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What are the Trading Rules?

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Himalaya Exchange Trading Rules

By agreeing to the Himalaya Exchange Terms and Conditions, Members also agree to abide by the following trading rules for the Himalaya Exchange (the “Trading Rules”). All capitalised terms not defined herein shall have the meaning ascribed to them in the Terms and Conditions, as applicable.

[Himalaya Exchange BVI Pty Ltd] operating as Himalaya Exchange provides spot purchase and sale of virtual assets (crypto currency) on a “many buyers and many sellers” basis through a central order book matching facility, known as Himalaya Markets.

Himalaya Markets consist of a set of limit order books that are accessed by Members through the Himalaya Exchange App and website and Himalaya Pay App platforms.

The following set of Trading Rules governs all Orders and Transactions on the platforms and will apply to a Member immediately upon the opening of an Account and/or immediately upon the Member's first request to Himalaya Exchange /Himalaya Pay t规则， utilize the Himalaya Exchange /Himalaya Pay Platform. The Trading Rules operate as a binding contract between Himalaya Exchange /Himalaya Pay and each Member, and between a Member and any other Member.

The terms in these Trading Rules may be amended, supplemented and/or replaced from time to time, in accordance with Clause 17.3 of the Terms and Conditions.

In the event that there is any conflict between these Trading Rules and any other statement whether written or oral made by Himalaya Exchange at any time (excluding the statements in the Terms and Conditions), the terms of these Trading Rules shall prevail. In the event there is any conflict between the terms of these Trading Rules and any of the Terms and Conditions, the terms of such Terms and Conditions shall prevail.

Except where these Trading Rules express to the contrary, the Trading Rules shall be construed in accordance with, and governed by, the laws of England and Wales.

  1. Trading on Himalaya Markets

1.1          Orders

  1. To place an Order on an Order Book, a Member must have an Available Balance of the relevant Asset in their Account which is sufficient to cover the total value of the Order plus any applicable fees.
  2. When a Member places an Order, that quantity of the relevant Asset becomes subject to a Hold.
  3. A Member can place an Order as either a Limit Order or a Market Order.
  4. A Member may cancel an Open Order at any time before it is Filled. No fees are charged for cancelled Orders.

1.2          Limit Orders

  1. A Limit Order is an Order to buy or sell a specified quantity of an Asset at a specified price.
  2. A Limit Order will be immediately posted to the Order Book and will only ever Fill at the specified price or a better price.

1.3          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 at the price specified. 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.
  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 favourable than the most recent trade price.
  4. A valid Market Order will be immediately posted to the Order Book.

1.4          Order Placement

(Taker Order) If an Order is placed in the Order Book at the same price as one or more existing Orders, it is a Taker Order which will result in an immediate Fill at that price, to the extent of the total quantity of those existing Orders.

(Maker Order) To the extent that an Order is placed in 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:

  1. it is cancelled by the Member; or
  2. it is completely Filled by one or more Taker Orders placed by another Member at the same price.

1.5          Order Minimums and Maximums

Himalaya Exchange may impose minimum and maximum order size requirements for each Trading Pair.  

1.6          Matching Engine and Order Priority

  1. Himalaya Exchange matches Taker Orders with Open Maker Orders on each Order Book based on Price-Time Priority. All Members on accessing Himalaya Markets are subject to the same Price-Time Priority.
  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.
  3. Taker Orders are matched with the best available existing Maker Orders. This means that a Limit Order placed outside the market (i.e. a sell Order below the highest existing buy Order, or a buy Order above the lowest existing Sell Order) will be Filled by the best available existing Order rather than an existing Order with the same price as the Limit Order.

1.7          Fills and Settlement

  1. When a Maker Order is matched with a Taker Order, those Orders are Filled. An Order may be matched with and Filled by one or more Orders at the same price.
  2. Himalaya Exchange settles all Filled Orders immediately, by debiting and crediting the relevant balances of Assets in both Members’ Accounts.

 

1.8          Trading Fees

  1. Himalaya Exchange and Himalaya Pay charge a fee for each Transaction ("Fee"). The applicable Fee is deducted from the Asset credited to the Member’s Account in settlement of the Transaction following the Filling of an Order. The current Fee rates are found in the FAQ section of the Himalaya Exchange website.
  2. Fees may differ between Members depending on a number of factors including types of Orders, types of assets traded, and trading volume.

1.9          Withdrawal Limits

Based on internal assessment of Member’s individual risk, Himalaya Exchange reserves the right to set withdrawal limits on Assets held by Members at any time.  Withdrawal limits will be shown in the Member’s Account page and in withdrawal pages.   

 

  1. Market Integrity

2.1          All trades are final.  Subject to Clause 2.2 below, all Fills are final, and no Member shall have the right to reverse or cancel any Transaction or Fill.

