EXCHANGE TRADING RULES
Fastex Exchange FZE
1. Purpose
1.1 Fastex is a Virtual Asset Service Provider registered with the Dubai World Trade Centre (registration number 2940) with registered offices at 9th floor, Private office #09-112. The Offices 4, One Central, Dubai World Trade Centre, Dubai, United Arab Emirates and carries out Virtual Asset related Activities in the Emirate of Dubai under Law No.4 (2022) Regulating Virtual Assets in the Emirate of Dubai.
1.2 These Rules govern the admission of participants to the Exchange, the organisation of Virtual Assets trading on the Exchange, and the code of conduct for participants.
1.3 These Rules aim to ensure equal treatment of participants, as well as the transparency and proper functioning of Virtual Assets on the Exchange. These Rules also provide Fastex the right and power to implement disciplinary actions against participants for any breach of these Rules or Applicable Laws.
2. Definitions
2.1 For the purpose of these Rules, the following terms shall have the following meanings, whether used in the singular or plural form, and without prejudice to other definitions provided in these Rules:
“Access IDs” means your Fastex Account details, username, passwords, personal identification numbers, API keys, API secret keys, or any other codes or forms of authentication that you use to access your Fastex Account or the Fastex Services or to send Instructions.
“Account” or “Fastex Account” means a User’s online account as defined in the Terms of Use, including any balance of Virtual Assets or funds reflected in the account.
“Activated” means, in respect of a Trailing Stop Order, the time from which the minimum or maximum price on the Order Book is observed to determine whether a movement equal to, or greater than, the Trailing Delta has occurred, which is (i) if no Activation Price is specified, the time at which the Trailing Stop Order is Placed, or (ii) if an Activation Price is specified, the time that such Activation Price is Reached on the Order Book.
“Activation Price” means a price that must be Reached for the Trailing Stop Order to be Activated in respect of a Trailing Stop Order, as described in Section 10.3.4.
“Activities” means any of the activities that require a permit from VARA and are subject to its oversight.
“API” means an API made available by a Fastex Affiliate to you as a service, or third-party applications relying on such an API.
“Applicable Laws” means all relevant or applicable statutes, laws (including rules of common law), principles of equity, rules, regulations, regulatory principles and requirements, notices, orders, writs, injunctions, judgements, bye-laws, rulings, directives, proclamations, circulars, mandatory codes of conduct, guidelines, practice notes and interpretations (whether of a governmental body, regulatory or other authority, or self-regulatory organisation of which Fastex is a member), that are applicable to the provision, receipt or use of the Fastex Services, or any other products or deliverables provided, used or received in connection with the Fastex Services, the Terms of Use, or any Product Terms.
“Ask” means an Order on the Order Book to sell a certain quantity of the Base Asset for a specified price denominated in the Quote Asset.
“Base Asset” means the first Tradeable Asset stated in a Trading Pair; that being the Tradeable Asset being traded on the Order Book.
“Bid” means an Order on the Order Book to buy a certain quantity of the Base Asset for a specified price denominated in the Quote Asset.
“Fastex Account” means any accounts or sub-accounts, which are opened by Fastex Exchange FZE for you to record your use of Fastex Services.
“Fastex Affiliate” means Fastex, its affiliates, related body corporates, direct or indirect parent entity or subsidiary entity, or entity under common control, and each of their respective officers, directors, employees, agents, licensors, and contractors.
“Fastex Services” means all Fastex Services offered and accessible through the Platform.
“Fastex”, “we” “our” means Fastex Exchange FZE, a free zone establishment registered with the Dubai World Trade Centre (registration number 2940) with registered offices at Dedicated desk #09-112. The Offices 4, One Central, Dubai World Trade Centre, Dubai, United Arab Emirates and carries certain Virtual Asset related Activities in the Emirate of Dubai. “Blockchain Address”
means a unique sequence of numbers, letters and cryptographic functions stored and recorded on a Blockchain.
“Blockchain” means a class of technologies that support the recording of encrypted data where the data is: (a) held on a distributed ledger; (b) electronically accessible, from multiple locations, by a network of participants; and (c) can be updated by those participants, based on agreed consensus, protocols or procedures.
“Competent Authority” means the VARA, and any regulatory authority, agency or judicial, administrative or governmental body having jurisdiction over Fastex, the Fastex Exchange, or any User.
“Corporate Fastex Account” means a Fastex Account maintained for a corporation, entity, or other organisation for the provision of Fastex Services.
