Operator: Norwegian Block Exchange AS (Reg. No. 920 245 676)

Platform: NBX trading platform (nbx.com)

Version: 1.2

Effective date: 10. April 2026

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 on the NBX trading platform, including crypto-assets and, where applicable, e-money tokens (EMTs). They implement the requirements ofapplicable to the operation of a trading platform under MiCA Article 76 and the related RTS Article 13 (information duties towards the competent authority)..

These Operating Rules do not apply to off-venue transactions, including OTC, RFQ-based or instant execution services where NBX acts as principal and counterparty to the client (including QuickBuy). Such transactions are governed by the NBX Terms of Service and the Execution Policy – OTC, as applicable.

The definitions and matching logic set out in §4 are normative and apply only to all instruments and transactions executed on the NBX trading platform, unless explicitly stated otherwise in these Rules.

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. A crypto-asset shall not be admitted to trading where no corresponding crypto-asset white paper has been published where required under MiCA.
• 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. NBX also assesses compliance with applicable MiCA requirements, including, where relevant, the existence of a crypto-asset white paper and compliance with applicable MiCA requirements. NBX also assesses the suitability of crypto-assets referred to in Article 4(3), first subparagraph, points (a) to (d), of MiCA, in accordance with Article 76(2) of MiCA.‍
• 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 on-platform. NBX does not trade on its own account on the NBX platform.trading platform. Off-venue principal transactions entered into by NBX outside the trading platform are not governed by these Operating Rules and are subject to separate contractual and execution arrangements.

4. Trading rules and order handling

This Section 4 applies only to orders submitted to and executed on the NBX trading platform order book.

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.

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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.

RFQ-based, OTC or QuickBuy transactions are not order types supported by the NBX trading platform and are not governed by this Section.

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.

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4.6 Matching priority (price–time)

Matching follows price–time priority:

1. Price is primary — best price matches first.
2. 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 records, including participant/client identifiers linked to the customer record, and can be made available to the competent authority upon request.

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4.7 Amend and cancel

Orders may be cancelled until they are matched. Order amendments are not supported; participants must cancel and place a new order. 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 Fair and orderly trading

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 best bid/ask and the full order book (with depth aggregated per price level) via the UI and public APIs in near real time. Pre-trade information is provided on a real-time basis (current order book state) and is not offered as a historical dataset.
• Post-trade. Publication of executed trades (price, size and timestamp) in near real time via UI and public APIs. The UI provides a simplified view, while the public API provides the full data set, including matched order identifiers.
• 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 (normally 24/7, subject to maintenance or incident-related interruptions). Access is non-discriminatory and provided in machine-readable formats, and the data remain publicly available for at least two years. Real-time access is provided via the public API and UI on a non-discriminatory basis. The GUI displays recent history; the API provides broader access to post-trade history.

Historical datasets. The public API exposes full historical post-trade 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.

The pre-trade and post-trade transparency arrangements described in this Section apply only to trading activity on the NBX trading platform. They do not apply to bilateral off-venue transactions, including OTC, RFQ-based or instant execution services such as QuickBuy.

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

This Section applies to transactions concluded on the NBX trading platform.

• 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. 

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8. Market integrity

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

Off-venue transactions, including OTC and RFQ-based execution models, are subject to separate monitoring and control arrangements proportionate to the characteristics of those services and are not governed by the trading rules in these Operating Rules.

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 order book record exports. Exports can be produced for a specified market and time period in commonly used structured formats (e.g. CSV or JSON). Order book records include the full order lifecycle events supported by the platform (new, cancel, partial fill, full fill and rejects), each with a unique order identifier and timestamps. Record-keeping fields align with the Record-Keeping RTS (EU) 2025/1140 (e.g., DTI, passive/aggressive, self-execution prevention, transaction codes). Records relating to off-venue services are maintained under separate service-specific arrangements and policies, including the Execution Policy – OTC and NBX’s record-keeping framework.

ProhibitedProhibited conduct. Participants shall not engage in abusive or manipulative practices (including spoofing, layering, wash trading, quote stuffing, dissemination of false/misleading signals).

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.

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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.

Related public pages

• Market Maker Program Terms

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