1. Purpose and scope
These Operating Rules set out the conditions for admission, participation, order handling and trading, transparency, fees, settlement, suspension/delisting, record-keeping and supervisory access on the NBX trading platform. The rules apply to all participants and to all instruments admitted to trading, including crypto-assets and, where applicable, e-money tokens (EMTs). They implement the requirements of MiCA Article 76 and the related RTS Article 13 (information duties towards the competent authority).
The definitions and matching logic set out in §4 are normative and apply to all instruments unless explicitly stated otherwise in these Rules.
- Internal approval & documentation. Admission requires an internal approval process based on a complete documentation set (e.g., white paper, technical specifications, legal classification and other relevant information), including customer due diligence commensurate with AML/CTF risk.
- Suitability. Instruments must pass NBX’s suitability checks (legal clarity, governance, technology, market/liquidity profile, AML/CTF exposure). NBX evaluates, among others, the reliability of technical solutions and potential association to illicit activity.
- Exclusions. NBX may decline assets that prevent adequate traceability (e.g., privacy-enhanced designs), wrapped/synthetic representations, or instruments that cannot be properly monitored.
- Remain-accessible conditions. Instruments may be subject to minimum liquidity/disclosure conditions; failure to meet them may lead to suspension or delisting.
- Suspension/delisting. NBX may suspend or delist to protect fair and orderly trading or for regulatory/operational reasons. Notices will be published.
- Objective, non-discriminatory access. Participation is available to clients who complete onboarding/KYC and accept the NBX Terms of Service. Access criteria are objective, proportionate and promote fair/open access.
- Market Maker (MM) Program (optional). Professional participants may qualify by meeting published, objective criteria (e.g., time-in-market, maximum spreads, minimum depth per instrument). Criteria and fees are identical for all qualified participants and are published on nbx.com.
- No proprietary dealing. NBX does not trade on its own account on the NBX platform. NBX Capital AS (a group entity) participates, where applicable, strictly on the same public terms as any other participant.
2. Admission of instruments
- Internal approval & documentation. Admission requires an internal approval process based on a complete documentation set (e.g., white paper, technical specifications, legal classification and other relevant information), including customer due diligence commensurate with AML/CTF risk.
- Suitability. Instruments must pass NBX’s suitability checks (legal clarity, governance, technology, market/liquidity profile, AML/CTF exposure). NBX evaluates, among others, the reliability of technical solutions and potential association to illicit activity.
- Exclusions. NBX may decline assets that prevent adequate traceability (e.g., privacy-enhanced designs), wrapped/synthetic representations, or instruments that cannot be properly monitored.
- Remain-accessible conditions. Instruments may be subject to minimum liquidity/disclosure conditions; failure to meet them may lead to suspension or delisting.
- Suspension/delisting. NBX may suspend or delist to protect fair and orderly trading or for regulatory/operational reasons. Notices will be published.
3. Access and participation
- Objective, non-discriminatory access. Participation is available to clients who complete onboarding/KYC and accept the NBX Terms of Service. Access criteria are objective, proportionate and promote fair/open access.
- Market Maker (MM) Program (optional). Professional participants may qualify by meeting published, objective criteria (e.g., time-in-market, maximum spreads, minimum depth per instrument). Criteria and fees are identical for all qualified participants and are published on nbx.com.
- No proprietary dealing. NBX does not trade on its own account on the NBX platform. NBX Capital AS (a group entity) participates, where applicable, strictly on the same public terms as any other participant.
4. Trading rules and order handling
4.1 Definitions and market structure
- Assets. Instruments tradable on the platform. Two sub-categories:
• Fiat assets: e.g., NOK, EUR, USD.
• Crypto-assets: e.g., BTC, ETH, USDC. - Market (Trading pair). A market consists of a pair in the format BASE–QUOTE (e.g., BTC–NOK).
• Base asset: the first in the pair (here: BTC).
• Quote asset: the second in the pair (here: NOK).
