Trading is the Console workspace for choosing a listed instrument and placing an order against its order book. The order book is the running list of resting buy and sell interest an instrument keeps until a matching order arrives. This is the secondary market. Primary Offerings runs a token's first sale at a price the issuer fixed, and once that sale has delivered units to investors, they change hands here at whatever price the book gives instead of a fixed one. To move tokens without a price, use a transfer. When both parties already agree every amount, use XvP settlement. To list, change or halt an instrument, use Venue operations.
Signing an order does not complete the exchange. Placing the order locks its amount in the venue's escrow. You sign a request naming the side, order type, quantity, and expiry, and the venue's book decides whether and when that request becomes a fill. The workspace shows the venue's order book and trades. Market Data explains the separate on-chain price feeds. Transfer-Path Compliance explains why a match does not prove delivery: each delivery leg must pass its token's checks, so the book can match two orders and settle nothing.
The Trading page lists one card per instrument with its status, last price, change and 24-hour volume, under a filter that switches between Tradable now and All visible.
An order you sign while working as another participant is signed for that participant. Delegated authority explains how the records name you and the participant you acted as.
Steps
Select an instrument
Open Wealth, then “Trading”. The page lists each instrument as a card with its status, last price and 24-hour volume. “Tradable now” shows the instruments you can trade now, and “All visible” adds the instruments you can see but cannot trade now. Select a card to open that instrument's workspace. The workspace header shows a breadcrumb back to the “Trading” list, the pair with its mode, one status badge, the last price, the best bid and ask with the spread, the session and 24h figures, and the 52-week range, which reads “52-week range (since first trade)” for an instrument younger than a year. The figures sit on one line. Those that do not fit move, from the last one back, behind a button at the end of the line that counts them, for example “3 more”, so the bid and ask stay next to the last price. Each price in the header ends with the quote symbol, for example “4.0000 EUROC”, and each quantity with the base symbol. The panels below carry the order book, recent trades, chart, your balances, and your orders. “Recent trades” shows the quote symbol under its “Price” head and the base symbol under its “Quantity” head, as the order book does, and writes its times with the chart axis's clock and the page language's separators. The row between the asks and the bids in the order book shows the same last price as the header, with the spread beside it, and reads “No trades yet” while the instrument has no trade that stands. A trade that is undone is not a last price: the header, the order book and “Recent trades” all leave it out. When settlement undoes a trade the live view already showed, “Recent trades” drops it at once and the header corrects its last price and its session volume and value, without waiting for the next trade. An instrument you cannot find may be private: only approved wallets see and trade a private instrument, so ask the venue operator if you expect a pair that is not offered.
Read the instrument terms
Select the Instrument tab to read the base and quote tokens' terms. When collateral is reported, “Collateral” shows the amount and, when outstanding supply is positive, its percentage of that supply. In the Console and Investor portal, amounts and percentages use the figure face. The translated words around them use the body face and follow your language's word order.
Check the session and instrument
Read the status badge in the header before entering an order, and select it to see what the session means, when it next changes, in UTC and in the time zone of the instrument's trading calendar, and how long ago the last instrument update arrived. When the instrument is open and its data is current the badge reads Session open · Live. A paused venue, an instrument halt, a stale or lost data stream, or a non-continuous session replaces that text, and the first that applies in that list wins. “Session closed” refuses every new order except a “Day” limit order, which waits for the next session. “Pre-open” and “Opening auction” collect limit orders without matching, and the instrument opens at an undisclosed instant inside its published window, so nothing crosses until then. “Closing auction” also collects orders without matching, and one uncross at its end crosses them at a single price, which becomes the day's official close. The auction ends at the Trade at last time when the day has one, and at the session close otherwise. “Interrupted · Volatility” means a trade would have printed beyond the instrument's volatility threshold from its reference price: new orders are collected without matching, the badge details name the time trading resumes, and a single-price auction crosses the orders then. An instrument whose calendar has no preopen skips that phase: it goes from “Session closed” straight to trading at the scheduled open, and the badge details name the open time instead of a window. “Session open · Live” means continuous trading is running on current data. While orders are collected, the header leads with the indicative price and matchable quantity when the instrument's publication setting makes them visible. When the setting withholds the price from you and the bids and asks already meet, the header reads “Not published” and the order book's middle row reads “Indicative price not published”. When no price would match yet, both read “No indicative price yet”. Check the instrument status too: an instrument showing “Instrument halted” accepts nothing until an operator resumes it, and your resting orders wait untouched through the halt. On the trading desk header, “Open price” is the opening auction price of the current session, or the first trade of the session when the auction set no price. The first candle on the chart opens at the first trade, so the two can differ.
