Definitions

Definitions


Accepted Virtual Asset	The Virtual Assets permitted by the FSRA to be traded on the MTF, details of which are published on the Platform;
Account	In relation to each User the account set up in that User's name for use in relation to the MTF, created when a Person's application for access to and use of the MTF is granted. Each User's Account may have the following subaccounts: (a) a fiat currency sub-account that reflects the User's Fiat Currency balance; and (b) a virtual asset sub-account that reflects the User's Accepted Virtual Asset balance.
ADGM	Abu Dhabi Global Market
Applicable Law	All laws, regulations, and rules of the ADGM.
Applicant	A person apply for MTF User access to the MTF in accordance with MTF Rule 2
Available Balance	The total amount of Accepted Virtual Assets and/or Fiat Currency that is available on the Client’s Account on the MTF, excluding any amounts blocked for open Order(s) and any Fees applicable to the Execution of open Order(s) or Withdrawals;
Average Price	the average price a Virtual Asset has been traded at during a trading session by a user;
Authorised Representative	A natural person designated by an Entity for the purposes of MTF Rule 2.4
Best Ask	The lowest offer price quoted by a seller of a Virtual Asset;
Best Bid	The highest buy price quoted by a buyer of a Virtual Asset;
Body Corporate	Any body corporate, including limited liability partnership including any body corporate constituted under the law of a country or territory outside of the ADGM;
Client Agreement	An agreement between MidChains and a User which is made or entered into in accordance with COBS 3.3;
Closed (as an MTF status)	This is the trading state where Orders cannot be entered or cancelled by MTF Users;
Client	You and any other Person (s) to whom MidChains provides services to.
Close Price	The last traded price for a trading pair at the End of Day in the MidChains Platform;
COBS	The FSRA Conduct of Business Rulebook (as amended, replaced or republished from time to time);
Complaints Handling Procedure and Appeal Procedure	MidChains' complaints handling and appeal procedure published on and accessible via the Platform;
Default	Any circumstances in which a User is unable to fulfil its obligations in respect of one or more Order(s) or generally in respect of these MTF Rules, or appears to be or to be likely to become so unable;
Defaulter	Any User declared to be in default in accordance with MTF Rule 19.1;
Default Rules	The provisions set out in MTF Rule 19;
Deposit	An operation involving a transfer of Funds into the Account;
Downtime	Any scheduled or unscheduled period during which the MTF is inaccessible or any material functionality of the MTF does not function as normal;
End of Day	The end of any trading session during which the MTF is open for Transactions [ and where the MTF is in continuous operation in accordance with MTF Rule 4.1 means 23.59pm on any day or in respect of any Accepted Virtual Asset the time at which trading in that Accepted Virtual Asset closes on any day;
Entity	Any Person other than a natural person;
Error Trade	(a) a Transaction which has been Executed at a price which is substantially inconsistent with the prevailing market levels for a component of that Transaction at the time of Execution and which reasonably appears to MidChains to have been entered in error; (b) a Transaction which has been Executed in a volume or notional amount, which is substantially different to the normal trading size of a component of that Transaction, and which reasonably appears MidChains to have been entered in error; or (c) a Transaction which has been Executed on other terms which reasonably appear to MidChains to be entered in error or would otherwise be deemed to be detrimental to a fair and orderly market;
Execute or “Executed” or “Execution”	The act of effecting a Transaction;
Funds	The amount of Fiat Currency and Accepted Virtual Assets in your Account and available for use in Transactions;
Fees	Transaction fees, costs and charges published on the Platform and payable to MidChains in relation to your access to and use of the MTF;
Fiat Currency	Government issued currency that is designated as legal tender in its country of issuance through government decree, regulation or law;
Force Majeure	Any circumstances not within a party's reasonable control, including fire, storm, flood, earthquake, explosion, accident, acts of war, rebellion, insurrection, sabotage, epidemic, quarantine restriction, labour dispute, labour shortage, power shortage including without limitation loss of access to the internet for whatever reason, server crashes, deletion, corruption, loss or removal of data, transportation embargo, failure or delay in transportation, any act or omission (including laws, regulations, disapprovals or failures to approve) of any government, government agency or regulatory authority;
Former User	A Person whose access to and right to use the MTF have been terminated;
FSMR	The Financial Services and Markets Regulations 2015 published by FSRA, and as amended, replaced or republished from time to time;
FSRA	Abu Dhabi Global Market Financial Services Regulations Authority
Halt	A trading stoppage on the MTF implemented for minimum of 3 minutes to a maximum of 3 hours in respect of one or more Accepted Virtual Assets;
High	The highest price at which a Virtual Asset has been traded for during a trading session.
Imbalance	the quantity of orders placed during Pre-open session that will not be matched at the opening price
Limit Order	An Order to buy or sell an Accepted Virtual Asset at a specific price or better. A buy limit Order can only be Executed at the specified limit price or lower price, and a sell limit Order can only be Executed at the specified limit price or higher price;
Low	The lowest price at which a Virtual Asset has been traded for during a trading session.
Maker Fee	A fee charged on trades that provide liquidity on the Order Book.
Maker Order	An Order that provides liquidity for the Order Book and may be Executed against in the future;
Market Abuse	Has the meaning set out in FSMR;
Market Order	An Order to buy or sell an Accepted Virtual Asset immediately. This type of Order guarantees that the order will be Executed if there is liquidity, but does not guarantee the Execution price;
Market Manipulation	Has the meaning set out in FSMR;
MTF	The multilateral trading facility operated by MidChains;
MTF Rules	The rules applicable to operation of the MTF, as updated from time to time, and available via the Platform;
MTF User	Any Applicant granted a right of access to and use of the MRF, whose access or use has not been terminated;
Onboarding Procedures	MidChains' online application and registration procedures available via the Platform;
Open (as an MTF status)	This is the continuous trading state where Orders can be entered, Executed and cancelled;
Open & Auction	Indicates the opening price level that allows the maximum tradable quantities of a Virtual Asset to be traded, determined by buy and sell orders placed by users during the Pre-open session.
Open Order	An Order which remains to be Matched and Executed;
Opening Price	The Opening Price is the price at which a trading pair first trades upon the opening of the Platform on a trading day.
Order	An order to buy or sell a quantity of an Accepted Virtual Asset;
Order Book	A facility operated by the MTF for the electronic submission and recording of Orders, by price-time priority;
Person	Includes any natural person, Body Corporate or body unincorporated, including an Entity, company, partnership, unincorporated association, government or state;
Platform	MidChains' user interface providing Users with access to the MTF and includes the publicly accessible website [INSERT URL] (the “Website”) and or the API [INSERT URL] (the "API")as well as any other medium for provision of services by MidChains and any online communication tool operated within the Platform for notification to MTF Users and/or the public and for management of MTF User information;
Position	A User's market commitment or exposure in relation to the MTF.
Pre-Open (as an MTF session)	This is the Order accumulation period during which all Orders entered by Users are automatically recorded in the Order Book without being executed, and Orders can be cancelled;
Protected Parties	MidChains, its affiliates, directors, officers, employees, and agents;
Protocol	Basic sets of rules that establish the structure of the blockchain allowing data to be shared between computers.
Services	The provision by MidChains of access to and use of the MTF and/or Custody Service;
Spread	The difference between the best ask and best bid prices quoted on the Order Book for a trading pair.
Stop Order	An Order to buy or sell an Accepted Virtual Asset once the price of the Accepted Virtual Asset reaches a specified price, known as the stop price. When the stop price is reached, a stop order becomes a Market Order;
Suspension	A Halt on the MTF implemented for a period of more than 3 hours in respect of one or more Accepted Virtual Assets;
Taker Fee	A fee charged on trades that take liquidity off the Order Book.
Taker Order	An Order that consumes liquidity by executing against another Order within the Order Book;
Trade	the Matching and Execution of Orders on the MTF
Trading (as an MTF session)	This is the continuous period where Orders can be entered by Users, Executed, and any Open Order could be cancelled;
Trade History	A display of all records of executed Orders by the amount of Virtual Asset executed at its execution price and the time of execution as of the Opening of the MTF.
Transaction	A trade effected through the MTF and resulting from a validly placed Order;
User	Any Person granted a right of access to and use of the MTF, and whose access or use has not been terminated;
Virtual Asset	A digital representation of value that can be digitally traded and functions as (1) a medium of exchange; and/or (2) a unit of account; and/or (3) a store of value, but does not have legal tender status in any jurisdiction;
Virtual Asset Wallet	An encrypted digital storage of a particular Virtual Asset.
Volume	the total number of Virtual Assets traded on the MTF for a trading pair;
Withdrawal	An operation involving a transfer of Funds from the Account;
Withheld Balance	The amount of Accepted Virtual Assets (and/or Fiat Currency) that is currently unavailable when a User places an Order within the Order Book. The Withheld balance will include any amounts blocked reflecting open Order(s) and any Fees applicable to the Execution of open Order(s) and Withdrawal(s).
% Change	the price difference between the current price and Close Price expressed as a percentage.