“Custom Order” means any Order Type made available on the Exchange from time to time that includes additional features or parameters compared to a Market Order or a Limit Order or that embeds an element of conditionality in the placing of Orders, including OCO Orders, Stop Limit Orders and Trailing Stop Orders.
“Downtime” means any scheduled or unscheduled period during which the Exchange is inaccessible or any material functionality of the Exchange does not function as normal.
“Eligibility Criteria” means the eligibility criteria and the conditions under which any legal or natural person may open a Fastex Account as required by the Terms of Use and these Rules.
“Email Account” means the email account(s) associated with your Fastex Account(s) as agreed with Fastex from time to time.
“Emirate” means all zones across the Emirate of Dubai, including special development zones and free zones but excluding the Dubai International Financial Centre.
“End of the Taker Phase” has the meaning given to that term in Section 10.2.4.
“Exchange” or “Fastex Exchange” means the Virtual Assets trading venue accessible through the Platform, as made available by Fastex.
“External Wallet” means a third-party virtual wallet owned and managed by a User or by a third-party identified by the User.
“Federal AML-CTF Laws” means Federal Decree-Law No. 20 of 2018 on anti money laundering, combatting the financing of terrorism and financing of illegal organisations, Federal Law No. (7) of 2014 on combating terrorism offences and any other federal legislation relating to money laundering, terrorist financing, the financing of unlawful organisations or sanctions non-compliance as may be amended from time to time.
“Fee Structure” means the fees as provided on the Website at the following address: https://www.fastex.com/fees.
“FOK” means “Fill Or Kill” as described in Section 10.2.4.
“Force Majeure Event” means any event defined as such in the Terms of Use which is caused by a third party or a natural disaster, that results in a disruption in Fastex’s ability to offer services on the Exchange. A Force Majeure Event shall include, but is not limited to, a breach, cyber attacks or events that may require Fastex’s services to be discontinued or temporarily halted, or any other reason in Fastex’s sole discretion.
“GTC” means “Good Till Cancelled” as described in section 10.2.4.
“Insider Dealing” means insider dealing within the meaning of Part VIII.C.1 of the Virtual Assets and Related Activities Regulations 2023.
“Instruction” means any instruction, request, or order given to Fastex by you or a Permitted User in relation to the operation of your Fastex Account or to execute any Transaction, through such medium and in such form and manner as Fastex may require.
“IOC” means “Immediate or Cancel” as described in section 10.2.5.
“Limit Condition” means the condition that a Limit Order may only be executed at the Limit Price or at a better price,as described in section 10.2.
“Limit Order” means an Order to buy or sell a specified quantity of a Tradeable Asset at a price better than or equal to the specified Limit Price.
“Limit Price” means the least favourable price at which Users are willing to trade in respect of a Limit Order as described in section 10.2.2.
“Maker Order” means an Order on the Order Book available to be Matched with a Taker Order.
“Manifest Error” means any error, omission or misquote (whether an error of Fastex or any third party) which is manifest or palpable, including a misquote by any representative of Fastex taking into account the current market and currently advertised quotes, or any error of any information, source, official, official result or pronunciation.
“Market Abuse” means the behaviours described in section 7.5.4.
“Market Conduct Rulebook” means the Market Conduct Rulebook issued by VARA pursuant to the Virtual Assets and Related Activities Regulations 2023, as may be amended from time to time.
“Market Manipulation” has the meaning ascribed to it in Part VIII.H.1. of the Virtual Assets and Related Activities Regulations 2023.
“Market Order” means an Order to buy or sell a specified quantity of a Tradeable Asset at the best price that is currently available for the relevant Trading Pair on the Exchange.
“Match” means the Exchange matching a Maker Order and a Taker Order for the execution of a Transaction as further described in clause 11 and “Matched” or “Matching” is to be interpreted accordingly.
“ML/TF Rules” means all UAE federal government legislation relating to AML/CFT, the financing of unlawful organisations or sanctions non-compliance as may be in force from time to time, including all executive regulations, cabinet resolutions or cabinet decisions relating to the same, as may be amended from time to time, including but not limited to those expressly referenced in definition of Federal AML-CFT Laws in the Virtual Assets and Related Activities Regulations 2023.
“Mobile App” means any mobile application developed or provided by us or any of the Fastex Affiliates that enables you to use or otherwise access Fastex Services.
