Gemini exchange lauches their block trading facility platform. As dark pools general features it promisses a market where traders can indicate interest and match trades for large block sizes in a private environment.
This may restrict negative feedback in price impact when a traders is seeking
| Indication of Interest (IOI): | Taker specifies: (i) buy or sell, (ii) quantity, (iii) minimum required fill quantity, (iv) and a price limit. Market makers only receive quantity, minimum quantity, and the collar price — they do not receive any other information (i.e., side, price limit, etc.) related to the block order. The IOI has an expiry time of 60 seconds, during which market makers may submit but not cancel block orders. | |
| Price Collar: | A block order’s price limit must be within 5% of the midpoint of the related continuous order book at the time of order submission. | |
| Price Requirement: | The price limit for a sell block order must be below the midpoint of the related continuous order book. The price limit for a buy block order must be above the midpoint of the related continuous order book. | |
| Minimum Quantity: | 10 BTC / 100 ETH | |
| Fill Allocation: | Price-time priority. | |
| Minimum Required Fill: | The greater of 10 BTC / 100 ETH | |
| Trade Information: | Published ten minutes following execution of block trade. | |
| Order Restriction: | Block Trading is not permitted within 25 minutes of a daily Gemini Auction™. | |
| Taker | Market Maker | |
| Fees: | 50 bps (0.50%) | 0 bps (0.00%) |
| Registration: | No | Yes. To become a market maker, please email bizdev@gemini.com. |
| Order Cancellation: | No | No |
| Order Placement: | User Interface, REST, or FIX. | FIX protocol only. For information regarding cross-connectivity to our data center, please email connectivity@gemini.com |