Last updated: June, 2018
HBUS is registered with FinCEN as a money services business and operates the HBUS Marketplace at https://www.hbus.com. HBUS Inc. is not an "exchange" regulated by the SEC, nor are Virtual Currency assets hold in HBUS Wallet Services insured by either the FDIC or the SIPC.
4.1 Hours Subject to Scheduled Service Suspensions and Unscheduled Service Suspensions, the HBUS Marketplace is expected to be continuously accessible to all Subscribers 24 hours a day, every day. This rule is not and should be construed to be a service level agreement. 4.2 Equal Access Subject to certain preferential fee arrangements, all Subscribers have equal technical access to the HBUS Marketplace. 4.3 No Employee-Subscriber Acces HBUS employees and contractors are prohibited from accessing the HBUS Marketplace as Subscribers. 4.4 Scheduled Service Suspension HBUS may, from time to time and with prior notice, suspend HBUS Wallet Services ("Wallet Suspensions") to accommodate, among other things, Virtual Currency network launches, protocol upgrades, blockchain forks, and general platform upgrades and maintenances. During Wallet Suspensions, Subscribers will not be able to initiate withdrawal requests and are generally advised against initiating funding transactions. HBUS may not honor funding transactions initiated by Subscribers during Wallet Suspensions. HBUS may also, from time to time and with prior notice, suspend the HBUS Matching Facility and HBUS Settlement Facility ("Trading Suspensions," together with Wallet Suspensions, "Scheduled Service Suspension") for one or more Currency Pairs to accommodate, among other things, the launch of new Currency Pairs and general platform upgrades and maintenances. During Trading Suspensions, the HBUS Matching Facility will reject all Orders of the affected Currency Pairs. HBUS may also in its sole and absolute cancel or remove none or all resting Orders of the affected Currency Pairs upon the onset of a Trading Suspension. 4.5 Unscheduled Service Suspension HBUS may, from time to time and without prior notice, suspend HBUS Wallet Services, HBUS Matching Facility, and HBUS Settlement Facility ("Unscheduled Service Suspensions") because of, among other things, a Material Disruption. During Unscheduled Service Suspensions, Subscribers may not be able to access any or all functionalities of the HBUS Marketplace and are generally advised against initiating funding transactions. HBUS may not honor funding transactions initiated by Subscribers during Unscheduled Service Suspensions. In addition, during an Unscheduled Service Suspension, the HBUS Matching Facility may reject all Orders of some or all Currency Pairs, and HBUS may cancel or remove none or all resting Orders of some or all Currency Pairs. 4.6 Revocation of Access Right In accordance with the HBUS Terms of Service, HBUS may revoke the right of a Subscriber to access any part of the HBUS Marketplace without prior notice and with immediate effect, if HBUS determines in its sole discretion that the Subscriber has breached one or more rules in this Trading Rulebook, or if HBUS believes it is in the best interest of the HBUS Marketplace to do so. Suspension may be permanent or for such period as HBUS deems necessary. HBUS may choose to notify a Subscriber of a revocation of access right and the reasons for the revocation unless it is impracticable or illegal to do so.
5.1 Placement A Subscriber places an Order into the HBUS Matching Facility through the HBUS web interface or through the HBUS API. The HBUS Matching Facility will place a corresponding quantity of the relevant Virtual Currency as specified by the Order in escrow in anticipation of Order matching. 5.2 Cancellation A Subscriber may cancel any Order placed by the Subscriber before the Order is filled by the HBUS Matching Facility. The HBUS Matching Facility will release a corresponding quantity of the relevant Virtual Currency as specified by the cancelled Order from escrow. 5.3 Kill HBUS may cancel or remove an Order (a) on the request of a Subscriber if the Subscriber is technically unable to cancel or remove that Order and/or (b) upon the onset of or during any Scheduled Service Suspension or Unscheduled Service Suspension. 5.4 Limitations HBUS may, from time to time and in its sole discretion, (i) limit the maximum number of open Orders a Subscriber can place into the HBUS Matching Facility, (ii) reject Orders outside the Plausibility Band, and (iii) imposes a minimum and/or maximum order size on some or all Orders. HBUS will notify Subscribers of rejections resulting from such limitations via the HBUS web interface or API.
