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 SUBMISSION00:00.00
RESPONSIVE QUOTE PERIOD00:00.01 – 00:30.00
PAY-OUT SETTLEMENT EXECUTION00:30.01 – 01:00.00
PAY-IN SETTLEMENT EXECUTION01:00.01 – 01:30:00
NETWORK BROADCAST01:30:01
PAY-IN SETTLEMENT EXECUTIONSIX (6) BLOCKCHAIN CONFIRMATIONS

Specifications

Currencies tradedXBT, EUR, GBP, PLN, CAD
Matching ModelRequest-for-Quote
Base CurrencyXBT
Quote CurrencyEUR, GBP, PLN, CAD
Base Currency Lot Size0.00000001
Quote Currency Lot Size0.01
Minimum Lot size0.01
Order PriorityPrice - Time
XBT Collateral RequirementsNone
Cash Collateral RequirementsPre-funded cash balances
Trading Schedule24 / 7 / 365
XBT SettlementPhysical Delivery, Pay-In / Pay-Out
Cash SettlementBook-entry settlement upon settlement finality
Settlement FinalitySix (6) blockchain confirmations

Quote Schedule

RFQ SUBMISSION00:00.00
RESPONSIVE QUOTE PERIOD00:00.01 – 00:30.00
PAY-OUT SETTLEMENT EXECUTION00:30.01 – 01:00.00
PAY-IN SETTLEMENT EXECUTION01:00.01 – 01:30:00
NETWORK BROADCAST01:30:01
PAY-IN SETTLEMENT EXECUTIONSIX (6) BLOCKCHAIN CONFIRMATIONS
Spot FX