Enter the order
Choose Buy or “Sell”, then the order type: “Limit”, “Market” or “Stop”. Select the time in force: “Good till cancelled”, “Good till date”, “Day”, “Immediate or cancel”, or “Fill or kill”. Choose an order type and time in force compares them. Enter the price, quantity, or expiry the chosen combination requires. The price and quantity fields take the amount in your own number format with the token's symbol and read a suffix such as 1.5k. Text the field cannot read as an amount blocks the order. An entered price reads at the instrument's price step, so a book price of 4.0320 stays 4.0320. The order types and the time in force sit on one row: when a language's order type names need more room than the ticket has, as three Thai order types do, the order types wrap onto a second row instead of pushing the time in force selector out of the ticket.
Then read the amount the venue locks, under Reserved for this order, before you commit. The ticket shows the exact amount, with the order amount and maximum fee beside it, so those parts add up to the total you read. When a buy is blocked, the ticket names the amount it needs, rounded up, and your buying power, rounded down, at the digits of the instrument's price step, or of its lot size for a sell, so a blocked order never reads as affordable. The review step shows the same reserved amount and maximum total.
“Estimated VAT” on the ticket is written at the digits of the price step, rounded down. In the review, prices, fees, VAT and totals in the quote token share enough decimal places to show every amount exactly, with the price step as the minimum. Trailing zeros align those figures. Base quantities keep the lot size's precision.
Your buying power is your wallet's available balance plus your free escrow balance, the figure “Balances” shows. “Balances” writes every other amount the same way, at the digits of the price step for the quote token and of the lot size for the instrument, rounded down. An amount that has more digits shows “≈” before it: point at it or move focus to it to read the exact amount. In Arabic, “≈” stays immediately before the digits, beside the amount and its currency. Prices, quantities and percentages keep the same fixed-width face as in English in both the Console and Investor portal. The “Withdraw” confirmation names the exact amount it moves. Until you lower the quantity or the price, you cannot select “Place buy order”. A sell of more than you can sell stops at the ticket the same way.
The desk header also shows Price band with the lower and upper limits while the instrument has a bounded band. Check the “Price band” line under the limit price: it shows the band in force and follows a band change while the ticket is open. A limit price can equal either bound, but outside it the ticket says so and you cannot review the order. When a dynamic band has no anchor yet, the ticket says the instrument accepts no orders.
The price band follows the instrument's setting: the venue default, Off, or an override. A static policy fixes minimum and maximum quote prices. A dynamic policy starts around the previous official close and expands only the side reached by a trade, up to its cap. A dynamic band that rolls on close has no anchor between the session close and the official close, so every order is refused until the official close lands. A market order is signed at its separate protection-band edge. Each fill must also stay inside the effective price band. If an operator saves a tighter policy, excluded open orders are closed as “Rejected” with the price-band reason and their reserved balances are released.
To place a stop order, choose Stop as the order type. A stop asks for a “Trigger price” and a limit price, and takes “Good till cancelled”, “Good till date” or “Day”. The venue reserves the balance when you place the stop and holds it while the stop is armed, so you see the reserved amount before you commit. A sell stop must trigger below the current market price and a buy stop above it. When the instrument trades at the trigger price, the order joins the order book at your limit price. While the stop is armed, “Open orders” shows the “Stop armed” status with “Triggers at” and the trigger price beneath it, in the Investor portal too. Cancel an armed stop from “Open orders” to release the balance.
When the instrument has a minimum order quantity, a smaller quantity names the minimum under Quantity and you cannot select “Place buy order” or “Place sell order” until you raise it. On a bond past its trading cut-off, or on a venue an operator has paused, the ticket says so beside the button and accepts no order, so nothing reaches the venue to be rejected. A halted or delisted instrument gets the same treatment, and the ticket names which of the two it is. A delisting is final, so on a delisted instrument every ticket control is also turned off: buy or sell, the order type, time in force, and the price, quantity and expiry fields. The same holds in the Investor portal order ticket, for “Place buy order” and “Place sell order”. A pause or a resume reaches an open trading desk without a reload.
