Order Execution Policy
This Policy describes our exchange order execution process from origination to execution, including the venues we use and how different factors affect it, so we can get the best results when executing your Orders. Terms and expressions are defined in our Client Agreement or in general business practices unless otherwise stated. Commercial assets are risky and are not for everyone. Trade with us only if you understand the transaction and your potential loss. This should fit your circumstances, financial resources, and investment goals. If in doubt, seek independent advice. You trade at your own risk.
We execute your order on the Cashship Exchange or other Liquidity Facility. We place your Cashship Exchange orders. Buy-side and sell-side traders receive exchange quality execution from Cashship Exchange. Cashship Exchange is our main execution venue.
III. EXECUTION OF ORDERS
We execute a Back-to-Back Order on Cashship Exchange or another Liquidity Facility for each Order you place with us. We are the only counterparty to your trades and place Orders as principal. We will trade your Account at the same price and size when our Back to Back Order matches.
Pricing. We trade at Cashship Exchange or other liquidity pool prices. Due to order book amounts, execution speed, and connectivity, Back to Back order prices may differ from those displayed when you place your Order to trade with us.
Back-to-back orders on other liquidity pools to ensure fair and orderly trading when the cash exchange cannot. Only one liquidity provider with consistent and reliable historical prices will execute a Back to Back order. All trades will be executed on a firm liquidity basis without a final review.
The execution factors we consider when executing your orders and their relative importance are as follows:
Price – Highest Importance:
The prices you receive are determined by the best bid and ask orders placed by other market participants. Our prices are based on the Cashship Exchange and may vary from those of other exchanges. An Order placed with us for a specific size may result in a series
of trades being executed on the Cashship Exchange (or a Liquidity Pool) in order to complete the Order in full or in part. In such case, the prices you receive from us will depend on the Cashship Exchange's (or Liquidity Pools') liquidity at the time the relevant portion of our trade is executed, and prices may vary for each executed trade. In the case of limit orders, the execution price will equal or exceed the price specified in your instruction. In the case of market orders and stop market orders, the execution price you receive will be the best available at the time our Back to Back Order is executed in part or in its entirety on the Cashship Exchange (or other Liquidity Facility). This may be higher or lower than the Cashship Exchange (or a liquidity fund) price at the time your order is placed.
Speed, Consistency, and Probability of Execution – High Importance
We accept orders via the WebGUI or software trading tools (API). We may reject your Order, however, if you have enough funds in your Account, and you are not in breach of our Terms of Business, and it is possible to execute such Order, we will typically do so. Your Order can be executed depending on its size and the liquidity of the Digital Currency Deliverable Contracts you would like to trade.
We may restrict Order submissions. Please visit our website for further details. Before trading with us, learn how to protect yourself with order submission restrictions, as they may affect your trading strategy.
Insufficient liquidity in the Deliverable Digital Currency Contracts you want to trade may prevent us from executing your Order. If this occurs, the following situation shall apply: Limit order quantities remain on the Order Book until cancelled (limit orders are "good until cancelled" or "GTC" on Cashship Exchange).
Limit Orders and Amount Available for Trading – Medium importance:
Minimum order sizes for Deliverable Digital Currency Contracts have restrictions. Our opening order restrictions apply. We set minimum order sizes for Deliverable Digital Currency Contracts based on market conditions. Instrument Information on the website lists our current minimum order sizes. Further, our ability to complete your Order depends on our Back-to-Back Order.
Cost - Low importance:
Each Account trade incurs a commission fee. We execute your trade at the Cashship Exchange price, so there is no spread charge (Liquidity Pool). The Cashship Exchange or another Liquidity Pool will fill your order for the same commission. Commission does not affect whether Cashship Exchange or another liquidity pool completes orders. When making decisions to execute your Orders, we will endeavor to adhere to this Policy.
Any significant modifications to our order execution agreements or this Policy will be communicated via any durable medium or by posting an updated version of this Policy on our website. If you engage in business with us, you automatically agree to the terms of this Policy.