“Notice” means any notice from Fastex, sent by e-mail, app push or displayed on the Fastex Website or otherwise made available via the Platform.
“OCO Order” means a combination of a Limit Order and a Stop Limit Order, in respect of the same quantity of the same Virtual Asset, where both Orders are submitted together and the Matching or cancellation or expiry of one of the Orders will automatically trigger the cancellation of the other Order.
“Order” means an offer to buy or sell a Tradeable Asset on the Exchange, including all the parameters available or required to be specified for the relevant Order Type.
“Order Book” means, in respect of a particular Trading Pair, the electronic record of Orders available to be Matched, maintained by the Exchange.
“Order Type” means, in respect of an Order, the parameters determining the rules governing how this Order will interact with the Order Book, including, but not limited to, whether such Order is a Market Order or a Limit Order, the “time in force” in respect of Limit Orders, and any other relevant parameters.
“Placed” means, in respect of an Order, that such Order has been received by the Exchange, complies with all relevant limits, filters and controls, as determined by the Exchange, and is accepted by the Exchange for Matching in accordance with the rules of the Exchange and the relevant Order Type, and “Place” or “Placing” is to be interpreted accordingly.
“Platform” means the digital platform that we or any of the Fastex Affiliates may make accessible to you via the Website, the Mobile App, API or by such other means as Fastex Affiliates may prescribe from time to time for the use of Fastex Services.
“Permitted User” means any person identified to us and authorised to act on a User’s behalf with respect to any Corporate Fastex Account.
“Priority” means, in respect of two or more Maker Orders in the same direction (buy or sell) with the same price, the attribute of the Maker Order that was first added to the Order Book.
“Product Terms” means the product-specific terms and conditions that apply to the use of a Fastex Service, in addition to the Terms of Use.
“Quote Asset” means the second Tradeable Asset stated in a Trading Pair; that being the Tradeable Asset in which trading is denominated on the Order Book.
“Reached” means, in respect of a price, that the most recent Matched Orders on the relevant Order Book were Matched at that price.
“Risk Warning” means the general risk warning published at the following address https://www.fastex.com/legal/general-risk-warning.
“Rules” means these exchange trading rules, governing the use and functioning of the Exchange.
“Settlement” means the reflection of the Transactions resulting from the Matching of Orders in the relevant Users’ Fastex Accounts by updating their balances accordingly, and “Settle” is to be interpreted accordingly.
“Size” means, in respect of a Bid or Ask, the quantity of the Base Asset to be bought or sold.
“Stop Limit Order” means an Instruction to submit a Limit Order only when and if the Stop Price specified in respect of the Stop Limit Order is Reached.
“Stop Price” means the price that must be Reached to trigger the submission of the Limit Order in respect of a Stop Limit Order, as described in section 10.3.3.
“Supported Virtual Asset” means those Virtual Assets that are available in connection with the use of the Fastex Services and which may be traded on the Exchange.
“Taker Order” means an Order that will be immediately Matched with another Order upon submission to the Exchange.
“TIF” means the “time in force” as described in section 10.2.3.
“Term of Use” means the Fastex general Terms of Use concluded between Fastex and each User, governing the use of Fastex Services, as amended from time to time.
“Tradeable Asset” means a Supported Virtual Asset on the Exchange, as detailed at the following address: _____.
“Trading Pair” means the combination of a Base Asset and a Quote Asset that is offered for trading on the Exchange.
“Trading Specs” means the specifications listed at the following address: _______.
“Trailing Delta” means all the parameters relevant to a Limit Order, as well as the relative price movement in percentage terms from the maximum or minimum price Reached after the Trailing Stop Order is Activated that shall trigger the submission of the Limit Order as described in section 10.3.4.
“Trailing Stop Order” means a Limit Order that will be submitted only once the price of the relevant Virtual Asset has moved by an amount equal to, or greater than, the Trailing Delta from the maximum or minimum price Reached after the Trailing Stop Order is Activated.
“Transaction” means a Match of two or more Orders on the Exchange, creating legally binding obligations between Users.
“User(s)” or “you”, “your”, “yours” means any legal or natural person accessing and using the Exchange as provided by Fastex.
“VARA” means the Dubai Virtual Assets Regulatory Authority.
“Virtual Asset Service Provider” means a person authorised by VARA to conduct the Activities in the Emirate.
“Virtual Asset Standards” has the meaning ascribed to it in Rule VIII.A.1. of the VARA Market Conduct Rulebook.
