Product
Traded XBT Pairs
XBT is traded against all cash currencies in which BlockSettle can offer settlement, currently EUR, GBP, PLN and CAD.
Pricing
Pricing represents the exchange rate between the base currency (XBT) and the quote currency.
Price Discovery
Request for Quote (RFQ)
Negotiation Process
The negotiation process on the platform is initiated by entry of a non-binding RFQ from a requester.
In response to an RFQ, approved dealing participants may submit, modify or cancel non-binding responsive quotes during a 30 second responsive period.
At the conclusion of the responsive period, a 30 second Pay-Out Settlement Execution period commences. Once the Pay-Out transaction has been signed and delivered to the XBT seller, there is a 30 second Pay-In Settlement Execution period.
Once the Pay-In transaction has been signed, it is sent to BlockSettle for network broadcast.
Order Validation
Orders are validated against cash deposited with the service. XBT orders are based on provable delivery capacity.
Settlement
Book-entry settlement of the cash balance on the on-chain settlement transaction is mined six (6) blocks deep.
Dealing Eligibility
Reserved for Dealing Participants.
End of Day Pricing
00:00 UTC
Quote Schedule
| RFQ SUBMISSION | 00:00.00 |
| RESPONSIVE QUOTE PERIOD | 00:00.01 – 00:30.00 |
| PAY-OUT SETTLEMENT EXECUTION | 00:30.01 – 01:00.00 |
| PAY-IN SETTLEMENT EXECUTION | 01:00.01 – 01:30:00 |
| NETWORK BROADCAST | 01:30:01 |
| PAY-IN SETTLEMENT EXECUTION | SIX (6) BLOCKCHAIN CONFIRMATIONS |
Specifications
| Currencies traded | XBT, EUR, GBP, PLN, CAD |
| Matching Model | Request-for-Quote |
| Base Currency | XBT |
| Quote Currency | EUR, GBP, PLN, CAD |
| Base Currency Lot Size | 0.00000001 |
| Quote Currency Lot Size | 0.01 |
| Minimum Lot size | 0.01 |
| Order Priority | Price - Time |
| XBT Collateral Requirements | None |
| Cash Collateral Requirements | Pre-funded cash balances |
| Trading Schedule | 24 / 7 / 365 |
| XBT Settlement | Physical Delivery, Pay-In / Pay-Out |
| Cash Settlement | Book-entry settlement upon settlement finality |
| Settlement Finality | Six (6) blockchain confirmations |
Quote Schedule
| RFQ SUBMISSION | 00:00.00 |
| RESPONSIVE QUOTE PERIOD | 00:00.01 – 00:30.00 |
| PAY-OUT SETTLEMENT EXECUTION | 00:30.01 – 01:00.00 |
| PAY-IN SETTLEMENT EXECUTION | 01:00.01 – 01:30:00 |
| NETWORK BROADCAST | 01:30:01 |
| PAY-IN SETTLEMENT EXECUTION | SIX (6) BLOCKCHAIN CONFIRMATIONS |