Operating Rules - (Bridge Model)

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Terms & Conditions

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Operating Rules

Operating Rules - (Bridge Model)

These Operating Rules establish the operational, technical, and behavioral framework governing access to and use of the Liminal Prime platform (“Liminal Prime”). They are intended to provide Users with transparency regarding how the Liminal Prime functions, how interactions between Users occur, and how responsibilities are allocated. These Operating Rules form an integral part of the Liminal Prime Terms and Conditions (the “Terms & Conditions” or “T&C”). Capitalized terms not defined herein shall have the meanings assigned to them in the T&C.

1. DEFINITIONS

  • 1.1. Terms defined in the T&C apply equally to these Operating Rules unless expressly stated otherwise.
  • 1.2. Confirmation means a daily post-trade informational report generated by Liminal Prime, containing User identification details, Transaction parameters, applicable trading limits, and outstanding open positions pending bilateral settlement.
  • 1.3. Digital Asset refers to any cryptographically secured digital or virtual asset, including cryptocurrencies, tokens, or similar instruments, operating on decentralized or distributed ledger technology.
  • 1.4. Exchange means any regulated or unregulated securities or derivatives exchange, clearing house, self-regulatory organization, multilateral trading facility, alternative trading system, or similar venue where Digital Assets may be traded.
  • 1.5. Inter-dealer Trade means a Transaction conducted between Users acting in a liquidity-providing capacity, including Maker-to-Maker or Maker-to-Master interactions, as permitted under Liminal Prime configuration.
  • 1.6. Markup means a numerical adjustment applied to a quoted price that widens or narrows the bid-offer spread for a liquidity-consuming User, potentially affecting the quoting User’s economic outcome.
  • 1.7. Net Open Position (NOP) means the net long or short position in a specific Digital Asset held by a User against a particular counterparty, calculated by aggregating all Transactions and settlement adjustments recorded on Liminal Prime.
  • 1.8. Overnight Rate means a charge or credit applied by a liquidity-providing User for maintaining an unsettled Net Open Position beyond a trading day.
  • 1.9. Sub-account means a User account that trades exclusively under a Master account and may be designated as a Sub-maker or Sub-taker, subject to risk parameters and permissions defined by the Master.
  • 1.10. Settlement Transaction means a non-custodial informational message exchanged between counterparties reflecting settlement instructions, settlement status, or reconciliation details for Transactions settled outside Liminal Prime.
  • 1.11. Transaction means a bilateral trading agreement formed between two Users using the Liminal Prime ’s communication tools, with legal execution and settlement occurring externally between those Users.
  • 1.12. User as defined under the Liminal Prime Terms and Conditions

2. GENERAL PRINCIPLES AND LIMINAL PRIME ROLE

  • 2.1. Liminal Prime operates a technology Liminal Prime that facilitates communication, price discovery, and interaction between Users seeking to enter into Transactions in Digital Assets. The Liminal Prime enables Users to view quotes, exchange messages, manage limits, and record post-interaction information.
  • 2.2. These Operating Rules supplement the Terms & Conditions and govern the operational use of the Liminal Prime. In the event of any inconsistency, the Terms & Conditions shall prevail.
  • 2.3. Users are required to enter into appropriate bilateral legal agreements governing their trading relationships prior to engaging in Transactions. Liminal Prime is not a party to such agreements and does not verify their existence, validity, or enforceability.
  • 2.4. All asset transfers, cash movements, netting arrangements, and settlement processes occur outside the Liminal Prime, and are governed exclusively by the bilateral arrangements between Users. Liminal Prime does not control, execute, or guarantee settlement.
  • 2.5. Users may participate in different functional roles, including as liquidity providers (Makers), liquidity consumers (Takers), or account administrators (Masters). The Liminal Prime supports these roles through configurable permissions and tools.
  • 2.6. Liminal Prime does not act as an exchange, broker, dealer, market operator, or clearing entity and does not assume principal risk, counterparty risk, or custody of assets.
  • 2.7. Masters are solely responsible for the onboarding, due diligence, anti-money laundering compliance, and ongoing oversight of their Sub-accounts. Liminal Prime does not supervise or control Sub-account behavior.
  • 2.8. Masters may configure pricing adjustments, overnight charges, risk limits, trading permissions, and settlement-related records for Sub-accounts, subject to Liminal Prime capabilities.
  • 2.9. Liminal Prime does not provide clearing or settlement services. Any User offering such services does so independently and bears all associated responsibilities.
  • 2.10. Where Liminal Prime records differ from external settlement or reconciliation processes, the external process shall prevail.
  • 2.11. Users are solely responsible for ensuring compliance with applicable laws, regulations, and contractual obligations in all relevant jurisdictions.
  • 2.12. Continued access to the Liminal Prime is conditional upon compliance with these Operating Rules. Liminal Prime may restrict or suspend access in the event of non-compliance.
  • 2.13. References to third-party trademarks are provided solely for identification purposes and do not imply endorsement or affiliation.
  • 2.14. Liminal Prime may amend these Operating Rules from time to time and will provide notice of material changes.
  • 2.15. These Operating Rules are made publicly available on the Liminal Prime website.

