Order Price Bands
Band Widths
| Session | Equities | Indices |
|---|---|---|
| Reference Open | ±10% | ±5% |
| Weekday Overnight | ±7% | ±4% |
| Weekend / Disrupted | ±5% | ±3% |
Rejection Rules
- Reject buy limit orders above
center * (1 + band) - Reject sell limit orders below
center * (1 - band) - Market orders convert to IOC with protective limit at band edge
Position Limits
Per-Account Limits
| Session | Multiplier | Example ($1M base) |
|---|---|---|
| Reference Open | 1.0× | $1,000,000 |
| Weekday Overnight | 0.5× | $500,000 |
| Weekend | 0.1× | $100,000 |
| Reference Disrupted | 0× | Reduce-only |
Enforcement
When position exceeds session limit:- Account becomes reduce-only
- New exposure-increasing orders rejected
- Exposure-reducing orders allowed
- Returns to normal once within limits
Global Open Interest Caps
Same session multipliers apply. When exceeded, all accounts become reduce-only for that instrument.Leverage Caps
Base Tiers
| Position Notional | Max Leverage | Initial Margin | Maintenance Margin |
|---|---|---|---|
| 50k | 10× | 10% | 5% |
| 250k | 5× | 20% | 10% |
| 1M | 3× | 33% | 20% |
| $1M+ | 2× | 50% | 30% |
Session Caps
| Session | Max Leverage |
|---|---|
| Reference Open | Per tier |
| Weekday Overnight | 5× |
| Weekend | 2× |
| Reference Disrupted | 1× |
Reduce-Only Mode
Triggers
- Position exceeds session limit
- Leverage exceeds session cap
- Equity < Initial Margin
- Global OI cap exceeded
- Session is Disrupted or Halted
Behavior
Allowed: Orders reducing exposure, cancellations Rejected: Orders increasing exposure or leverageAnti-Gaming Measures
- Rate limits on order amendments
- Self-trade prevention (no matching against own orders)
- Concentration limits (optional max % of OI per account)
Monitoring
Alerts
| Condition | Threshold |
|---|---|
| OI near cap | >80% |
| Accounts in reduce-only | >10 |
| Order rejection rate | >5% |