MetaVerse Green Exchange (“MVGX Group”) comprises MetaVerse Green Exchange Pte. Ltd. (“MVGX”) and MetaComp Pte. Ltd. (“MetaComp”) (collectively, the “Exchange”).
MVGX is the exchange platform for issuance and trading of security tokens while MetaComp is the exchange platform for trading of cryptocurrencies. These activities are to be licensed and approved by the MAS under separate licensing regimes, namely the Securities and Futures Act (Cap. 289) (“SFA”) and Payment Services Act 2019 (“PSA”) respectively.
Clients sign up with MVGX and/or MetaComp for trading in security tokens and cryptocurrencies respectively. They are subject to the market trading rules (“Rules”) herein automatically upon account opening. MVGX Group reserves the right to amend, modify, supplement, or replace these Rules from time to time.
The Rules described herein are relevant for the Exchange unless otherwise stated.
By accessing and/or using this site, you are indicating your acceptance and agreement to these Rules. If you do not accept these Rules, you must stop using/accessing the Site.
The Exchange may from time to time, amend or update these Rules to ensure that they are consistent with future developments, industry trends and/or any changes in legal or regulatory requirements or as we deem appropriate. Such changes will be published here and effective and binding on you upon publication or such other timing as the Exchange may specify in writing. Please check these Rules regularly for updated information/version. You agree that any notification of amendments in the manner as aforesaid shall be sufficient notice to you, and your continued access and/or use of the Site shall constitute an affirmative acknowledgement by you of the amendments and shall be deemed to be your acceptance of the revised terms.
The Exchange features central limit order books that follow a price-time priority model.
All Orders are fully funded — we do not offer margin trading. As a result, each client’s outstanding orders cannot exceed their account balance at any time and all such open orders reduce their available balance until such orders are fulfilled or cancelled.
When our Exchange matches Orders, a trade (“Trade”) occurs. Each Trade:
- transfers ownership between clients,
- is recorded on our internal ledger (“Exchange Ledger”), and
- is reflected through automatic adjustments to each client’s Digital Asset Account or Cash Account.
The trading activity on the Exchange is “off-chain” and not broadcast to a given blockchain.
|Market||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. It fills immediately against resting orders at the current best available price. 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.|
|Limit||A Limit Order is an Order to buy or sell a specified quantity of an Asset at a specified price. It fills at or better than a specified price. Any quantity that is not filled rests on the continuous order book until it is filled or cancelled.|
|It fills immediately at or better than a specified price. Any quantity that is not filled immediately is cancelled and does not rest on the continuous Order Book.|
|It rests on the continuous order book at a specified price. The Order would be immediately and completely filled, otherwise the entire Order is cancelled.|
|Stop||An Order to buy or sell a specified quantity of an Asset but only if the last trade price on the Order Book equals or surpasses the Stop Price. A Stop Order is not posted to the Order Book and is not visible to other traders, but any resulting Order is posted and visible. A Stop Order can be placed as either a Stop Market Order, which posts a Market Order when the Stop Price is triggered, or a Stop Limit Order, which posts a Limit Order when the Stop Price is triggered.|
All Orders placed are subject to the minimum order size. Please refer to the appendix for more details.
To place an Order, a client 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.
When a client places an Order, the quantity of the relevant Asset is placed on hold in the Account until the Oder fills, expires or is cancelled.
A client can place an Order as either a Limit Order, a Market Order or a Stop Order.
A client may cancel an open Order or Stop Order at any time before it is filled. No fees are charged for cancelled Orders.
ORDER MATCHING PRIORITY
The Exchange matches Orders on each Order Book based on Price – Time Priority.
Price – Time Priority means that each time an Order is posted on the Order Book, it is matched with the earliest in time Order at the best price on the Order Book:
- To the extent that the Order is not completely filled, it is matched with subsequent Orders at that price, in the sequence those Orders were posted;
- To the extent that the Order is still not completely filled by one or more Orders described above, it is matched with one or more Orders at the next best price, in the sequence those Orders were posted;
- And this process is repeated until the Order is completely filled.
All clients accessing the Exchange are subject to the same Price-Time Priority.
Orders are matched with the best available existing 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.
All Limit Orders at the same specified price are treated equally and executed in the order in which they were received. Partially filled resting Limit Orders retain their priority until cancelled.
MATCHING AND SETTLEMENT
When the buy and sell Orders are matched, those Orders are filled. An Order may be matched with and filled by one or more Orders at the same price.
The Exchange settles all filled Orders immediately, by debiting and crediting the relevant balances of Assets in both clients’ Accounts.