The HBUS Matching Facility automatically and continuously match all accepted Orders following price/time priority: (i) execution priority is first given to Orders with better bid/ask prices; and (ii) if the prices are the same, execution priority is then given to Orders that enter the HBUS Matching Facility earlier.
7.1 Automatic Settlement HBUS Settlement Facility instantly settles each pair of Orders matched through the HBUS Matching Facility by (i) transferring title in the entire quantity (after deducting applicable trading fees) of the relevant Base Currency from the selling Subscriber to the buying Subscriber and (ii) transferring title in the entire quantity (after deducting applicable trading fees) of the relevant Quote Currency from the buying Subscriber to the selling Subscriber. At the end of this settlement process, both Subscribers will have secured full control (i.e., the ability to immediately withdraw subject to limits relating to Subscriber verification levels) over the entire quantity of the traded Virtual Currencies. 7.2 Forced Settlement Following any Scheduled Service Suspension or Unscheduled Service Suspension, HBUS may cause the settlement of any matched but unsettled Orders at a price that would have been the settlement price had the relevant service suspension not occurred.
8.1 Charging of Trading Fees
HBUS charges a fee from both counterparties of a matched trade. Each fee is calculated as a percentage of the Order size. Fee percentages are published by HBUS from time to time in Fee Schedules.
Fees are paid out of trade proceeds. For example, assuming a 0.1% fee percentage, when a Limit Order to buy 1 BTC for 10,000 USDT is matched with a Market Order to sell 1 BTC, the buyer will receive 0.999 BTC, the seller will receive 9,999 USDT and HBUS will earn 0.001 BTC and 1 USDT as trading fees.
8.2 Preferential Fee Percentages
A Market Making Subscriber may receive preferential fee percentages.
9.1 Application These Market Making rules apply to Market Making Subscribers on the HBUS Marketplace and constitute a market making agreement between each Market Making Subscriber and HBUS in relation to the HBUS Marketplace. 9.2 Eligibility No Subscriber should engage in Market Making on the HBUS Marketplace unless authorized by HBUS to do so. HBUS will not authorize a Subscriber to engage in Market Making unless the Subscriber (i) is of good repute, (ii) has sufficient level of trading ability, competence and experience, (iii) has adequate governance and organizational arrangements to oversee its trading activities, and (iv) has sufficient resources. 9.3 Market Making Commitments Unless otherwise agreed with HBUS in writing, a Market Making Subscriber must post firm, simultaneous two-way quotes for Currency Pairs it has agreed with HBUS to engage in Market Making for at least 15 hours each day and at least 15 days each month. Each Market Maker must ensure that the firm, simultaneous two-way quotes it posts are (a) of comparable size, in that the difference between the bid and ask quote sizes are no more than the percentage notified by HBUS from time to time; and (b) competitively priced, in that they are within the maximum bid-offer spread defined by HBUS and notified to the Market Making Subscriber. In addition, a Market Making Subscriber must (i) inform HBUS as soon as reasonably practicable of any trading interruption due to the malfunctioning of the electronic connection, (ii) have adequate systems and procedures in place to effectively monitor and audit its compliance with these Market Making rules, and (iii) maintain records relating to its Market Making activities, which are clearly distinguished from other trading activities and must make those records available to HBUS upon request. 9.4 Monitoring HBUS will monitor the trading activities of each Market Making Subscriber for compliance with these Market Making rules.
10.1 No Market Abuse A Subscriber must not engage in Market Abuse or commit any act or engage in any course of conduct which is likely to damage the fairness, integrity, proper functioning or orderliness of the HBUS Marketplace. 10.2 Monitoring HBUS will monitor trading activity on the HBUS Marketplace for disorderly trading conditions and conduct that may amount to Market Abuse. 10.3 Regulatory Cooperation HBUS may (i) report to any governmental authority any disorderly trading conditions and conduct that may amount to Market Abuse; and (ii) assist any governmental authority in any investigation of Market Abuse. HBUS may disclose information and documents received from any Subscriber in connection with its use of the HBUS Marketplace to any governmental authority where such information and documents are required in connection with an investigation, inquiry or proceedings by such authority.
HBUS may, at its discretion, make any amendment with immediate effect to any rule in this Trading Rulebook at any time without consultation. HBUS may choose to notify Subscribers of any amendment by posting a notice on its website. Subscribers agree and acknowledge that it may not be practicable or possible to publish prior notice of rule amendments in response to Material Disruptions.