APX.HK Platform Trading Rules
【Updated as at 15 June 2020】
APX.HK is a virtual asset platform owned by HKSTOX Limited incorporated under the laws of Hong Kong Special Administrative Region of the People’s Republic of China (hereinafter referred to as “APX.HK”, “us”, “we”, or the “Company”) ，Use of the APX.HK platform (the “platform”) and the virtual asset services offered on the platform are governed by the terms contained in this trading rules.
1. Trading on APX.HK
HKSTOX Limited operates a centralized limit order book trading platform and settles trades in several virtual assets and fiat currency trading pairs. Each user’s account will list which order books are available to the trader.
1.2.1 To place an order on an order book, user must have an available balance of the relevant asset in their account which is sufficient to cover the total value of the order and any applicable fees.
1.2.2 When user places an order, that quantity of the relevant asset will be on hold.
1.2.3 User can only place limit order.
1.2.4 User may cancel any open order any time before it is filled. No fees are charged for canceled order.
1.3 Limit Orders
1.3.1 A limit order is an order to buy or sell a specified quantity of an asset at a specified price.
1.3.2 A limit order will only ever fill at the specified price or a better price.
1.4 Order Minimums / Maximums
1.4.1 All orders placed on APX.HK platform are subject to the minimum and maximum order size requirements listed as below:
Minimum quantity of an order: 0.001
Maximum quantity of an order: 600
Minimum quantity of an order: 0.00006
Maximum quantity of an order: 12
1.4.2 Updating minimum and maximum orders
HKSTOX Limited will periodically update the system parameters of minimum and maximum orders to reflect the current state of our marketplace and the notional value of the assets.
1.5 Matching Engine and Order Priority
1.5.1 APX.HK platform matches taker orders with open maker orders on each order book on Price-Time Priority based.
1.5.2 Price-Time Priority means that each time a taker order is posted: The taker order is matched with the earliest in time maker order at the best price on the order book; and to the extent that the taker order is not completely filled by that maker order, it is matched with any subsequent maker orders at that price, in the sequence those maker orders were posted; and to the extent that the taker order is not completely filled by one or more maker orders described above, it is matched with one or more maker orders at the next best price, in the sequence those maker orders were posted, and this process is repeated until the taker order is completely filled.
1.5.3 All users on accessing APX.HK platform are subject to the same Price-Time Priority.
1.5.4 An Order may be matched with several corresponding orders at the same price.
1.5.5 Taker orders are matched with the best available existing maker orders. For example, a sell order placed below the highest buy order in the market, or a buy order placed above the lowest sell order in the market, will be filled by the best available order.
1.6 Trade and Settlement
1.6.1 Order may be matched with and filled by one or more orders at the same price.
1.6.2 All filled orders are settled in APX.HK platform immediately, by debiting and crediting the relevant balances of assets in both users’ accounts.
1.7 Trading Fees
1.7.1 HKSTOX Limited charge a maker fee for each maker order and a taker fee for each taker order that is filled. The fee is charged in the base asset and is calculated as a percentage of the order quantity.
1.7.2 A fee is charged by debiting the user’s filled order balance for the fee at the time that the order is filled.
1.7.3 If an order is filled partially as a maker order and partially as a taker order, a maker fee applies to the portion filled as a maker order and a taker fee applies to the portion filled as a taker order.
1.7.4 The current fee rates list as below:
Base Fee: Taker 0.2% / Maker 0%
2. Market Integrity
2.1 All trades are final
2.1.1 All fills are final and will not be reversed unless:
- HKSTOX Limited is compelled to do so by any applicable law or regulation; or
- Due to a serious technical error, orders or fills specifically violate in these trading rules - in which case, HKSTOX Limited will make all reasonable efforts to restore all users to the position they would have been in had the error not occurred.
2.1.2 HKSTOX Limited may cancel open orders in the following circumstances:
- Orders placed by users who, in our sole discretion, have engaged in abusive use of the platform, for example, market manipulation, or using the API in a manner which unreasonably burdens the platform.
- Orders which under the circumstances involve an obvious error with respect to price, quantity, or other parameters - a ‘clearly erroneous transaction’.
- If required by any applicable law or regulation, including specifically where HKSTOX Limited is required to suspend or terminate a user’s account.