Authorise the venue's escrow
When your approval to the venue's escrow is missing or no longer covers the shortfall this order needs, the ticket offers “Authorize”. Select it, approve the named venue escrow for the amount the ticket shows, and verify your wallet. An order your free escrow balance already covers needs no approval. Trading authorization required covers the cases where the ticket names another reason instead.
Place the order
Select Place buy order or “Place sell order”. The ticket turns into “Review your order” with the figures you are about to sign. Select “Confirm buy order” or “Confirm sell order” and verify your wallet, which signs and places the order.
Set a price alert
A price alert watches one instrument and fires once, on the first trade that prints at or beyond its price. Select Set alert in the trading workspace to open “Set a price alert”. Choose “At or above” or “At or below” under “Alert when the price is”, enter a price on the instrument's tick size, in your own number format with the quote token's symbol, select “Create alert” and verify your wallet.
When the alert fires, the platform adds it to your notification list, which the Platform API serves, and emails you if email is on for price alerts. A venue operator sets the organisation default on the Participant alerts tab of Venues, and you change your own setting under “Notifications” in the Investor portal or through the notification preferences endpoint of the Platform API. The platform also sends the “trading-venue.price-alert.triggered” webhook, which the webhook event reference describes. The price comes from a matched trade before settlement, so treat it as a signal until “trading-venue.trade-settled.final” arrives for that trade.
Your alerts are under Price alerts on the “Watchlists” page of the “Personal” group, with their instrument, condition, status, which is “Active” or “Triggered”, and creation date. Other users cannot list, change or delete them. Select “Delete” and verify your wallet to remove one. The Investor portal also offers an alert on a percentage move from the previous official close, and lets an investor change an alert that has not fired.
Choose an order type and time in force
Time in force decides how long a resting order waits. Good till cancelled is the default. It signs an expiry so far ahead that it never lapses, so the order rests on the book until it fills or you cancel it. “Good till date” lets you set the expiry yourself, in UTC, down to the minute. The ticket marks the expiry field only after you enter or clear a date: an empty field you have not touched stays plain, and you cannot place the order until it holds a future expiry. “Day” rests until its trading session closes, when the venue expires it, so an early close, a holiday, an extended session or a delayed open moves the expiry with it. A “Day” limit order placed while the session is closed belongs to the next session. An instrument with no trading calendar has no session close to end it, so the ticket does not offer “Day” there. “Immediate or cancel” takes whatever fills at once and cancels the rest, so it never rests. “Fill or kill” fills the whole quantity at once or not at all. Choose “Good till date” when a stale order would be a risk if it rested indefinitely. Choose “Immediate or cancel” when a partial fill now is worth more than a full fill later. A market order never rests, so for “Market” the ticket offers only “Immediate or cancel” and “Fill or kill”.
A venue can also limit the order types and the time in force that all its instruments accept, so the ticket for an instrument offers only what the instrument accepts after the venue's limit. If an option you expect is missing, the venue may have limited it. The limit applies to new orders, and an order that was already resting stays on the book.
The session state also limits what the ticket offers. An auction takes limit orders only, so during pre-open and the opening or closing auction the ticket turns off Market, “Immediate or cancel” and “Fill or kill”. During a Trade at last session, the ticket offers only limit orders, with the price locked to the last price and no “Immediate or cancel” or “Fill or kill”.
What an order locks, and when a fill settles
One order passes the session gate, the book and compliance on both legs, then settles on-chain or parks with its refusal reason.
A fill can wait out the instrument's holding period, a delay before delivery. Delivery transfers the net legs under the tokens' rules. A venue operator can undo a pending delivery before its deadline. The platform does not offer an undone lot again, and its owner can place it as a new order.
