1. Purpose and scope

NBX offers a voluntary Market Maker Program (“MM Program”) open to all professional participants that meet the objective, published criteria below. Reduced maker/taker fees are offered in exchange for continuous liquidity provision on equal, non-discriminatory terms (MiCA Art. 76(1)(d), (13)).

2. Equal Treatment and Non-Discrimination

• Identical qualification criteria and fee rates for all qualified participants, including NBX Capital AS.
• No preferential access to infrastructure, data feeds, latency or colocation; all use the same public APIs and documentation.
• Changes to these Terms are published openly and take effect for everyone at the same time.
• NBX does not deal on own account on its own platform (MiCA Art. 76(5)). 

3. Qualification Requirements

3.1 Technical

Stable API connectivity; self-trade prevention where supported; risk controls in the bot (e.g., rate limits, kill switch).

3.2 Trade volume

A minimum of 10 MNOK in monthly trading volume.

3.3 Compliance

• Binding framework. Participation is governed by the NBX Terms of Services (ToS) and the Trading Platform Operating Rules (including Market Integrity / Market Abuse Prevention). By completing onboarding, the participant has accepted the ToS and, by incorporation, these MM Terms — no separate agreement is required. NBX keeps evidence of acceptance in line with record-keeping requirements. 
• Market conduct. Prohibition of manipulative/abusive practices (incl. spoofing, layering, wash trading, quote stuffing, misleading signals). Participants must cooperate with NBX surveillance and accept sanctions (warning, suspension, termination). (Implements MiCA Art. 76(7)–(11); RTS 2025/305 Art. 13(1)(l).) 
• KYC/AML. Participants must maintain up-to-date KYC/AML status per NBX requirements.

4. Fees and Incentives

• No individual discounts, rebates, kickbacks or exclusivities.
• Fees are shown on trade confirmations and periodic statements.
• The structure is transparent, fair and non-discriminatory and does not create disorderly-market incentives (MiCA Art. 76(13)). This section forms part of the trading-platform operating rules and is submitted in line with RTS 2025/305 Art. 13(1)(i).

5. Enrollment & Technical Enablement

• How to join. Apply via the NBX portal (organisation details, technical contact, API keys).
• No separate agreement. MM participation is governed by the ToS (which incorporate these Terms by reference). Once onboarding is complete, Terms are accepted; only technical activation remains (API/connectivity checks) and a short attestation that §3 criteria are met.
• NBX keeps client agreements and consent records in accordance with (EU) 2025/1140. 

6. Transparency & Data

NBX publishes continuous bid/ask and order-book depth (pre-trade) and, near real-time, executed trades (price, size, timestamp) (post-trade). Information is available on a reasonable commercial basis and free of charge, in machine-readable format, and remains published for at least two (2) years (MiCA Art. 76(9)–(11)). 

7. Execution, Confirmations & Settlement

Orders match in the central order book; internal booking is immediate. Electronic confirmations (API/webhook/UI) include: transaction ID, timestamp, instrument/DTI, price, quantity, side, order ID(s), status (full/partial), and fees. NBX initiates final settlement within 24 hours of execution for on-platform crypto-asset transactions, or by end-of-day where settlement occurs off-DLT; fiat follows banking cut-offs (MiCA Art. 76(12)).

8. Market Conduct & Sanctions

NBX monitors trading to prevent/detect market abuse and maintains procedures for alerting the competent authority when (attempted) abuse is identified. NBX may warn, suspend or terminate participation; material matters may be reported to authorities (MiCA Art. 76(7)–(11); RTS 2025/305 Art. 13(1)(l)).

9. Termination & Amendments

Participants may terminate with immediate effect. NBX may amend these Terms with 30 days’ prior public notice where practicable; serious breaches may result in immediate suspension or termination.

10. Contact

Program queries: [email protected]Technical documentation/API:https://app.nbx.com/developers

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These Market Maker Program Terms form part of the Terms of Services by reference and are binding upon completion of onboarding.