“Virtual Asset” means a virtual asset within the meaning of Law No. (4) of 2022 Regulating Virtual Assets in the Emirate of Dubai which is a digital representation of value that may be digitally traded, transferred, or used as an exchange or payment tool, or for investment purposes. This includes Virtual Tokens, and any digital representation of any other value as determined by VARA.
“Virtual Tokens” means a digital representation of a set of rights that can be digitally offered and traded through a Virtual Asset platform.
“Website” means the website https://Fastex.com/en-ae including all of its sub-domains.
3. Interpretation
3.1 These Rules govern the functioning of the Fastex Exchange as operated by Fastex.
3.2 Except for any Downtime, the Exchange is intended to be open for trading 24 hours a day, 7 days a week each day of the year.
3.3 These Rules do not govern the use of other Fastex Services accessible through the Platform, which are governed by the Terms of Use and specific Product Terms in respect of those Fastex Services.
3.4 These Rules must be read and understood in conjunction with the Terms of Use, which are fully applicable to the use of the Exchange. All terms and clauses contained in the Terms of Use (except to the extent expressly modified herein) are incorporated by reference with the same force and effect as if fully set forth herein. However, in case of contradiction between these Rules and the Terms of Use, these Rules shall prevail.
4. Acceptance of the Rules and Amendment
4.1 Approval
4.1.1 By clicking “I Accept” you are entering into a legally binding agreement with us and you acknowledge that they have read, understood and accepted all of the provisions in these Rules, and you agree that you will be bound by and will comply with these Rules.
4.1.2 If Users do not understand and accept these Rules, in their entirety, they should not use the Fastex Exchange.
4.2 Amendments
4.2.1 Fastex may amend, extend, vary or supplement the Rules from time to time by giving at least thirty (30) calendar days’ notice prior to any change taking effect. References to these Rules are references to such Rules as they may be amended, restated or otherwise modified from time to time.
4.2.2 Fastex will publish the final amended Rules on its Website and notify Users by sending the revised Rules to the User’s registered Email Account with any revisions clearly identified.
5. Admission Requirements
5.1 The use of the Exchange is open to any eligible Fastex User, subject to conditions and restrictions as provided in the Terms of Use, these Rules and the Eligibility Criteria.
5.2 To use the Exchange, Users must in particular, on an ongoing basis:
5.2.1 hold a Fastex Account opened according to the Eligibility Criteria, and ensure that they continue to meet the Eligibility Criteria;
5.2.2 have the legal capacity to enter into Transactions;
5.2.3 comply, at all times, with all the conditions set out in these Rules and the Terms of Use; and comply with any request from Fastex stemming from ML/TF Rules and as detailed in the Terms of Use, and as otherwise required by Fastex by any means.
5.3 Please read a copy of the Fastex Exchange FZE Risk Warning available at the following address https://www.fastex.com/legal/general-risk-warning before proceeding to use the Exchange.
6. Custody
6.1 The use of the Exchange is subject to the availability of Tradeable Assets in the Users’ Fastex Account.
6.2 Fastex will custody Users’ Tradeable Assets in accordance with Article 9 of the Terms of Use.
7. Users Obligations And Code Of Conduct
7.1 Users will be responsible for any and all obligations and liabilities arising (directly or indirectly) from the entry, deletion and execution of all Orders, Instructions and trades placed on the Exchange pursuant to any Order or Instruction made by them or on their behalf, and any Transaction arising as a result.
7.2 Users will continue to meet the Eligibility Criteria at all times and as long as they remain Users of the Exchange, and to comply at all times with Applicable Law, the Rules, the Terms of Use and any other agreement governing the access to and use of the Exchange, including without limitation any trading guide, product specifications, market notices, operational procedures and any other information amending or supplementing the Rules as published by Fastex from time to time.
7.3 Use of the Fastex Account and the Exchange is reserved, by default, to Users regularly registered under their respective Fastex Account. Users shall not share any of their Access IDs with third-parties, unless authorised under these Rules or by Fastex or as offered through the Exchange functionalities. Users understand and accept that they are solely responsible for the use and access to their Fastex Account and the Exchange, as well as for any information they submit to Fastex.
7.4 Users must at all times:
7.4.1 minimise the risk of error in relation to Orders submitted to or Transactions executed on or through the Exchange;
7.4.2 accept responsibility for all Orders, Transactions and other actions taken by it;
7.4.3 refrain from engaging in any kind of Market Manipulation; and
7.4.4 ensure that their conduct on the Exchange ensures ongoing compliance with, and prevent breaches of, these Rules, the Terms of Use and Applicable Laws.