Placing an order locks part of your balance in the venue's escrow. You still own it. For a buy, the venue locks the quote notional plus the maximum fee in the venue's escrow. It deposits from your wallet only the shortfall, the part your free escrow balance does not already cover. A sell locks the base quantity the same way, and pays its fee out of the quote proceeds instead. A locked leg leaves the escrow at delivery. If the token refuses a delivery to your wallet at that moment, the leg stays in the escrow as free balance instead (see below). Cancelling takes the order off the book at once after you verify your wallet, and the confirmation names the order it cancels, with its side, quantity and price. The locked amount returns to your free escrow balance once the platform's refund transaction confirms. Your free escrow balance stays in the escrow until you withdraw it. The Balances panel shows the free and locked amounts per leg, with a “Withdraw” action that sends free balance to your wallet.
The trading interface does not expose your identity or remaining position to a counterparty. Public chain records can still reveal the participating addresses and transfers. Order history and “Your trades” record fills and closed orders.
A venue operator can undo a trade within 24 hours of it through a trade bust in Venue operations. A second operator approves the bust while the venue's Trading venues row under “Approvals” is on. With that row off, one operator alone busts an undelivered trade. A bust of a delivered trade always needs a second operator. Before delivery, a bust releases the locked legs. After delivery, it reverses the transfers with a forced transfer of both legs, which no trader signs: the platform grants the token's Custodian role on both tokens to your organisation's operations signer for this purpose. “Your trades” marks the result “Undone”, and the tokens go back to their owners. The undone lot does not return to the book, and the filled figure of the orders leaves it out. The venue also undoes a trade at its due time, without an operator, when an outside cause blocks delivery: the token is paused, a custodian shrank the trade's locked amount, the sending side is frozen, or a receiver is added to the compliance bypass list during the holding period. Only the order on the side that failed shows “Settlement failed”, with the reason. Every other order on the trade keeps its own status and close reason and adds a note that a trade was undone, and an order that is still open stays open for the rest of its quantity.
Any other refusal at the due time does not undo the trade. If the token refuses to pay you, for example because your identity claim lapsed during the holding period, the trade still delivers: the counterparty's leg is paid and your leg waits as free balance in the venue's escrow, so you cannot get out of the trade by making yourself unable to receive. “Your trades” shows the trade as delivered. Balances shows the units in your free amount, and you withdraw them with “Withdraw” once the token's rules accept your wallet again. The withdraw runs the token's compliance and freeze checks, so an unverified or frozen wallet cannot take the units out. It cannot sell them on the venue either: while the token's identity registry does not verify you, or the token's rules would refuse the escrow paying you, an order that needs units from your free balance is refused with MakerCannotReceiveToken. Complete verification first, then withdraw or sell.
On an instrument with a holding period, the venue also refuses a fill when the buyer, the seller or a fee recipient is the zero address, the escrow, or an address on the token's compliance bypass list, because it could not pay or book to that address at delivery. This is refused with InvalidDeliveryRecipient. An instrument with a zero holding period delivers at the fill and has no pending-delivery window.
Read the chart, order book and order tables
The price chart
Pick a range under the chart, or from the range menu in the chart toolbar on a narrow chart: 1D, “5D”, “1M”, “3M”, “6M”, or “All”. The workspace opens on “1D”. The “Candle interval” control reads “Auto” with the interval it chose, for example “Auto · 5m”: it takes the finest interval that fits the range in at most 500 candles, or 190 for 1-day candles, and otherwise 1-week candles, so “1D” shows 5-minute candles and “1M” shows 4-hour candles. “All” shows 1-week candles once the history is longer than about six months. A market with less history than the range starts at its first candle. Pick an interval yourself and it stays across ranges until you pick “Auto” again. A range shows at most 500 candles, so a fine interval shows only the newest part of a long range. The price axis fits the candles of the range, so older prices outside it do not flatten the chart. With the orders overlay on, the axis also stretches to reach an open order priced just beyond the candles, so the order keeps its line on the chart. An order far outside the candles' range is not drawn, and the chart counts it above or below the range instead. Drag the price axis to zoom the prices, and double-click the axis to fit it again. Every price-axis label carries the instrument's price step, in figures of equal width, so a price below 4 reads 3.9990 and its separator sits in the same column as every other label's. The time axis shows clock times, and a tick that falls on midnight shows its date, so a range of several days reads by day. 1-day and 1-week candles show dates only.
