�ڰ�����

�ڰ����� is registered as a restricted dealer with the Ontario Securities Commission (OSC) and the securities regulatory authorities in all Canadian provinces and territories. Registration is intended to help protect crypto investors like yourself and to ensure investors are aware of the risks associated with investing in crypto assets.

Best Execution Factors

The determination of whether best execution has been achieved is subject to reasonable efforts and should be interpreted in the context of the following broad factors:

• Price
• Speed of execution
• Certainty of execution
• Overall cost of the transaction

�ڰ����� diligently pursues the execution of each client order. Different kinds of orders may be handled differently, depending on the type of order and the way it is submitted to �ڰ����� by the client. �ڰ����� supports:

1. Request for quote (RFQ) market orders, which specify the desired trading pair and quantity. Clients receive a quote they approve prior to execution, including swaps, buys, and sells. Quotes are valid for up to 10 seconds, or a shorter period required by �ڰ�����’s liquidity providers, displayed via an in-app countdown visible to the client. A new quote must be requested if a quote expires before trade execution.
2. Recurring buy market orders, allowing a client to specify the desired trading pair, quantity, and frequency, automatically entering a market order at the set frequency and executing at the best quoted price available at the time of execution, including swaps, buys, and sells.
3. Limit orders (including stop orders), specifying the desired trading pair, quantity, and price at which the client wishes to transact. These remain open on the client’s account until the price from the Liquidity Provider plus the 'spread' meets the price entered by the client, at which point the client's order will automatically be executed either in part or in full, including swaps, buys, and sells.

�ڰ����� uses various measures to ensure that your trades will always execute at the best price available under the circumstances prevailing at the moment you confirm your trade.

For any trade type, in establishing the quote, which is the price at which �ڰ����� will buy a digital asset from you or sell a digital asset to you, �ڰ�����:

• Requests pricing from �ڰ�����’s liquidity providers. If more than one price is provided, �ڰ����� selects the provider with the better price.
• Adds a spread to that price. This spread is a type of compensation �ڰ����� earns and is applied as a percentage to the total price of the order. �ڰ�����’s spreads will be within a target range applicable to that asset’s spread tier as disclosed on /prices.

�ڰ����� also performs post-trade reporting and alerting to ensure the firm has provided best execution and is alerted as soon as possible to anomalies and errors. These post-trade reports and alerts include:

• Daily manual reviews examining the total volume of trading, the spread rates by crypto assets, the percentage of orders directed to each liquidity provider, and the ratio of limit orders that executed.
  • Anomalies are investigated on a case-by-case basis as they are identified during daily trade reporting.
  • Alerting when trades execute at spreads in excess of 1.9% or less than 0.055%.
    • Alerts are triggered directly into �ڰ�����’s emergency communications channel and are handled by the on-call development team, which may include raising alerts with additional staff as appropriate.
• Alerting when available limits with liquidity providers exceed 30%.
  • Alerts are triggered into �ڰ�����’s trade alerting channel and are addressed by �ڰ�����’s trading team by either performing an early settlement with liquidity providers to reduce limit usage or by negotiating a temporary increase to our limits.
  • Alerting when third-party pricing exhibits a wide variance from the executed price.
  • Alerts for variance under 5% are triggered in �ڰ�����’s trade alerting channel as a non-urgent warning and are logged for historical record-keeping purposes only.
  • Alerts for variance under 15% but more than 10% are investigated as part of the daily trade reporting process. If further action is required, it is taken.

Alerts for variance greater than 15% are investigated urgently as they are triggered. Appropriate on-call developer resources are alerted, and trading for the affected asset is halted if required.

Trading on our platform is available 24 hours a day, 7 days a week, providing you with the flexibility to manage your assets at your convenience. For any questions or assistance, our dedicated support team is here to help and can be reached anytime at /support.