All Orders that are filled, executed, or matched (in whole or in part) (each, a “Trade”), settle immediately and are recorded on our Exchange Ledger.
All Trades are final and will not be reversed unless:
- The Exchange is compelled to do so by any applicable law or regulation; or
- Due to a serious technical error, Orders or Trades do not occur as specified in these Rules – in which case the Exchange will make all reasonable efforts to restore all clients to the position they would have been in had the error not occurred.
The Exchange may cancel Open Orders in the following circumstances:
- Orders placed by clients who, in our sole discretion, have engaged in abusive use of the Exchange, for example, Market Manipulation, or using the API in a manner which unreasonably burdens the Exchange;
- Orders which under the circumstances involve an obvious error with respect to price, quantity, or other parameters (or “Obvious Erroneous Transaction”, as defined under Market Integrity section below);
- If required by any applicable law or regulation;
- If required for technical reasons.
All the Asset-Backed tokens issued and traded on MVGX are required to be custodied at the MVGX cold wallet or such third-party custodian to be designated by MVGX.
The issuers and clients shall not withdraw the Asset-Backed tokens from the custody of MVGX for the entire duration when the Asset-Backed tokens are listed on MVGX.
MVGX may impose such custody fees on clients as may be prescribed by MVGX from time to time. Any non-payment of the custody fees shall constitute a debt payable by the client to MVGX.
Clients who wish to withdraw their cryptocurrencies from the custody of METACOMP shall provide a 48-hour written notice to METACOMP, or such notice period as may be required by METACOMP from time to time.
Clients who withdraw cryptocurrencies from the custody of METACOMP shall be required to pay a withdrawal fee as may be prescribed by METACOMP from time to time.
Any non-payment of the custody fees shall constitute a debt payable by the client to METACOMP. METACOMP shall have the right to deduct the custody fee from the amount of the cryptocurrencies to be withdrawn by the client.
PARTICIPANT’S FEES AND CHARGES
Persons seeking to open a trading account must pay such fees and charges as the Exchange may prescribe in relation to the opening of trading accounts (see Appendix 1 for details). The Exchange may waive or vary any such fee or charge.
The fees and charges can be accessed via the Account Management system directly and in the form of an issued statement that can be generated from the said system. Clients will be responsible for checking their own statements.
The 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 clients’ access to Exchange, restricting order types, cancelling orders resting in the order book, or any other actions deemed to be in the best interest of the Exchange.
Market Manipulation Prohibition
Clients are prohibited from engaging in Market Manipulation of any kind.
Market Manipulation is defined as actions taken by any client or a person acting in concert with a client which are intended to:
- deceive or mislead other clients;
- artificially control or manipulate the price or trading volume of an Asset; or
- aid, abet, enable, support, or endorse either of the above.
Market Manipulation specifically includes, without limitation: front-running, wash trading, spoofing, layering, churning, and quote stuffing.
Obvious Erroneous Transaction
We consider a transaction to be clearly erroneous when its price is substantially inconsistent with the market price at the time of execution (“Obvious Erroneous Transaction”).
If we determine a transaction to be an Obvious Erroneous Transaction, we may declare it null and void, in whole or in part, even if the client does not agree to cancel or modify it.
In determining whether a transaction is an Obvious Erroneous Transaction, we take into account the circumstances at the time of the transaction, the preservation of the integrity of the market, and the maintenance of a fair and orderly marketplace. In particular, we will take into account the following:
- Suspicious trading activity;
- Violations of the Exchange Conduct Rules (as defined herein);
- If there was an obvious error in any term, including, but not limited to, price, amount of Digital Assets;
- If there was a disruption or malfunction in the operation of any trading system or component of the Exchange; or
- If there was extraordinary market conditions or other circumstances in which the nullification or modification of transactions may be necessary for the maintenance of a fair and orderly market.
EXCHANGE CONDUCT RULES
We will enforce the following standards of conduct rules (“Exchange Conduct Rules”) designed to prevent the use of the Exchange for disruptive or manipulative conduct or deceptive practices, including, but not limited to, disruptive trading and price manipulation. The following are strictly prohibited on the Exchange:
Neither the client nor any related party shall engage or attempt to engage in any fraudulent act or engage or attempt to engage in any scheme to defraud, deceive or trick, in connection with or related to any Order or Trade.
Neither the client nor any related party shall create or execute fictitious transactions or place any Order for a fictitious transaction with knowledge of its nature.
Any disruptive trading in or manipulation of the Exchange whatsoever is prohibited. Orders placed for generating unnecessary volatility or creating a condition in which prices do not or will not reflect fair market values are prohibited.