The chart draws a candle, bar or line point only for an interval that holds a trade, so every candle stands for trades you can find in Recent trades. An interval without a trade, including the hours the instrument's session is closed, stays empty on the time axis. Hovering an empty interval shows the prices of the last interval that traded before it, and nothing when no earlier interval in the range traded. The same range and interval show the same trade history in every language, whether the orders panel is open or hidden. A range with only one interval that traded shows one candle. The indicators skip intervals without trades too. An indicator without enough candles shows how many it needs in the legend, for example “Needs 21 candles”, or “Needs 21 candles with trades” when the range has enough candles but too few of them traded.
The Open, High, Low and Close summary keeps each label whole and wraps onto more lines when the chart is narrow. Working-order labels sit in their own column beside the price axis, at their order prices, so the last-price tag can stay visible without covering them. The Investor portal chart follows the same layout.
The chart marks your own fills, but only your newest 200 fills in the instrument, so an older fill on a long range has no mark. “Your trades” lists every fill. The Investor portal chart marks your newest 200 fills from the day before the range's first candle onwards, so on a long range with more fills than that, the oldest fills have no mark there either.
The orders panel and the order book
On a phone, scroll the page to read every order-book level. Each side takes the space its levels need, and Recent trades follows the last bid.
Toggle orders panel, at the end of the chart tabs, hides the row with your orders and trades and gives its height to the chart and the order book. Dragging the top edge of the row down hides it too. To bring the row back, select the toggle again, drag the bottom edge of the chart and order book row up, or select “Show the orders panel” on the “Orders (n)” bar, which counts your open orders in this market: the same number as the “Open orders” tab, suspended orders included. The workspace keeps your choice across a reload. On a screen under 800 pixels tall the row starts collapsed until you choose. On a narrow screen, where the panels stack, the row always shows. With the row open, the order book keeps its price steps, column headers, the whole spread row and at least one ask and one bid level, however many orders you have. The orders table scrolls inside its own area.
Price step, above the order book, groups its levels into price buckets. The first option is the instrument's own price step, one tick, which shows every resting price. The next options are 2, 5, 10, 50 and 100 ticks, each named by the price it adds up to, for example “0.0100”. On a book whose levels sit more than 100 ticks apart the larger options move up by powers of ten, so the coarsest option always spans more than one gap between levels. A bucket sits on a multiple of its step: bids round down and asks round up, so a bucket never shows a better price than the orders inside it. Its size is the sum of the levels it holds, and its total is the running total down to its deepest level. Selecting a bucket fills the order ticket's price with the bucket's price, at the instrument's price step. The Investor portal's trading desk groups its order book the same way. The desk remembers your choice. A market that does not offer the saved step opens at the nearest finer one.
The order tables
The four tables under the chart (Open orders, “Your trades”, “Order history” and “Rejected orders”) are dense: the units sit in the column heads, for example “Price (EUROC)” and “Quantity (RHE30)”, and the cells show bare numbers. “Side” reads as a coloured “Buy” or “Sell” tag. The “Actions” column at the end of a working order holds that row's Amend and Cancel controls, as it does in the Console. Each table shows 50 rows a page, newest first, and scrolls inside its area. Its page controls move to older rows, and the count on its tab covers every row, not only the page shown. A table reads its rows when you open its tab. In the Console, your own fills, order changes and deliveries show without a reload, also when they come from another window or the API. In the Investor portal, an order you place or cancel there shows at once. A change from another window or the API, such as an order placed or cancelled there or a trade that filled and settled, shows within a minute, or as soon as you return to this window. Another trader's activity on the book does not reread your tables. A “Reason” or “Closed by” column that is empty on every row is hidden. A “Reason” is shown in full: a long refusal wraps onto more lines, so its row grows taller, and it is never cut off with an ellipsis. In “Your trades”, the download icon at the end of a row opens the CSV and XLSX transaction confirmation of that trade. The icon is muted, and its tooltip gives the reason, when the trade has no final transaction yet.