7.5 Each User represents and warrants that it will, on an ongoing basis:
7.5.1 place Orders in a responsible manner;
7.5.2 continue to comply with the Eligibility Criteria;
7.5.3 act in a responsible and fair manner; and
7.5.4 not engage in Market Abuse including any behaviour which:
(a) results, or is likely to result in, the creation of, or is intended or designed to create, a false or misleading impression as to the market in or price, demand or supply of any Virtual Asset, or results in a Transaction in, or induces the purchase or sale of, any Virtual Asset by means of any manipulative, deceptive or other fraudulent device or contrivance which is prohibited by regulations on Market Abuse or Applicable Law;
(b) could adversely affect fair and orderly trading on the Exchange, including by:
(i) causing or entering into artificial transactions on the Exchange;
(ii) disseminating any information likely to affect or distort the market in or price of any Tradeable Assets and/ or the Exchange;
(c) results or is likely to result in Market Manipulation;
(d) results in Insider Dealing;
(e) results in any false or misleading representations or statements to Fastex;
(f) causes or contributes to a breach of the Rules by another User; or
(g) is likely to bring Fastex into disrepute.
7.6 Fastex shall have the right and/or powers to issue, impose, require or collect, the disciplinary measures set out in Rule 14.5 if it considers that a User is in breach of, or is non-compliant with any of the provisions contained in this Rule 7.
8. Required Disclosures
8.1 Users must notify Fastex as soon as reasonably practicable after becoming aware of any of the following events in respect of the User:
8.1.1 Any breach of the Rules or any event, act or omission that may affect a User’s ability to comply with the Rules;
8.1.2 Any breach of the Rules or any event, act or omission which may impair a fair and orderly market on the Exchange;
8.1.3 Any event that may have a significant impact on the operation of the Exchange;
8.1.4 Any litigation or enforcement action that may impair a User’s ability to comply with the Rules;
8.1.5 Any loss, theft or compromising of the Access IDs; or
8.1.6 For a legal entity, any revocation, suspension or conditioning of any registration or license necessary to trade on the Exchange granted by any relevant regulatory authority, or occurrence of an event of insolvency, judicial management, receivership, administrative management, or any similar or analogous proceedings.
8.2 Failure of a User to notify Fastex in such circumstances will be considered a breach of the Rules by that User.
9. Placing An Order And Fees
9.1 Users may submit Orders by providing an Instruction. Users must, at a minimum, specify the following information when placing an Order:
9.1.1 the Trading Pair;
9.1.2 whether the User wishes to buy or sell;
9.1.3 the Order Type;
9.1.4 the Order value (denominated in Base Asset or Quote Asset); and
9.1.5 any additional parameters required for the relevant Order Type, as further described in section 10.2, or specified by Fastex from time to time.
9.2 Orders placed on the Exchange are subject to minimum Order size or frequency requirements, as provided in the Trading Specs. There may also be limitations in terms of number of open Orders that a User can place on the Exchange, as provided in the Trading Specs.
9.3 An Order must comply with:
9.3.1 any Transaction limits, minimum Order size and maximum number of open Orders;
9.3.2 the Trading Specs; and
9.3.3 any other requirements, filters or limits specified by Fastex or included in these Rules, whether such requirements, filters or limits apply at the level of individual users, certain Virtual Assets or at the level of the Exchange as a whole.
9.4 To submit an Order, Users must have available a balance in their Fastex Account sufficient to cover the total value of the Order and any applicable fees (as set out on the Fee Structure page available https://www.fastex.com/fees. Fastex may, in its sole and absolute discretion, update the fees at any time. Any updated fees will apply to any Transactions that occur following the effective time of the updated fees. The User authorises Fastex to deduct from its Account any applicable fees that it owes under these Rules or the Terms of Use.
9.5 An order may be rejected if:
9.5.1 Users do not have a sufficient balance in their Fastex Account;
9.5.2 Users’ Order does not comply with the requirements set out in the Trading Specs or these Rules;
9.5.3 Users’ Order has been otherwise rejected according to these Rules or the Terms of Use.
9.6 When Users submit their Order, the relevant quantity of the relevant Tradeable Asset will be locked in their Fastex Account until the Order is Matched, is cancelled or expires.
