
Trading pair listed on trading platform
| Trading Pair | Remarks |
|---|---|
| BTC/ETH | Available for retail clients |
| BTC/USDT | For professional investors only |
| ETH/USDT | For professional investors only |
We will also operate an Off-Platform trading model in the form of RFQ (Request for quote) to complement the matching engine. RFQ will operate in two models –
Model 1
A client may send an RFQ to the Off-Platform and they can request a buy/sell price in any token listed. The client will receive a variety of quotes and can then decide which quote to accept. Prior to executing the trade, accounts must be prefunded. Once the quote is accepted the price is locked and the trade will be executed and settled. Best execution practices will be observed.
The quotes available to the RFQ may come from market makers / liquidity providers that participate in the Off-Platform or other clients on the Off-Platform.
Model 2
A client may send an RFQ to the Off-Platform, requesting a buy/sell price in any token listed. The platform will receive the quotes and notional size and aggregate them into one offer price and available size. The platform will then add in a spread to both sides of the quote (the bid/offer) and the price (including the spread) will be submitted to the client for acceptance, followed by settlement. Best execution practices will be observed.
Custody Service for the Above Trading Services
The exchange platform and off-platform business provide secure wallets for clients to store their virtual assets, with at least 98% stored in cold wallets. The Company, through its Associated Entity, will hold all client assets and fiat money. The Company intends to offer support for fiat money once it establishes a segregated client account, enabling it to provide on-ramp and off-ramp services.
| Trading Pair | Remarks |
|---|---|
| BTC/ETH | Available for retail clients |
| BTC/USDT | For professional investors only |
| ETH/USDT | For professional investors only |
Order Types
| Order Type | Price Condition | Time Condition (TIC) |
|---|---|---|
| Market Order | An order that can be executed immediately at the best available price in the market Price limit of a market order is imposed as top ask*1.2 and top bid *0.8 for buy and sell order respectively. | Immediate-or-Cancel (IOC) – The order is executed immediately or cancelled – The match process will start once it is received. The order can be in the form of “fully-filled” or “partially filled”, while the remaining unsuccessful orders will be cancelled. When the matching process ends, the orders will be cancelled |
| Limited Order | Limit order restricts the price of the order so that the order can be executed at a specific price Buy order: the transaction price must not be higher than the specified bid price Sell order: the transaction price must not be lower than the specific ask price | Good-till-Cancel (GTC) – The order remains in the order book until it is executed or cancelled – Client can find all their open orders for the selected trading pairs in “Open Order” section – Client can change their open orders by cancelling the old ones and replacing them by creating new orders Immediate-or-Cancel (IOC) – The order is executed immediately or cancelled – The match process will start once it is received. The order can be in the form of “fully-filled” or “partially filled”, while the remaining unsuccessful orders will be cancelled. When the matching process ends, the orders will be cancelled |
| Post-only Order | A post-only order is a limit order, allowing market participants to control their provision or taking of market liquidity (i.e. it will not hit the bid or lift the offer) By sending post-only order, users indicate the intention to add liquidity, instead of taking liquidity. When the order is placed to the market, it will be cancelled if there is existing liquidity on the market, which will be crossing against itself, or else it will be posted on the orderbook as a normal limit order. | Good-till-Cancel (GTC) – The order remains in the order book until it is executed or cancelled – Client can find all their open orders for the selected trading pairs in “Open Order” section – Client can change their open orders by cancelling the old ones and replacing them by creating new orders |