Troubleshooting
Trading authorization required
The ticket shows this instead of a plain rejection because the fix is different: your approval to the venue's escrow is missing or no longer covers the shortfall this order needs. Approve the named venue escrow for the amount the ticket shows, then retry. Check the remaining approval before later orders. An order you placed a moment ago still counts while its escrow commitment is on its way: until it lands, the ticket adds what it will pull to this order's amount, so one approval covers both and the first order keeps the approval it needs. While the venue is paused, the instrument is past its trading cut-off, the quantity is below the minimum or the price is outside the band, the ticket names that reason instead of offering “Authorize”. A pending or refused ordering-access check, or an order larger than the wallet's buying power or holdings, does not hide “Authorize”: a new self-custody trader's wallet only becomes able to trade and receive funds once they authorise, so the ticket offers it and keeps Place buy order or “Place sell order” unavailable until the access check clears and the wallet covers the order.
Order rejected
Signal: the ticket names the check that failed. Each check has its own fix:
- Eligibility: your wallet is not registered to trade this instrument. Contact an administrator.
- Desk limit: the order exceeds the limit your desk approver set, on an institutional desk. Reduce the order or request a reviewed limit change, which a different operator must approve.
- Grid: the price or quantity does not land on the instrument's tick and lot grid. Enter a price on the instrument's tick grid and a quantity in whole lots, and check the minimum notional.
- Price band: the rejection states your price and both ends of the allowed range, so a buy at 150.01 against a range from 50.00 to 150.00 is refused with exactly those three numbers. The range is the one that applied when the venue checked your order, so choose a price inside it before resubmitting. When the range has no upper end, the rejection states the minimum price alone. A dynamic band with no reference price blocks trading until an official close sets one, or an operator does. An issuer price floor and an anchor-based width still apply when they are configured, even with the band set to Off.
- Instrument state: the instrument is not live, most often because an operator halted it. Wait for it to resume.
- Cut-off (
maturity-cutoff-reached): the instrument is past its trading cut-off. For a bond, the cut-off is the moment the bond matures, or the number of days before maturity that an operator chose for the instrument. For a rights token, it is the trading end of its rights issue. No order can be placed after it. Fills matched before the cut-off still settle, and on a bond they keep settling until the bond has matured. - Balance: this order plus what you already have reserved would exceed your spendable balance. Cancel an open order or submit a smaller one.
- Order cap: you reached the open-order limit for this instrument. Cancel an open order first.
- Size: the order is above the instrument's maximum order size or value, or under its minimum, and the rejection states the order's own size or value beside the limit. Change the order to fit.
- Expired or fee: the order sat too long before reaching the book, or the fee schedule rose above the fee cap you signed. Neither can be repaired in place, so submit a fresh order.
- Signature: the venue could not verify the order was signed for this session. Contact an administrator rather than resubmitting the same order.
- Rate limit: you sent orders too quickly. Wait a moment and try again.
The ticket keeps a refusal until you cancel or amend an order, and a venue pause stays until the venue resumes. “Rejected orders” counts only the refusals the venue saved. A refusal the venue did not save has no row there, so once the ticket clears it nothing else records it. Note the reason before you cancel or amend.
The error catalogue describes every refusal these checks return through the API.
An open order disappears without a fill
Order history carries several “Status” values for an open order that never fills, and the “Reason” column beside them explains most. “Expired” means its time in force ran out before it filled, and “Reason” adds “Expired before it could fill”. “Cancelled” means the order left the book before it filled completely. A direct cancellation shows “Cancelled”, and the “Closed by” column names “You”, “Venue operator”, or “Platform”. An order you cancel directly on the venue contract, from your own wallet, shows “You” once the cancellation is final on chain. When the platform sends the on-chain cancel on the venue operator's behalf, the column shows “Platform”. “Removed” means the venue took the order off the book because the instrument's fee schedule rose above the fee cap the order signed. A partial fill that leaves less than the lowest minimum notional the instrument has had since listing shows “The remaining quantity fell below the minimum order value”. An order the price band no longer admits shows “Rejected” with the reason “Above the price band's upper limit” or “Below the price band's lower limit”. This happens to a resting order outside the new band when an operator saves a tighter band, or when a roll-on-close band re-anchors at the official close. An instrument set to suspend orders outside the band shows “Suspended” in the open orders instead, keeps the locked balance, and returns the order to the book in its original place once the band covers its price again. An operator who prunes orders left outside a tightened price band or size limit also ends them as “Cancelled”, and so does removal from a private instrument's participant list. In each of these cases the locked balance behind the order returns to your free escrow balance.
