Legal
Public Notice
Legal
Public Notice
Changes to Midchains multilateral trading facility rules (“MTF rules”)
This is to inform all our clients and the general public, that MidChains applied the changes to the Multilateral Trading Facility (MTF Rules) and Risk Disclosure effective 08 October 2022.
Background:
On 9 September 2022, MidChains published a consultation paper regarding the proposed changes to the Multilateral Trading Facility (MTF Rules) and Risk Disclosure. The proposed changes were in line with MidChains’s intention to admit more assets on the MTF.
Summary of the proposed changes:
- Rule 4.4, 9.2.1, 9.2.2, 9.3, 9.4, 12.1.5, 13.1.3, 13.2.4, 16.1.2 (a), and 20.4.4 are amended to include coverage of Stablecoin to Fiat Currency pairs;
- Rule 4.8 has been added to highlight the addition of a Stablecoin to Fiat Currency pair as an ancillary product for trading on the MTF; and
- Introduction (3), Rule 7.1.2, 7.1.3 (a), 10.1.2, 16.1, 16.1.2, and 16.2 are amended to inform Clients that Stablecoin to Fiat Currency pairs are not covered and/or part of monitoring for potential Market Abuse, or as part of FSRA’s full regulatory oversight.
Please be informed that Stablecoins such as USDC, when paired with Fiat Currencies will be regarded and treated by MidChains as Stablecoin to Fiat Currency Pair, and consequently, the new proposed Rules will be applied accordingly. Clients are also encouraged to read and understand the relevant Risk Disclosure Statements.
The new Market Rulebook is available here.
Clients are also encouraged to read and understand the revised MTF Rules and Risk Disclosure.
The Risk Disclosure Statements is available here.