Type	represents the various Order forms that can be placed on the MTF
Limit Order	A limit order is an order to buy or sell a security at a specific price or better
Market Order	A market order is an order to buy or sell an Accepted Virtual Asset immediately. This type of order guarantees that the order will be executed but does not guarantee the execution price
Post only Limit Order	Post-Only Order is used by traders who would like to ensure that they could receive a maker rebate when this limit order is filled. In other words, this order can only be placed if it will enter the Order Book, rather than be executed immediately.
Stop order	A stop order is an order to buy or sell an Accepted Virtual Asset once the price of the Virtual Asset reaches the specified price, known as the stop price. When the stop price is reached, a stop order becomes a limit order
BTCUSD	Bitcoin/USD pair
BCHUSD	Bitcoin Cash/USD pair
ETHUSD	Ethereum/USD pair
LTCUSD	Litecoin/USD pair
DOGEUSD	Dogecoin/USD pair
LINKUSD	(Chainlink) LINK/USD pair
MATICUSD	(Polygon) MATIC/USD pair
USDCUSD	USDC Coin/ USD pair
AAVEUSD	AAVE/USD pair
BATUSD	BAT/USD pair
BNTUSD	BNT/USD pair
ENJUSD	ENJ/USD pair
CRVUSD	CRV/USD pair
MANAUSD	MANA/USD pair
ZRXUSD	ZRX/USD pair
COMPUSD	COMP/USD pair
CHZUSD	CHZ/USD pair
TIF	Time in force represents the duration of the order.
GTC	Good ’til canceled (GTC) describes a type of order that a trader may place to buy or sell a security that remains active until either the order is filled, or the trader cancels it.
IOC	An immediate or cancel order (IOC) is an order to buy or sell a security that attempts to execute immediately and then cancels any unfilled portion of the order. An IOC order is one of several "duration", or time in force orders, that investors can use to specify how long the order remains active in the market and under what conditions the order is canceled.
GTT	Good till Time (GTT) order allows you to place an order which is sent to the exchange only when the price condition is met.
FOK	A Fill or Kill (FOK) order is an order to buy or sell a stock that must be executed in full or otherwise cancelled.
Cryptocurrency	Is an internet-based medium of exchange which uses cryptographical functions to conduct financial transactions.