Reviewing an order
An order names the instrument, whether to buy or sell, the number of units, the currency and the quoted price. Review the price before confirming. If the quotation changes, the member must review the new quotation before the order can execute.
Currency of a holding
HCC and CEB holdings are kept separately. Selling a holding credits the same currency used to buy it. An exchange order does not turn a CEB-funded holding into cash.
Trading controls
A market supervisor can halt an instrument while it is reviewed. Orders require a current quotation, sufficient member funds or holdings, and available exchange inventory. Reference indexes are published benchmarks and cannot be traded.
Member limit orders
The public register shows aggregate open quantities by instrument, denomination, side and price. Member accounts place good-until-cancelled limit orders. A buy reserves its maximum consideration; a sale reserves owned units. Orders match at the resting order’s price, with best-price and time priority. Price improvement returns to checking or charter balance. HCC and CEB do not mix. Self-matching, borrowing and trading halted instruments are prohibited. Members cancel remaining quantity; market supervision may cancel an open order with a reason. Completed fills remain immutable.
Civitas public standard · Charter edition / 2956.
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