2.2          Reversal, cancellation, modification and/or disregard of trades

  1. Himalaya Exchange may, in its sole and absolute discretion, reverse, cancel, modify and/or disregard any Transaction, Fill or Order under any circumstance and for whatever reason or no reason whatsoever, including but not limited to where:
  2. Himalaya Exchange is compelled to do so by any applicable law or regulation, including but not limited to where Himalaya Exchange is required to suspend or terminate a Member’s Account;
  3. due to a technical error, Transactions, Orders, or Fills do not occur as specified in these Trading Rules;
  4. Orders placed by Members who, in our sole discretion, have engaged in abusive use of the platform, for example, Market Manipulation, or using the Himalaya Exchange APIs in a manner which unreasonably burdens the Himalaya Markets platform;
  5. Orders which involve an obvious error with respect to price, quantity, or other parameters – a "Clearly Erroneous Transaction". In determining whether a transaction is a Clearly Erroneous Transaction, Himalaya Exchange will take into account the circumstances at the time of the transaction, the need to preserve the integrity of the market, and the need to maintain a fair and orderly marketplace. The Member agrees and understands that if Himalaya Exchange determines a transaction to be a Clearly Erroneous Transaction, Himalaya Exchange may declare it null and void, in whole or in part, even if the Member and/or the other party do not agree to cancel or modify it; and/or
  6. for technical reasons or to maintain the proper functioning of the Himalaya Markets platform, it would be necessary to do so.

2.3          Under no circumstances shall Himalaya Exchange be responsible or liable for any direct or indirect losses (including loss of profits, business or opportunities), damages or costs suffered by any Member or any other person or entity, arising from or in connection with Himalaya Exchange 's decision to reverse, cancel, modify and/or disregard any Transaction, Fill, or Order.

 

  1. Access to Himalaya Markets Platform

3.1          All Members have equal access to the APIs and Web Interfaces. Himalaya Exchange does not provide prioritized access to any Member.

3.2          Himalaya Exchange 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 Member access to Himalaya Markets, restricting order types, cancelling open orders, or any other actions deemed to be in the best interest of the Exchange.

3.3          Interruptions

  1. If technical reasons prevent or degrade Members’ ability to place or cancel Orders, or prevent or degrade access to Himalaya Exchange APIs or the website or affect the operation of Order Books or matching engines, then Himalaya Exchange may, in its discretion, take one or more of the following actions in respect of one or more Order Books;
  • disable or suspend the depositing or withdrawing of Assets;
  • reverse, cancel, modify and/or disregard Open Orders;
  • disable or suspend the ability to place new Orders;
  • disable or suspend any entry into, completion and/or settlement of any Filled Orders, and/or Transactions;
  • disable or suspend sign-in;
  • disable or suspend the Himalaya Exchange APIs; and/or
  • disable or suspend access to the website
  1. If access to Himalaya Markets through the website is unavailable for 5 minutes or longer, Himalaya Exchange will move to Cancel-Only Mode as soon as possible.
  2. Himalaya Exchange is in Cancel-Only Mode, it will be restored to fully operational only after access through the website becomes available for at least 5 minutes and Himalaya Exchange deems is it safe to restore to full operation. Members will be notified via Himalaya Exchange website.

3.4          Flash Crashes and Circuit Breakers

The Himalaya Markets do not use circuit breakers or automated trading halts based on predetermined price bands. However, Himalaya Exchange may, in its discretion, halt trading based on the Trading Rules set out above.

 

  1. Market Manipulation and Misconduct Prohibited

4.1          Traders are prohibited from engaging in Market Manipulation or Misconduct, including the following:

  1. General Fraudulent Acts. Members shall not engage in any fraudulent act or engage or attempt to engage in any scheme to defraud, deceive or trick users of Himalaya Exchange, employees of Himalaya Exchange or the underlying software of Himalaya Exchange.
  2. Fictitious Transactions. Members shall not place any order with no intention to execute.
  3. Market Manipulation. Members shall not engage in any disruptive trading or manipulation of Himalaya Exchange. This includes orders placed for the purpose of generating volatility or creating a condition in which prices do not or will not reflect bona fide supply and demand.
  4. Violation of Applicable Laws and Regulations. Members shall not use the Exchange in a way that violates the laws and regulations applicable to the Providers and Himalaya Exchange.
  5. Misstatements. Users shall not make any misstatement of material fact to the Providers.
  6. Activities That Bring Disrepute upon the Providers. Users shall not access Himalaya Exchange website or use Himalaya Exchange in any way that could be expected to bring disrepute upon the Providers or Himalaya Exchange.
  7. Disclosing Orders. Members shall not disclose to any person, including, but not limited to, another market participant, any order placed by Member or any related party or any order placed by another person, including, but not limited to, another Member.
  8. Pre-Arranged Trades. Members shall not place any order on Himalaya Exchange that has been pre-arranged (or discussed with another Member prior to being placed on Himalaya Exchange) for the purpose of creating an artificial price, fictitious trade, or other disruptive, fraudulent, non-competitive, or unfair impact on the Himalaya Exchange or other Members.
  9. Wash Trades. Members, through one or more accounts owned by a Member or any related party, shall not place or accept buy and sell orders at the same price, where the Member or any related party knows that the purpose of the orders is to artificially create the appearance of activity (transactions commonly known as wash trades).
  10. Money Passes. Members shall not pre-arrange the execution of transactions on Himalaya Exchange for the purpose of passing money between accounts.
  11. Accommodation Trading. Members shall not enter into transactions on Himalaya Exchange for the purpose of assisting another person to engage in transactions that are in violation of these Trading Rules or any applicable laws and regulations.
  12. Insider Dealing. Members shall not take a position based upon non-public information regarding an impending transaction by another Member.
  13. Disruptive Practices. Members shall not engage in any trading, practice or conduct on Himalaya Exchange that: (i) demonstrates intentional or reckless disregard for the orderly execution of transactions or (ii) involves spoofing (bidding or offering with the intent to cancel the bid or offer before execution). For example, using the API in a manner which unreasonably burdens the platform.
  14. Abusive or Threatening Behaviour. Members shall not engage in any conduct that threatens, harasses, coerces, intimidates or otherwise attempts to improperly influence another Member or any other person.