Prices are expressed as the amount of quote required for 1 unit of base.
4.2 Order sides (Buy/Sell)
- Buy: Buy X units of the base asset for a price limit in the quote asset.
- Sell: Sell X units of the base asset for a price limit in the quote asset.
4.3 Maker/Taker
- Maker: An order that does not match immediately and therefore adds liquidity by resting in the order book.
- Taker: An order that matches immediately against existing liquidity and removes liquidity from the order book.
4.4 Order types
- Limit order: Specifies the maximum price (buy) or minimum price (sell) the participant accepts. Can be maker(if not matched immediately) or taker (if matched immediately).
- Market order: Executes as quickly as possible at the prevailing market price against available depth. Market orders are always taker.
4.5 Time-in-Force
- Good-Till-Cancelled (GTC): The order remains active until matched or cancelled by the participant.
- Immediate-Or-Cancel (IOC): The part that can be matched immediately executes; any remainder is automatically cancelled.
Support per order type: Limit: GTC. Market: IOC.
4.6 Matching priority (price–time)
Matching follows price–time priority:
- Price is primary — best price matches first.
- Time is secondary — among orders at the same price level, the oldest order matches first.
Upon submission, each order receives a unique order ID and timestamp. Orders are anonymous in the public order book (UI/API), while full traceability is maintained in NBX’s internal logs.
4.7 Amend and cancel
Orders may be amended or cancelled until they are matched. Executed trades are final. NBX may, in exceptional circumstances (manifest error or system failure), correct or cancel a trade and will publish a notice of such action.
4.8 Order sides (Buy/Sell)
NBX may apply volatility controls or temporary trading halts to maintain fair and orderly markets and will publish notices of halts and resumptions. The rules are non-discretionary and aim to ensure fair execution and efficient trading.
5. Transparency (pre- and post-trade)
- Pre-trade. Continuous publication of bid/ask and order-book depth via the UI and public APIs.
- Post-trade. Publication of executed trades (price, size, timestamp) in near real time.
- Access. Delayed/historical market data is available free of charge. NBX keeps transparent, consistent data publication arrangements in line with MiCA/RTS expectations.
Availability and format. NBX makes all pre-trade (order book with aggregated depth) and post-trade (price, volume, time) data publicly available via UI and public APIs on a continuous basis during trading hours. Access is non-discriminatory and free of charge no later than 15 minutes after publication, provided in machine-readable formats, and the data remain publicly available for at least two years. Real-time access is provided free of charge via the public API; the GUI displays recent history.
Historical datasets. The public API exposes full historical datasets (from platform inception). In the GUI, recent trade history is shown (last ~5 hours), and TradingView charts are public and free of charge to view price development for all historical data at https://app.nbx.com/markets.
6. Fees (transparent, fair, non-discriminatory)
Standard trading fees. Customers: 0.70% maker / 0.70% taker (all trading pairs).
MM Program fees. Market-maker rates and applicable qualification criteria are published on NBX’s Market Maker Program Terms page and form part of these Operating Rules by reference. These fees apply uniformly to all participants who meet the objective, published criteria, with no individual exclusivities.
Listing fees (admission to trading)
NBX applies a cost-based, non-discriminatory model for listing (admission to trading). Fees are derived from NBX’s standard hourly rates multiplied by the estimated development, testing and assurance effort following technical due-diligence, mapped to objective complexity classes:
- Class A — supported chain; standard token. Typical scope: configuration on an already-integrated network, standard contract review, conformance tests. Indicative timeline: ~2 weeks. Indicative fee range: EUR 6.000–10.000.
- Class B — supported chain; custom work. Typical scope: non-standard token mechanics, additional monitoring/controls, bespoke data connectors. Indicative timeline: ~4–6 weeks. Indicative fee range: EUR 15.000–25.000.
- Class C — new chain or major infrastructure. Typical scope: full node/infra integration, indexing, risk tooling, run-books and BCP. Indicative timeline: up to ~3 months. Indicative fee range: EUR 30.000–100.000.