10. Types of Orders that May be Placed on the Exchange
10.1 Market Orders
10.1.1 A Market Order is not guaranteed to execute at a particular price.
10.1.2 To submit a Market Order, Users must specify the relevant Trading Pair, whether they want to buy or sell the Base Asset and the relevant quantity. Once a Market Order is Placed, it will be Matched, in whole or in part, with the best available Bid or Ask on the Order Book at the time. If the Size of the Bid or Ask at the top of the Order Book is not sufficient to Match the whole quantity of the Market Order, the remaining portion of the Market Order will be Matched successively with the next best Bid or Ask on the Order Book, until either (i) the whole Market Order has been filled, or (ii) there are no Bids or Asks available to Match with the remaining unfilled quantity of the Market Order and it expires. Therefore, the price at which a Market Order is filled depends on a number of factors, including in particular the liquidity and market depth of the Order Book at the time the Market Order is Placed.
10.2 Limit Orders
10.2.1 A Limit Order can be a Maker Order or a Taker Order.
10.2.2 To submit a Limit Order, Users must specify the relevant Trading Pair and the quantity of the Base Asset to be bought or sold, as well as the Limit Price. A Limit Order may only execute at the Limit Condition. Limit Orders are not assured to be filled.
10.2.3 When submitting a Limit Order, Users may also have the option to specify the TIF of the Limit Order, which may be GTC, IOC or FOK. The default setting is GTC, which will apply unless they specify a different TIF.
10.2.4 Once a GTC Limit Order is Placed, it will be Matched, in whole or in part, with the best available Bid or Ask on the Order Book that satisfies the Limit Condition, if any. If the Size of the best Bid or Ask that satisfies the Limit Condition is not sufficient to Match the whole quantity of the GTC Limit Order, the remaining portion of the GTC Limit Order will be Matched successively with the next best Bid or Ask on the Order Book that satisfies the Limit Condition (if any) until the whole quantity of the GTC Limit Order has been filled or no further Bids or Asks are available that satisfy the Limit Condition. Any portion of the GTC Limit Order that remains unfilled at this stage (the “End of the Taker Phase”) will be added to the Order Book as a Bid or Ask at the Limit Price and will become a Maker Order.
10.2.5 An IOC Limit Order operates like a GTC Limit Order, except that any portion of the IOC Limit Order that remains unfilled at the End of the Taker Phase shall be deemed expired and will not be added to the Order Book.
10.2.6 If a FOK Limit Order is Placed, it will only execute if there are Bids or Asks available that (i) satisfy the Limit Condition, and (ii) have a Size equal to or greater than the quantity of the FOK Limit Order. If no such Bids or Asks are available, the whole FOK Limit Order shall be deemed expired and will not be added to the Order Book.
10.3 Custom Orders
10.3.1 We may, at our sole and absolute discretion, make Custom Orders available on the Exchange and specify the exact requirements, parameters, restrictions, terms and conditions in regard to such Custom Orders.
10.3.2 A Custom Order can be a Maker Order or a Taker Order.
10.3.3 To submit a Stop Limit Order, Users must specify all the parameters relevant to a Limit Order, as well as the Stop Price.
10.3.4 To submit a Trailing Stop Order, Users must specify all the parameters relevant to a Limit Order, as well as the relative price movement in percentage terms from the maximum or minimum price Reached after the Trailing Stop Order is Activated that shall trigger the submission of the Limit Order (i.e. the Trailing Delta). Users may also specify the Activation Price.
10.3.5 To submit an OCO Order, Users must specify all the parameters relevant to a Limit Order, as well as all the parameters relevant to a Stop Limit Order. Both the Limit Order and the related Stop Limit Order constituting the OCO Order will be submitted together. If either the Limit Order or the Stop Limit Order is Matched or cancelled or expires, the other Order will be automatically cancelled.
11. Matching of Buying and Selling Interests & Cancellation of Orders
11.1 The Exchange automatically Matches Taker Orders with Maker Orders on the Order Book based on a predetermined set of rules.
11.2 A Taker Order will be Matched with the Maker Order with the best price on the relevant Order Book with Priority, if applicable, and, if only partially Matched with a Maker Order, will then be Matched with the next best Maker Order with Priority, if applicable. These steps will be repeated until the Taker Order is fully filled, expires or, in accordance with the rules for the relevant Order Type, the remaining unfilled portion of the Taker Order is added to the Order Book and becomes a Maker Order.