Neither the client nor any related party shall place any Order which has been pre-arranged (or discussed with another market participant prior to being placed on the Exchange) for the purpose of creating an artificial price, fictitious Trade, or other disruptive, fraudulent, non-competitive, or unfair impact on the Exchange.
Neither the client nor any related party, through one or more accounts, shall place or accept buy and sell Orders at the same price, where the purpose of the Orders is to avoid taking a bona fide market position exposed to market risk (transactions commonly known as wash trades).
Buy and sell Orders from different accounts with common beneficial ownership and/or affiliation that are placed with the intent to (i) negate market risk or price competition or (ii) achieve a favorable fee and the resulting benefits, shall also be deemed to violate our prohibition on wash Trades.
Neither the client nor any related party shall take a position based upon non-public information regarding an impending transaction by another person.
Violation of Application Laws and Regulations
Neither the client nor any related party shall engage in conduct that is in violation of any Applicable Laws and Regulations.
The client will be in violation of the User Agreement if there is any misstatement of a material fact to the Exchange, its board of managers, any committee thereof, or any director, officer, manager, or employee of the Exchange.
The client shall not disclose to any person, including, but not limited to, another market participant, any Order placed by the client or any related party or any Order placed by another person, including, but not limited to, another market participant.
Neither the client nor any related party shall prearrange the execution of transactions for the purpose of passing money between accounts. All transactions executed must be made in good faith for the purpose of executing bona fide transactions, and prearranged Trades intended to effectuate a transfer of funds from one account to another are strictly prohibited.
Neither the client nor any related party shall enter into non-competitive transactions for the purpose of assisting another person to engage in transactions that are in violation of our Exchange Conduct Rules or any Applicable Laws and Regulations.
Neither the client nor any related party shall engage in any Trade or practice that:
- demonstrates intentional or reckless disregard for the orderly execution of Trades; or
- is, is of the character of, or is commonly known as “spoofing” (bidding or offering with the intent to cancel the bid or offer before execution).
All Orders must be placed for the purpose of executing bona fide transactions. Additionally, all non-actionable messages must be placed in good faith for legitimate purposes. The client is prohibited to:
- Place an Order with the intent, at the time of entry, to cancel the Order before execution or to modify the Order to avoid execution;
- Place an Order with the intent to mislead other market participants; and
- Place an Order with the intent to overload, delay or disrupt the systems of the Exchange; and
- Place an Order with the intent to disrupt, or with reckless disregard for the adverse impact on the orderly conduct of trading or the fair execution of transactions.
The client and any related party are prohibited to:
- Coordinate Orders or Trades with any other market participant or any other person;
- Direct or request another market participant to alter a price (including a quotation); or
- Whether, directly or indirectly, threatens, harasses, coerces, intimidates or otherwise attempts improperly to influence another market participant or any other person; or
- Engage in conduct that retaliates against, including refusal to Trade, or discourages the competitive activities of another market participant or person.
SUPERVISION AND ENFORCEMENT
The Exchange may conduct a review if:
- it involves a possible breach of the Securities and Futures Act, any other relevant applicable laws and regulatory requirements relating to the regulation of organised markets and licensed entities, or the Rules;
- the Exchange receives a written complaint involving any Registered Person and/or its director, officer, employee, or agent;
- there is a dispute between clients on a trading matter;
- in the Exchange’s opinion, the circumstances warrant; or
- the Authority.
The Exchange may refer any review to the relevant authorities if it is of the opinion that the circumstances warrant the referral.
A Registered Person shall render all assistance as the Exchange requires in the review.
In no event shall the Exchange or any of its directors, officers, employees or agents (if any) have any liability for any of the losses or damage (whether such losses or damage were foreseen, foreseeable, known or otherwise such as but not limited to: loss of revenue; loss of actual or anticipated profits; loss of the use of money; loss of business; loss of opportunity; loss of reputation; any indirect or consequential loss or damage howsoever caused (whether in contract, tort or otherwise) by anything done or omitted to be done with reasonable care and in good faith in the course of or in connection with:
- the exercise or purported exercise of any power under the Rules;
- the performance or purported performance of any function or duty under the Rules; or
- the compliance or purported compliance with the Rules.
ACCESS TO MARKET DATA
Every client has full and equal real-time access to Market Data. Market Data is made available through the Exchange’s Webtrader Interface or APIs.
Market Data comprises the following:
- All Limit Orders placed on the Order Book (price, quantity, and time).
- All cancelled Orders on the Order Book (price, quantity, and time).
- All Trades (price, quantity, and time).
