Over-the-counter Trading
CRA-15.4.3
Category-3 and category-4
crypto-asset licensees must establish written rules for over-the-counter trading ofdigital tokens and publish them on its trading platform.Added: April 2023CRA-15.4.4
The over-the-counter trading rules referred to in Paragraph CRA-15.4.3 must include the trading platform's business days and trading hours, price quote method, trade execution principles, price stabilization mechanism, trading procedures, method for the advance collection of purchase prices and
digital tokens to be sold, upper and lower price limit for trading, conditions under which trading halt (circuit breaker) shall be imposed, and the handling of settlement and default.Added: April 2023CRA-15.4.5
Category-3 and category-4
crypto-asset licensees engaging in over-the-counter trading ofdigital tokens with clients on its trading platform must collect in advance from a client the full amount of the purchase price or thedigital tokens to be sold.Added: April 2023CRA-15.4.6
Category-3 and category-4
crypto-asset licensees undertaking over-the-counter trading ofdigital tokens must open a dedicated account at a licensed bank in Kingdom of Bahrain for the collection and payment of funds.Added: April 2023CRA-15.4.7
Category-3 and category-4
crypto-asset licensees engaging in over-the-counter trading ofdigital tokens must provide two-way, buy and sell, quotes.Added: April 2023CRA-15.4.8
Category-3, and category-4
crypto-asset licensees , undertaking over-the-counter trading ofdigital tokens , must provide reasonable price quotes based on its professional judgment and must efficiently adjust demand and supply in the market depending on the market situation and must not give a quote that deviates from a reasonable price, thereby impairing the formation of fair prices.Added: April 2023CRA-15.4.9
Where a category-3, category-4
crypto-asset licensee engages in over-the-counter trading ofdigital tokens with its clients on its trading platform, the aggregate trading volume of the purchases and sales of any singledigital token on any single business day must not exceed 50 percent of the issued quantity of thatdigital token .Added: April 2023CRA-15.4.10
Category-3 and category-4
crypto-asset licensees undertaking over-the-counter trading of adigital token with its clients on its trading platform, must disclose on the trading platform relevant information to take informed trading decision including price, quantities and other trade information.Added: April 2023CRA-15.4.11
The trade information referred to in Paragraph CRA-15.4.10 must, at a minimum, include the price and quantity of the most recent trade, the cumulative trading volume, and highest, lowest, and weighted average trading price, of the
digital token during the trading hours.Added: April 2023CRA-15.4.12
After the close of daily trading hours, category 3 and category-4
crypto-asset licensees must prepare and disclose the trading volume and weighted average trading price of eachdigital token on that day.Added: April 2023CRA-15.4.13
The CBB may, at any time, by notice in writing to a category-3, category-4, vary any condition or restriction or impose such further condition or restriction as it may deem fit including but not limited to suspension of trading or termination of trading of a
digital token .Added: April 2023CRA-15.4.14
Category-3 and category-4
crypto-asset licensee undertaking over-the-counter trading must adhere to conduct of business obligations as stipulated in Section CRA-12 of this Module.Added: April 2023