Equal terms. The same class implies the same pricing logic and terms for all applicants. NBX does not grant exclusive or preferential arrangements. Any rebates (e.g., volume or co-funded integration) are standardised, published, and available on identical, objective conditions to all applicants.
Indicative ranges & change control. The ranges above are indicative. If material scope/complexity increases emerge (e.g., protocol idiosyncrasies, security remediation, third-party dependencies), NBX will issue an updated estimate/change order. Any uplift beyond the indicated range is documented, applies non-discriminatorily using the same criteria for all applicants, and requires the applicant’s prior written confirmation before work proceeds.
Transparency & documentation. NBX documents the class assessment, estimates, change orders and final effort for each application and can provide a summary to the applicant on request.
Changes. Fee changes are published on nbx.com and implemented simultaneously for all participants. Where practicable, NBX provides 30 days’ advance notice before material changes take effect.
7. Confirmations and settlement
- Trade confirmations. For each execution NBX provides an electronic confirmation (API/web/UI) including at least: transaction ID, time, instrument (including DTI where applicable), price, quantity, side (buy/sell), order ID(s), status (full/partial), and fees. (Fields align with record-keeping RTS.)
- Crypto/EMT settlement. Initiated without undue delay after execution and within the same business day or on-chain as soon as network conditions allow; NBX initiates settlement within the timelines envisaged under MiCA (on-platform trades to be initiated within 24 hours). Transfers are restricted to Travel Rule-compliant service providers or whitelisted self-hosted wallets.
- Fiat settlement. Initiated without undue delay; interbank completion may take up to T+2 business days to/from the client’s own verified bank account.
- Pre-settlement verification and confirmations. Before initiating settlement NBX verifies the availability of funds/crypto-assets on the relevant accounts/wallets and confirms key transaction details (client and counterparty identifiers, instrument/DTI where applicable, network and destination address, amount and fees). During settlement NBX obtains confirmations (on-chain transaction identifier or banking confirmation) and reconciles these to the order/execution. Any mismatch triggers hold/cancel and reconciliation procedures under NBX’s operating controls.
- Finality. A settlement is final once recorded on-chain or confirmed by the relevant bank/custodian. NBX performs pre-trade funds/asset checks to limit settlement fails.
8. Market integrity
Prohibited conduct. Participants shall not engage in abusive or manipulative practices (including spoofing, layering, wash trading, quote stuffing, dissemination of false/misleading signals).
Surveillance & controls. NBX maintains systems, procedures and arrangements to prevent/detect market abuse and to ensure orderly trading; controls include alert scenarios, thresholds and manual review.
Notification to authority. NBX informs the competent authority without delay upon identifying (attempted) market abuse occurring on or through its systems.
Enforcement. NBX may warn, suspend or terminate access; material matters may be reported to authorities.
(This section implements MiCA Art. 76(7)(g), (8), (9)–(11) and is provided per RTS 2025/305 Art. 13(1)(l).)
9. Data retention and supervisory access
NBX retains complete order- and trade-level records and relevant system logs for at least five years and will make information available to Finanstilsynet upon request, including order book access or exports. Record-keeping fields align with the Record-Keeping RTS (EU) 2025/1140 (e.g., DTI, passive/aggressive, self-execution prevention, transaction codes).
Regulatory reporting capability and back-up
NBX maintains adequate human, technical and financial resources and independent back-up facilities to ensure continuous capability to generate, store and transmit to the competent authority all information and records required under MiCA and (EU) 2025/1140 at any time, including during maintenance or incidents. Back-up systems are geo-redundant, restore tests are performed periodically, and documented failover procedures ensure timely provision on request.
10. Changes to these rules
NBX may amend these Operating Rules. Changes will be published on nbx.com and apply equally to all participants. Where practicable, NBX will provide advance notice (e.g., 30 days) before material changes take effect.
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