Market Data does not include the following:
- Resting Stop Orders (Stop Orders that have been placed but not triggered)
- Any information about which Trader placed or cancelled an order.
If technical reasons prevent or degrade the clients’ ability to place or cancel Orders, or prevent or degrade access to the Exchange or the Web Interfaces or affect the operation of or matching engines, then the Exchange may, in its discretion, take one or more of the following actions:
- Temporarily disable depositing or withdrawing Assets.
- Cancel open Orders.
- Disable the ability to place new Orders.
- Disable sign-in.
- Disable the APIs.
- Disable access to the Webtrader Interface.
If access through the Webtrader Interface is unavailable for 5 minutes or longer, the Exchange will move to Cancel-Only Mode as soon as possible.
If the Exchange is in Cancel-only Mode, it will be restored to fully operational only after access through the Webtrader Interface becomes available for at least 5 minutes and the Exchange deems is it safe to restore to fully operational mode.
Cancel-only Mode means that clients cannot place new Orders. The client can cancel open Orders. No Orders will be filled.
TRADING HOURS AND DOWNTIME
The Exchange trades every day of the year, there are no trading holidays.
The daily trading cycle starts at 0330 hrs Singapore time, where participants can connect to input buy and sell orders for Pre-Open Auction session. The Open session starts from 0400 hrs Singapore time where buy and sell orders are received and matched immediately. Market close is at 2345 hrs Singapore time.
The Exchange may vary its trading cycle and sessions from time to time and publish the changes on its website.
From time to time, the Exchange may suspend trading temporarily for maintenance or upgrades. In general, the Exchange will follow the below process for closing and re-opening trading:
|Step 1: Announce Downtime||Announce scheduled downtime via website, or twitter|
|Step 2: Downtime Begins|
|Step 3: At least 15 minutes after Step 2; or longer if necessary||All books enter Limit-Only mode (“Pre-market Auction”)|
|Step 4: At least 10 minutes after Step 3; or longer if necessary||All books enter Full Trading mode Full Trading Mode means normal operation, whereby clients can place Market Orders and Limit orders and can cancel Orders. |
LIMITATION OF LIABILITY
None of MVGX Group, its related companies, their respective Directors, officers, employees or agents (“Relevant Persons”) shall be liable to any person for any direct, indirect or consequential loss or damage, however caused or arising, including but not limited to any loss or damage arising directly or indirectly from or in connection with the following:
- any technical and/or system failure of the trading system;
- the access to, use of or inability to use the trading system;
- anything done (including any statement made) or omitted to be done in the course of, or in connection with, the discharge or purported discharge of the Exchange’s obligations or rights under the SFA, any other applicable law, or under the Rules;
- the trading on organised markets provided by the Exchange or the suspension (whether temporary or a longer suspension), interruption, cancellation, restriction or closure of trading on those organised markets howsoever caused;
- any failure, security breach, inoperability or malfunction of software provided to any person;
- the exercise of a decision-making or regulatory power or discretion under the Rules;
- any decision whether or not to cancel or revoke a Trade;
- any technical, system, server or connection failure, error, omission, interruption, delay in transmission, computer virus or other destructive, malicious, or corrupting program, code, agent, script or macros;
- any errors, inaccuracy, omissions or delay in the calculation, determination or dissemination of prices for any Digital Assets;
- the originality, accuracy, adequacy, timeliness or completeness of the trading system or any content, information, materials, images, sounds, graphics, video and other materials displayed therein or any functionalities or applications, programs or services provided therein (collectively “Content”);
- any reliance on the Content or any part thereof;
- any information transmitted or received by or on behalf of the Exchange, including through the trading system, or the interception of or access to such information by unauthorised persons; or
- any negligent act or omission or wilful default, misconduct or fraud or unlawful act of any Relevant Persons, issuers or clients.
You hereby indemnify and hold the Exchange harmless against all loss, damage, claim, liability, expense or costs suffered or incurred by you arising from:
- your access and/or use of the trading system; or
- reliance by you on any information obtained through the trading system; or
- any other party’s access of the Webtrader Interface or API using your username and/or login password; or
The Exchange shall have the authority to exercise any rights, powers, authorities and discretions under the Rules, including the right to enforce such Rules.
GOVERNING LAW AND JURISDICTION
The Rules shall be governed by, and interpreted in accordance with, the laws of Singapore. Each party to the Rules hereby submits to the exclusive jurisdiction of the courts of Singapore.