2.2 Access to APX.HK Platform
2.2.1 All users have equal access to the platform. HKSTOX Limited does not provide prioritized access to any user.
2.2.2 HKSTOX Limited has the authority to take any action deemed appropriate to preserve market integrity. Such actions include, but are not limited to, the halting of trading, modifying risk-mitigating parameters, restricting user access to APX.HK Platform, restricting order types to post-only or limit only, canceling orders resting in the order book, or any other actions deemed to be in the best interest of the trading platform.
2.3.1 For any technical reasons which prevent or degrade users’ ability to place or cancel orders, or prevent or degrade access to APX.HK platform or affect the operation of APX.HK platform, then HKSTOX Limited may, in its discretion, take one or more of the following actions in respect of one or more order books;
- Temporarily disable depositing or withdrawing Assets.
- Cancel open orders.
- Disable the ability to place new orders.
- Disable sign-in of the user.
- Disable the API function.
- Disable access to the Web Interface.
2.4 Self-Trade Prevention
2.4.1 Users are not able to place an order which would result in self-execution. For example, where the same user would act as both the maker and taker for the trade.
2.4.2 If two orders of the same quantity would result in self-execution, both orders are canceled.
2.4.3 If two orders of different quantities would result in self-execution, the smaller order is canceled and the larger order is decremented by an amount equivalent to the smaller quantity. The remainder of the larger order remains working.
2.5 Flash Crashes and Circuit Breakers
2.5.1 HKSTOX Limited does not apply circuit breakers or automated trading halts based on predetermined price bands on the APX.HK platform.
2.6 Market Manipulation Prohibited
2.6.1 Users are prohibited from engaging in any activities of market manipulation.
2.6.2 Market Manipulation is defined as actions taken by any market participant or a person acting in concert with a participant which are intended to:
- Deceive or mislead other users;
- Artificially control or manipulate the price or trading volume of an asset; or
- Aid, abet, enable, finance, support, or endorse either of the above. This may include actions on and/or outside of APX.HK platform.
2.6.3 Market manipulation specifically includes, without limitation: front-running, wash trading, spoofing, layering and churning.
3. Access to Information
3.1 All users have full and equal real-time access to the market data of the APX.HK platform.
4. HKSTOX Limited Employee Access to the APX.HK Platform
4.1 HKSTOX Limited prohibit all its employees from using insider information to trade virtual assets.
4.2 HKSTOX Employees need to meet the same assessment of Professional Investors when trading on the APX.HK platform, meanwhile is compliant with Staff Dealing Policy.
In these trading rules of HKSTOX Limited, the following words and phrases have the corresponding meanings.
- Account means a user’s trading account on APX.HK platform.
- Asset means a virtual asset or fiat currency.
- Available Balance means a user’s total asset value less any amounts held for open orders and fees.
- 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.
- Virtual Asset means a blockchain-based virtual currency, platform coin or protocol token which is offered for trading on HKSTOX Limited.
- Fiat Currency means a government-issued currency.
- Fill means a match of two orders. It also referred to as an execution.
- Full Trading Mode means normal operation of APX.HK platform. Users can place limit orders and cancel orders.
- Limit Order means an Order to buy or sell a specified quantity of an Asset at a specified price.
- Maker Order means an order that is posted to the order book at a different price (and less favorable) price to the best available existing orders. A maker order will remain open until it is canceled by the trader or it is filled by one or more taker orders placed by another trader.
- Taker Order means an order that is posted to the order book at the same price (or a better price than) the best available existing orders. A taker order will result in an immediate fill at that price, to the extent of the total quantity of those existing orders.
- Order means an instruction to buy or sell a specified quantity of the Base Asset at a specified price in the quote asset.
- Order Book means each order book on which orders are placed for trading in a trading pair.
- Open Order means a maker order which has been posted but not filled, canceled, or expired.
- Price-Time Priority means that earlier in time orders have priority over later orders.
- 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.
- Scheduled Downtime means a planned temporary outage for maintenance or upgrades.
- 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.
- User means each customer trading on APX.HK platform.
- Trading Pair means each pair of a Base Asset and a Quote Asset offered on APX.HK platform.
- Web Interface means the information or user interface is available on www.apx.hk