11.3 Users may only cancel an Order before it has been Matched. Once the Order has been Matched, Users may not change, revoke or cancel our authorisation to complete the Matched portion of the Order. For any partially Matched Order, Users may cancel the non-Matched part of the Order. Fastex reserves the right to reject any cancellation request related to an Order submitted.
12. Settlement
12.1 Once an Order is Matched, it will be Settled as soon as reasonably and commercially practicable, but in any event within twenty-four (24) hours of the Transaction being executed, subject to any factors outside of Fastex’s control, including but not limited to any limitations or malfunctioning of any relevant network not controlled by Fastex or Fastex Affiliates
12.2 Settlement is final and we will not reverse a Transaction unless:
12.2.1 Fastex is required to do so by Applicable Law;
12.2.2 Fastex is entitled to reverse the Transaction under these Rules;
12.2.3 the Order, Matching or Settlement, or any parameter relevant to the foregoing, was affected by a Manifest Error; or
12.2.4 The User has not complied with these Rules or the Terms of Use.
12.3 Acting at our own discretion, in the event of a reversal, we are only under an obligation to take reasonable and commercially practicable steps to return Users to the position they were in prior to Settlement, in the event of a reversal of a Settlement. For the avoidance of doubt, in no circumstances shall Fastex be liable for any indirect losses (including loss of profits, business or opportunities).
13. Pre-and Post-trade Transparency Requirements
13.1 Pre-trade transparency
13.1.1 Prior to initiating a Transaction, and for each Trading Pair, Fastex makes available on the trading screen of each User or via API, as close to real time as reasonably possible, where applicable, the best Bids and Asks on the Order Book and the relevant quantity;
13.2 Post-trade confirmation
13.2.1 Following the Matching of a Transaction, Fastex makes available on the trading screen of each User or via API, as close to real time as reasonably possible, where applicable, the most recent executed Transactions for the relevant Trading Pair (price, quantity).
13.3 Trade records
13.3.1 Fastex shall maintain a full audit trail of every Order submitted to the Exchange.
13.3.2 Fastex shall, upon instruction from any Competent Authority, provide to such Competent Authority information relating to any Order submitted to the Exchange in order to meet its obligations under Applicable Law.
13.3.3 Fastex shall record any information relevant to enable Fastex to meet applicable international tax reporting requirements or standards or for law enforcement purposes.
14. Measures to Maintain Market Integrity
14.1 Market controls
14.1.1 Fastex and Fastex Affiliates will, in order to facilitate compliance with its regulatory obligations, take all the necessary steps and action to ensure the trading systems:
(a) are resilient;
(b) have sufficient capacity to deal with peak order and message volumes;
(c) are able to ensure orderly trading under conditions of severe market stress;
(d) are fully tested to ensure such conditions are met; and
(e) are subject to effective business continuity arrangements to ensure continuity of the services provided by Fastex if there is any failure of the trading systems.
14.1.2 In order to facilitate compliance with its regulatory obligations, Fastex will take all necessary steps and action to:
(a) reject Orders that exceed predetermined volume and price thresholds or which Fastex reasonably determines constitute erroneous Orders;
(b) ensure the flow of Orders can be slowed down if there is a risk to the Exchange’s capacity being reached.
14.1.3 Fastex may also impose limits per User on the number of Orders sent per second in accordance with section 14.3.
14.1.4 Without limitation to its rights described in these Rules, Fastex may, in exceptional cases, cancel, vary or correct any Order and/or Transaction, and suspend or modify any of the Rules.
14.2 Market monitoring
14.2.1 Fastex will monitor the behaviour of Users in order to identify any infringement of these Rules, including but not limited to, disorderly trading conditions, Market Manipulation, Market Abuse or other conduct that may indicate behaviour that is prohibited under Applicable Law, including but not limited to the VARA regulations and compulsory rulebooks.
14.3 Trading and position limits
14.3.1 Fastex may, in its sole discretion, impose trading and position limits and position management controls and other controls to mitigate and manage its own liquidity, operational and other risks, at any time. As a result, Users acknowledge and agree that they may be prevented from submitting an Order or undertaking other steps at certain times if such actions would cause them to exceed an applicable limit, and that Fastex may apply filters to reject an Instruction submitted by a User that does not comply with any relevant limits or controls.
14.3.2 Fastex may monitor Users’ positions against the limits or controls imposed by Fastex. Any such limits imposed by Fastex are solely for its protection and Fastex will have no responsibility for monitoring or ensuring Users’ compliance with any limits imposed on their trading activities by them or by any applicable law.