A match can also fail to settle when the fee schedule rose above your signed fee cap, when a freeze, a forced transfer or a compliance rule change hit your wallet or the token, or when the other leg failed compliance. The platform then holds the fill with the refusal reason until a venue operator retries or busts it. On an instrument with a holding period, a paused token, a shrunk trade lock, a frozen sending side or a receiver on the compliance bypass list at the due time undoes the trade instead, and the order on the failing side shows Settlement failed with the reason. Any other refusal parks that leg in the receiver's escrow balance and the trade delivers. If none of the fee, band, or minimum-notional cases explain it, ask an administrator whether a freeze, a forced transfer, or a blocked match touched your account.
Market data disconnected
The Console empties the order book and recent-trades tape until the stream reconnects. An empty book here means the data is unavailable, not that no orders rest, so wait for the connection status to recover before you read either view. A working order you already placed is unaffected. Only the live display is missing.
Frequently asked questions
What price does a market order get?
A market order takes the prices resting on the book, best first, up to the edge of the market-order protection band. The band sits around the instrument's reference price, which the operator sets at listing as “Day 1 reference price”, or around the last trade price when the instrument has no reference price. The ticket and the venue use the same anchor, so an instrument with a reference price takes market orders before its first trade.
The ticket signs the order at the band edge, which is the worst price you accept. A buy reserves and shows Maximum total at that edge, and a sell shows “Minimum proceeds” there. With neither a reference price nor a last trade, the ticket asks for a limit price.
The remainder beyond that band is refused rather than filled deep: the order closes as Rejected under “Rejected orders”, with the reason “Outside the market-order protection band”. On a thin book a market order can fill partially and close the rest, so check the depth panel before you size one. A fill at a better price spends less, and the unused part of the reservation releases once the fill settles.
An instrument sets which attributes of a level it shows you: the price is always shown, and the size and the order count are optional. The ladder shows “Hidden” in place of a size the instrument hides, and the depth chart says the instrument does not show quantities. A private instrument shows you only the best bid and ask. When your access to the instrument does not include depth, the ladder shows only the best bid and ask and says so, or, on an instrument that shows such participants no book, says that your access does not include the order book. The Depth chart tab is not offered.
Can other traders see who I am?
The Console does not show counterparty identity in the trading view. The order book shows resting quantity aggregated per price level, and the recent-trades tape shows price, quantity, and time. The fill your counterparty sees carries their own order, side, price, quantity, and fee, and nothing that identifies you. Venue operators work with wallet addresses when administering participants.
Do my resting orders survive a session close?
Yes, until its time in force ends. A closed session accepts only new Day limit orders, which wait for the next session, and cancels nothing. A “Good till cancelled” or “Good till date” order survives the close and is still on the book at the next session's open. A “Day” order expires when its session closes. To set that lifetime yourself, give the order a “Good till date” expiry, or cancel it before the session ends.
Can I change an open order instead of cancelling it?
Yes, for an open limit order. Select Amend on the order in “Open orders” and change the limit price or the open quantity, which take amounts in your own number format like the ticket does. A smaller quantity at the same price keeps the order's ID and its place in the queue, and the platform releases the reserved balance for the reduction. A new price or a larger quantity replaces the order with a new one at the back of the queue, and anything already filled stays on the original order. A change that would take the order below the instrument's minimum order value is refused, so cancel the order instead.
Which fee do I pay in the end?
You pay the fee charged on each fill at the instrument's schedule, shown per fill in Your trades in the quote token. Charged fees in that column share the longest exact decimal precision among the listed fees, with the price step as the minimum. Trailing zeros align the fees, and even a fee of one smallest token unit remains visible. The fee reads “Not charged yet” until the fill's settlement transaction lands, and shows the charged fee from then on, even while the fill awaits delivery.
On a buy, the lock covers the worst case, the larger of the maker and taker rates rounded up on the quote notional, and whatever it locked beyond the fee charged unlocks when the order closes. On a sell, no fee is locked: the venue deducts the fee from the quote proceeds when the fill settles. The ticket's “Estimated fee” line estimates at the taker rate either way. The ticket's “Estimated fee”, “Estimated VAT” and a sell's minimum proceeds are exact and share one decimal precision, the same as the review step, so VAT is never shown rounded.