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Announcement on Introducing the Fat Finger Protection Trading Rule

BitMart

Related type: Others

2022-01-21 11:02

  Dear BitMart Users,

  To provide a fair and orderly trading environment that should be inclusive of user protections for so-called ‘fat finger’ input errors. Though rare, these types of mistakes have the potential to create sudden drastic price movements that disadvantage other users.

  With this in mind, we will be introducing the Fat Finger Protection Trading Rule on January 21 2022 at 5:00 AM (EST).

  By guarding against input errors, the rule not only protects the trader placing the order but also other users from sudden price shocks.

  The rule applies to Market orders.

  Protection on Market Orders

  Market orders will be restricted by the maximum Impact Price of:

  - Buy orders: 10% above Best Ask or Mark Price (whichever is higher)

  - Sell orders: 10% below Best Bid or Mark Price (whichever is lower)

  If a market order size is less than or equal to the accumulated size of orders available in the order book (up to the maximum Impact Price), the requested order will be fully filled.

  However, should the order size be larger than the accumulated size of orders available, the order will only trade up to the maximum Impact Price, and the remainder of the order will be canceled.

  BitMart Team

  Jan. 21, 2022