The Listing rules tab holds the rules the venue checks each time an instrument is listed, the defaults that each instrument uses unless it sets its own, the countries whose residents cannot trade here, and how long the venue keeps its records. Only a wallet with the Venue admin role can change them.
The top of the “Listing rules” tab, from “Instrument defaults” to “Resuming a halted instrument”.
The tab opens with “Instrument defaults”, then “Listing rules” and its “One trading model per security” switch, then “Admission minimums for private listings” and “Resuming a halted instrument”. “Blocked countries of residence”, “Data retention” and the “Save the listing rules” button follow further down the tab.
Steps
Change the rules
Change the sections the venue needs, each described below: the one trading model rule, the admission minimums, the resume cut-off, the instrument defaults, the order rule limits, the starting values for new instruments, the blocked countries of residence, the announcement pop-up and the data retention.
Save the listing rules
On a venue that requires maker-checker, Save the listing rules proposes the change and does not apply it. The page says “Sent for approval. Another venue admin must approve it.” and the stored rules stay as they are until another venue admin approves it. Review the proposal under “Venue configuration approvals” on Desk administration. While one change to the listing rules waits for a decision, a second save is refused with “A listing-rules change is already waiting for a second venue admin. Approve or reject it under Venue configuration approvals before you save another.” Decide the open change or let it expire, then save again. The venue price band on the same page and “Edit price bands” on an instrument's Risk controls tile behave the same way: a held save keeps the sheet open with “Your change is held for approval”, and a second save while a change is open names that open change as the cause. Save stays off while nothing differs from the stored setting.
Limit a security to one trading model
The One trading model per security switch decides what the venue accepts: when on, a security listed for auction cannot also get a continuous instrument, and the reverse. Existing instruments stay listed, so a security can keep both an auction and a continuous instrument that were listed before the switch.
Set the admission minimums for private listings
Set Minimum value made available (USD) and “Minimum shares made available”. The venue refuses a private listing below either minimum, and the listing wizard asks for both values. Each minimum is a whole number no larger than 9,223,372,036,854,775,807, and the page and the API refuse a larger one and store nothing. Leave a field empty for the platform default, or enter 0 for no minimum. Pending listings are checked again before they go live, and a live instrument below a raised minimum stays listed.
Set a resume cut-off
Under “Resuming a halted instrument”, a halted or suspended instrument cannot resume within the number of minutes you enter in Resume cut-off before close (minutes) before the session close. Leave it empty for no cut-off.
Set the instrument defaults
The “Instrument defaults” section holds the values that instruments inherit and links to “Trading calendar: hours and closed days”. Set the Venue price band there. Its default is “Off”. “Static” takes a minimum and maximum quote price. Both must fit every inheriting instrument's tick size exactly. An incompatible instrument prevents the change. “Dynamic” takes an initial percentage, an expansion step, and a maximum threshold.
Limit the order types and time in force
“Order rule limits” is a ceiling for every instrument on the venue. Order types allowed on the venue and “Time in force allowed on the venue” list the options an instrument may accept, and an instrument accepts the options it sets itself that are also ticked here. The ceiling applies to instruments already listed and to new ones. Tick everything for “No limit”.
Orders already resting on the book stay and run their course. The limit applies to orders placed after the save. An instrument's own order rules are not rewritten, so ticking an option again restores it for instruments that still list it. A limit can narrow a private listing like any other.
A limit that would leave a listed instrument with no order type, or no time in force, is refused with “A listed instrument would be left with no order type or no time in force. Change that instrument's order rules first, or keep more of the options ticked.” (DALP-14017). A listing that states an option outside the limit is refused the same way.
Set the starting values for new instruments
The “Starting values for new instruments” section holds five fields:
- Default maker fee
- Default taker fee
- Default fee account
- Default market-order protection band
- Default holding period
Fees and the protection band are in basis points, and the holding period is in seconds, within the ranges the listing wizard accepts. Leave a field empty for no starting value.
The listing wizard opens with these values filled in, and the person listing can change each one. A starting value is copied once, when the wizard opens. After the instrument is listed it keeps its own value, and a later change here leaves listed instruments alone.
Block countries of residence
A participant whose residence claim is in a country under Blocked countries of residence cannot place orders on any instrument of the venue, and an instrument's own restricted countries add to the list. A participant's residence is the residence claim DALP issues from the country on their approved KYC profile. While either list is set, an order from a participant with no residence claim is refused. The refusal names the country, for example “Participants resident in US cannot trade this instrument.”
Show an announcement pop-up
With Flash new announcements on the trading screen on, participants watching an instrument get a pop-up when an announcement for it or for the venue is published. The banner shows every announcement either way.
Flash announcements from this severity chooses “Info and above”, “Warning and above” or “Critical only”.
Set the data retention
“Data retention” on the “Listing rules” page sets how many years the venue keeps its orders, order events and trades. Leave Retention period (years) empty and the monthly run deletes nothing, or enter a whole number from 1 to 100. A new period warns that older records are copied to the venue archive and then deleted, and “Save retention period” stays off until you select “Preview”, which shows what the next monthly run would remove. On a venue that requires maker-checker, the save reads “Your change is held for approval. The retention period stays as it is until another venue admin approves it.” Venue retention explains the run and the archive, and a legal hold keeps records out of it.
Troubleshooting
My listing-rules change does not apply
A venue that requires maker-checker holds the change until another venue admin decides it under Venue configuration approvals on Desk administration. While one change waits, a second save is refused. Decide the open change or let it expire, then save again.
API routes
The tab reads and writes the venue's listing rules through the trading venue routes in the v2 API reference. The order rule limits and the starting values are the orderRuleLimits and marketDefaults groups of the same listing rules.