Please be aware that the exchange, and its affiliates may directly participate and trade on its own organized market for the purpose of market making. It is important to note that all quotes provided on the exchange by MVGX or its affiliates (collectively, MVGX Group) are based on prices from a reputable independent market maker. The exchange does not hold any trading position and does not modify its quotes to trade against its participants. Furthermore, all client orders placed on the exchange are hedged back-to-back with the aforementioned independent market maker.
Where MVGX Group is the issuer of the product, the quotes published by MVGX Group come from an independent benchmark or index. MVGX Group only holds the underlying asset for the purpose of market making as the market is illiquid. However, MVGX Group will maintain a fixed methodology for its quoting, regardless of client flows.
MVGX Group sets trading and withdrawal fees according to their own operating costs, market liquidity and ensures that such fees are in line with the rest of the industry. Fees are reassessed periodically and annually at the latest to ensure adequacy to market practices.
We want to ensure that our participants are aware of our market making activities and that we conduct our operations in a transparent and fair manner. If you have any questions or concerns regarding our market making practices, please do not hesitate to contact us for further information.
|Authority||The Monetary Authority of Singapore or other body responsible for the administration of the Securities and Futures Act|
|Account||means the client’s account maintained with the Exchange which is segregated between MVGX and METACOMP i.e. 2 different accounts.|
|Applicable Laws and Regulations||means the laws, regulations, and rules of any applicable Singapore governmental or regulatory authority, including but not limited to, Securities and Futures Act or Payment Services Act 2019 as mandated by the Monetary Authority of Singapore.|
|Asset||means a Digital Asset and/or fiat currency.|
|Available Balance||means the client’s total Asset value less any amounts held for open Orders and applicable fees.|
|Cancel-only Mode||means that the clients cannot place new Orders. The client can cancel open Orders. No Orders will be filled.|
|Cash Account||means the client’s cash account with either METACOMP and/or METACOMP that holds funds denominated in fiat currency.|
|Digital Assets||means the blockchain-based digital currency, app coin or protocol token which is offered for trading on the Exchange. Bitcoin, ether and other math-based or cryptographic protocols that are network-based and are a medium of exchange that (i) may be centralized or decentralized (but not issued by a sovereign entity), (ii) allow for borderless transfer-of-ownership, and (iii) may be used to buy goods and services.|
|Digital Assets Account||means the client’s digital wallet at the respective entity (MVGX or METACOMP) that holds the Digital Assets.|
|Exchange||means the crypto currency and securities token trading platforms operated by METACOMP and MVGX respectively.|
|Exchange Ledger||means the internal electronic ledger maintained by MVGX Group that tracks Trades and Available Balance in the client’s Digital Asset Account and Cash Account, in MVGX and METACOMP respectively.|
|Iceberg/Hidden Order||means an Order to buy or sell a specified quantity of an Asset at a specified price, with a pre-determined visible portion.|
|Full Trading Mode||means the normal operation, where by clients can place Market Orders and Limit orders and can cancel Orders.|
|Limit Order||means an Order to buy or sell a specified quantity of an Asset at a specified price.|
|Limit-only Mode||means a period during Downtime that clients can only place and cancel Limit Order but any Market Order will be rejected. During this mode, Limit Orders can be filled.|
|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.|
|Order Book||means each order book on which Orders are placed for trading in a pair of Assets.|
|Order Statement||means a statement to the client confirming an Order.|
|Orders||means an instruction by the client to buy or sell a specified quantity of the Asset at a specified price.|
|Rules||means the trading rules as promulgated by the Exchange from time to time.|
|Registered Person||means each client of MVGX whether it is a natural person, legal person or designated market-maker. In the case of a legal person, this means the company and their designated trading representatives registered with MVGX. In the case of the designated market-makers, the market making representatives registered with MVGX is included.|
|Stop Order||means an Order to buy or sell a specified quantity of an Asset but only if and when the last trade price on the Order Book equals or surpasses the Stop Price.|
|Stop Price||means the price specified in a Stop Order.|
|Trade Statement||means a statement to the client stating the details of the Trade.|
|Trade||means when the buy and sell Orders are matched, filled or executed (in whole or in part) by the Exchange.|
Appendix 1: Fee Schedule
Applicable fees for trading on MVGX and/or METACOMP Exchange platform:
|Commission on spot trades||15 basis points on traded amount for each side. The commission is charged in the purchased currency of the trade for DPT and in fiat otherwise.|
|Custody fees||Waived until further notice|
|Withdrawal fee||Varies depending on the currency, cf. table below|
|OTC fees||Fee is embedded in the quote|
Withdrawal fees and minimum withdrawal amount
|Currency||Minimum Amount||Withdrawal Fee|
|Currency||Minimum Amount||Withdrawal Fee|
Appendix 2: Minimum order size