3. TRANSACTION COMMUNICATION, LIMITS, AND RISK MANAGEMENT

  • 3.1. Users are responsible for defining, configuring, and monitoring their own trading limits, exposure thresholds, and margin parameters using the tools provided by the Liminal Prime.
  • 3.2. The Liminal Prime permits Users to engage in Transactions only where applicable limits and configurations allow. Liminal Prime does not override User-defined limits.
  • 3.3. Supported risk controls include bilateral counterparty limits and optional margin frameworks established by liquidity providers or Masters.
  • 3.4. A new Transaction may be restricted where gross exposure exceeds configured thresholds, taking into account open positions, unsettled Transactions, and outstanding instructions.
  • 3.5. Margin frameworks, where applied, may include initial margin requirements, maintenance margin thresholds, and restricted trading levels, each designed to manage counterparty exposure.
  • 3.6. Limit visibility may be reciprocal where both Users elect to disclose such limits.
  • 3.7. Liminal Prime includes safeguards to prevent a User from entering into a Transaction with itself.
  • 3.8. Liquidity-providing Users may impose restrictions on interactions with other liquidity providers.
  • 3.9. Overnight Rates may be applied to unsettled Net Open Positions and are recorded for informational and reconciliation purposes.

4. LIMINAL PRIME AVAILABILITY

  • 4.1. Liminal Prime is generally available on a continuous basis, subject to technical and operational constraints.
  • 4.2. Availability may be affected by scheduled maintenance, emergency updates, or unforeseen technical issues. Liminal Prime will use reasonable efforts to provide advance notice where practicable.

5. USER ADMISSION AND ONBOARDING

  • 5.1. Access to Liminal Prime is subject to onboarding procedures and due diligence checks.
  • 5.2. Users must provide complete, accurate, and up-to-date information as requested.
  • 5.3. Failure to provide required information may result in denial, suspension, or termination of access.
  • 5.4. Users are responsible for maintaining the accuracy of their information.
  • 5.5. Liminal Prime reserves the right to deny or revoke access at its discretion.

6. ACCESS CHANNELS AND SECURITY

  • 6.1. Users may access Liminal Prime through a graphical user interface or an application programming interface.
  • 6.2. Users must disclose systems accessing Liminal Prime via application programming interfaces and ensure appropriate security controls.
  • 6.3. A sandbox or testing environment may be provided for development and testing purposes.
  • 6.4. Users must promptly notify Liminal Prime of any suspected credential compromise.

7. DATA, REPORTING, AND RECORDS

  • 7.1. Liminal Prime provides market data, quotations, and interaction records based on User permissions and configurations.
  • 7.2. Data feeds may vary depending on applied limits, markups, and counterparty relationships.
  • 7.3. Aggregated and anonymized data may be published for informational or analytical purposes.
  • 7.4. Daily Confirmations are provided to support reconciliation and record-keeping.
  • 7.5. All timestamps are recorded in Coordinated Universal Time (UTC).

8. TRADING MODES AND INSTRUCTIONS

  • 8.1. Liminal Prime supports a range of order instructions, including limit-based and market-based instructions with Immediate-or-Cancel and Fill-or-Kill characteristics.
  • 8.2. Eligibility to use specific instruction types depends on User role and configuration.
  • 8.3. Certain aggressive instructions may be subject to technical latency controls.
  • 8.4. In Request for Quote mode, liquidity consumers request pricing, liquidity providers respond, and the consumer selects a counterparty.
  • 8.5. Legal trade formation and settlement occur exclusively outside the Liminal Prime.

9. FAIR AND RESPONSIBLE USE

  • 9.1. Users are expected to use the Liminal Prime in a fair, orderly, and responsible manner.
  • 9.2. Prohibited conduct includes market manipulation, deceptive practices, and abusive trading behavior.
  • 9.3. The Liminal Prime provides limited protective controls and does not substitute for User risk management systems.
  • 9.4. Users must maintain adequate internal systems and controls to ensure their ongoing compliance with these Operating Rules and management of their activities via Liminal Prime.
  • 9.5. In the event of a material disruption, including technical malfunctions, attempted market abuse, failure of third-party services, emergencies, extraordinary market conditions, or force majeure events, Liminal Prime may take such actions as it reasonably deems necessary to maintain or restore the orderly operation of the Platform.
  • 9.6 Where the Platform experiences a system failure or service interruption, any outstanding instructions, quotes, or orders may be canceled regardless of their time-in-force. Interactions completed prior to the disruption but not yet reflected in Liminal Prime records may be treated as completed for informational and reconciliation purposes only.

10. SANCTIONS AND EXPORT CONTROLS

  • 10.1. Users must comply with all applicable sanctions and export control laws.
  • 10.2. Access is prohibited for persons or entities subject to sanctions administered by the United States Department of the Treasury Office of Foreign Assets Control, the European Union, the United Kingdom, or other relevant authorities.

11. ERRONEOUS TRANSACTIONS

  • 11.1. Erroneous Transactions include those involving unauthorized Users, exceeded limits, or unsupported assets.
  • 11.2. Reviews may be initiated by Users or Liminal Prime.
  • 11.3. Liminal Prime may assist by providing records and technical information but does not guarantee resolution.