4.2          Violations

  1. If we suspect a Member has violated the above Market Manipulation and Misconduct provisions, we will give a written notice of such suspected violation, including the general nature of the activity observed.
  2. Member will have the right to submit within ten (10) calendar days from the date of notification, a written explanation to Himalaya Exchange as to why no disciplinary action should be taken. Members are obligated to respond in writing to any queries from us within the time period for response set forth therein and to furnish documents and other information in connection with any investigation initiated under these Rules. Following the conclusion of the investigation, we will make a determination, in our sole discretion, as to whether the Member’s conduct violated the Rules. If a Member is found to have violated our Rules, in addition to terminating their Account, we may notify any regulators, self-regulatory organizations, including any organizations with which we share market data, and law enforcement of the activity, including the Member’s identity.
  3. Scheduled Downtime

5.1. From time to time, Himalaya Exchange may suspend trading temporarily for maintenance or upgrades. Himalaya Exchange will use all reasonable efforts to close and reopen trading as follows:

Step 1: Announce Scheduled Downtime

Step 2: Scheduled Downtime Begins

Step 3: Immediately after Scheduled Downtime is completed, all Order Books to enter into Cancel-only Mode

 

  1. Approval of Market Makers

6.1          A corporation may be approved by Himalaya Exchange as a Market Maker, in which case the corporation shall execute a Market Maker Agreement in such form and content prescribed by Himalaya Exchange.

6.2.         Obligations of a Market Maker

6.2.1 The Market Maker shall comply with this set of Trading Rules.

6.2.2 The Market Maker shall continually, or upon demand, place two-way quotes in all Digital Assets covered by its Market Maker obligations:

(a) on a continuous basis or in such manner as Himalaya Exchange specifies in the relevant Market Maker Agreement to provide for an adequately liquid market;

(b) within the maximum spread that Himalaya Exchange specifies in the relevant Market Maker Agreement;

(c) for not less than the minimum quantity that Himalaya Exchange specifies in the relevant Market Maker Agreement; and

(d) in accordance with such other requirements or specifications as Himalaya Exchange may from time to time impose in the relevant Market Maker Agreement.

6.2.3 Himalaya Exchange may grant exemptions from the Market Maker obligations for a limited period of time in exceptional circumstances for a specific or all Market Makers in one or several Digital Assets. Himalaya Exchange will use reasonable efforts to make public the occurrence of exceptional circumstances as soon as reasonably possible when it has become aware of such occurrence. It shall also make public the resumption of normal trading after such exceptional circumstances have ceased to exist.

6.3 Himalaya Exchange may modify, suspend or terminate the activities of the Market Maker where extreme market conditions arise. In such an event, BAM would issue a general notice to all Traders.

 

  1. Definitions

Account means an account of a Member opened and maintained with Himalaya Exchange for purposes of procuring any services provided by Himalaya Exchange or Himalaya Pay.

API means application programming interface.

Asset means a Digital Asset or fiat currency.

Available Balance means a Member’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 HCN/HDO Order Book, HCN is the Base Asset and HDO is the Quote Asset.

Cancel-only Mode means that Members cannot place new Orders. Members are able to cancel open Orders. No Orders will be filled.

Digital Asset means a blockchain-based digital currency, app coin or protocol token which is offered for trading on Himalaya Markets.

Fill means a match of two Orders. Also referred to as an execution.

Hold means the setting aside of Assets allocated to an Order.

Limit Order means an Order to buy or sell a specified quantity of an Asset at a specified price.

Market Order means an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book.

Market Maker means a person who on an organized, continuous and systematic basis enters into Transactions in Digital Assets on Himalaya Markets for its own account and thereby create a market for such Digital Assets.

Member means each customer who registered as a user of Himalaya Exchange or Himalaya Pay.

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 placed but not Filled, cancelled, or expired

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 HCN/HDO Order Book, HCN is the Base Asset and HDO 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 Member’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.

Trading Pair means each pair of a Base Asset and a Quote Asset offered on Himalaya Exchange

Transaction means any sale, purchase or other transaction in such Digital Asset(s) or such other asset(s) or product(s) as BAM may from time to time permit to be carried out on the BAM Platform.

 

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