14.3.3 Users agree to comply with any limits or controls imposed by Fastex under these Rules and not to take any actions that will cause them to violate any such limits or controls.
14.3.4 To ensure compliance with any Applicable Laws or any limits or controls set by Fastex under these Rules, Fastex may decline to act on Instructions and/or execute an Order. Fastex may also suspend Users’ use of the Exchange, require them to take certain steps, or take any other action that Fastex considers appropriate in the circumstances.
14.4 The use of discretionary power in the execution of certain Orders
14.4.1 Without limiting any other clause in these Rules or the Terms of Use generally, and without liability to Users, Fastex reserves the right, to (i) decline to process an Order or to suspend, cancel, reverse, void or partially execute an Order and (ii) not to match a specific User Order with other Orders available in the system at a particular time, in particular in the following circumstances:
(a) to comply with any Applicable Laws and regulations;
(b) in case of the suspicion that Orders have been placed for the purpose of Market Manipulation;
(c) in case of stressed market conditions; or
(d) to protect other Users’ and / or Fastex’s interests.
14.4.2 Fastex has the authority to determine which Virtual Assets are listed on the Exchange and may add or remove Virtual Assets from the Exchange in its sole discretion, from time to time. Fastex may also change rules in respect of order parameters, including the order size and tick size available, for each Virtual Asset. VARA may also suspend the trading of any Virtual Asset from such time as it may determine if there are reasonable grounds to do so.
14.5 Breaches of these Rules and disciplinary measures
14.5.1 Fastex may take any action it deems necessary or appropriate in the circumstances in order to: (i) ensure Users have not, and do not breach the Terms of Use, the Rules or the code of conduct contained herein; (ii) preserve the fair and orderly operation of the Exchange and; (iii) preserve the integrity of the Fastex Exchange.
14.5.2 In addition to temporary suspension or termination of participation, examples of such action include:
(a) warnings;
(b) reprimands;
(c) mandatory training;
(d) qualification minimums;
(e) remediation plans;
(f) compliance audits;
(g) restitution;
(h) contractually agreed penalties;
(i) cancellation of any Orders and any outstanding instructions from the User;
(j) closing, suspending or freezing the User’s Account;
(k) imposing any other conditions on trading including trading prohibitions or restrictions to trading and withdrawals;
(l) reporting the incident to the Competent Authority;
(m) criminal referrals to the Competent Authority for UAE criminal matters; and/or
(n) deleting any information published on the Exchange that is found to be in violation of the Rules or any Applicable Law.
14.5.3 Competent Authorities shall have authority to pursue such additional remedies or disciplinary measures against participants of the Exchange as they determine and may, in their sole and absolute discretion, delegate to Fastex the ability to enforce such additional remedies or disciplinary measures upon their written consent.
15. Virtual Assets Admitted to Trading on the Exchange
15.1.1 Fastex will only offer Virtual Asset Activities in connection with those Virtual Assets that the Exchange supports. Under no circumstances should Users attempt to use their Account to store, send, request, or receive unsupported Virtual Assets.
15.1.2 The Exchange takes all reasonable steps including, but not limited to, conducting due diligence to ensure all Virtual Assets listed on the Exchange meet its Virtual Asset Standards prior to, and at all times during, the provision of any Virtual Asset Activities.
15.1.3 The list of Tradeable Assets is provided in real time at the following link:_______.
15.1.4 This list may change at any time in accordance with our internal policies and procedures for listing and we will notify you as soon as possible of any changes.
15.1.5 Fastex may exclude certain categories of Virtual Assets that will not be admitted to trading on the Exchange if such Virtual Assets do not accord with its Virtual Asset Standards. VARA may also require the suspension of trading of any Virtual Asset with effect from such time as it may determine if there are reasonable grounds to suspect non-compliance with Part III of the VARA exchange services rulebook. If VARA has required the suspension of trading of any Virtual Asset, it may impose such conditions on the procedure for lifting the suspension as it considers appropriate.
16. Disputes, Governing Law, Jurisdiction And Arbitration
16.1 For the avoidance of doubt, clauses 30 to 34 (Complaints, Notice of claim, Agreement to arbitrate; Governing law; and Class action waiver) of the Terms of Use shall apply to any disputes or claims relating to, arising out of or in connection with these Broker-Dealer Terms, including your assent to these Broker-Dealer Terms.