The following set of Trading Rules governs orders placed via the Rain Pro trading platform.
Rain operates an advanced trading platform called Rain Pro, which displays an Order Book and settles trades in a number of Asset Trading Pairs. Trading on Rain Pro is subject to the terms of the User Agreement.
To place an Order on Rain Pro, a User must have an Available Balance of the relevant Asset in their Account which is sufficient to cover the total value of the Order plus any applicable fees.
When a User places an Order, that quantity of the relevant Asset becomes subject to a Hold.
A User can place an Order as either a Limit Order, a Market Order
A User may cancel an open Maker Order or Limit Order at any time before it is Filled. No fees are charged for canceled Orders.
Rain does not permit modifying an existing Order. If a User wishes to make a change to their order they must cancel the existing Order and place a new one.
A Limit Order is an Order to buy or sell a specified quantity of an Asset at a specified price.
A Limit Order will only ever Fill at the specified price or a better price.
A Limit Order will be immediately posted to Rain Pro and can result in a Maker Order or a Taker Order, or an Order that is partially a Maker Order and partially a Taker Order.
Limit Orders that are not Filled will be automatically canceled by Rain after 28 days and the relevant Asset will be released from being on Hold.
A Market Order is an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on Rain Pro.
There is no guarantee that a Market Order will Fill at the price specified. A Market Order may Fill at a number of different prices, based on the quantity of the Market Order and the quantities of the existing Orders on the Order Book at the time.
Depending on the volume and prices of Orders on the Order Book at the time when a Market Order is posted, the Market Order may Fill at a price less favorable than the most recent trade price, in some cases significantly so.
A valid Market Order will be immediately posted to Rain Pro and Filled or canceled. A Market Order is always a Taker Order.
Taker Orders: If an Order is posted to Rain Pro at the same price as one or more existing Orders, it is a Taker Order which will result in an immediate Fill at that price, to the extent of the total quantity of those existing Orders.
Maker Order: To the extent that an Order is posted to the Order Book at a different price to all existing Orders, it is a Maker Order which will remain open at that price on the Order Book until:
It is canceled by the User;
It expires due; or
It is completely Filled by one or more Taker Orders placed by another User at the same price.
All Users have full and equal real-time access to Market Data. Market Data derived from the Order Book provided by Rain’s connected trading venue(s) and is made available through Rain’s Web Interface or the Rain Pro APIs.
Market Data comprises the following:
All Limit Orders placed on the Order Book (price, quantity, and time).
All canceled Orders on the Order Book (price, quantity, and time).
All Fills or Executions (price, quantity, and time).
Market Data does not include the following:
Any information about which User placed or canceled an order.
Rain directs Orders to one or more connected trading venues on an automated basis using Rain’s trading algorithms.
Rain does not provide prioritization for Order routing and posts the Orders in the sequence they are received.
When a Maker Order is matched with a Taker Order, those Orders are Filled on the connected trading venue. An Order may be matched with and Filled by one or more Orders on the connected trading venue at the same price.
Rain settles all Filled Orders immediately, by debiting and/or crediting the relevant balances of the User.
Subject to daily withdrawal limits of the User’s Account at Rain, a User may immediately withdraw all available Assets from Rain Pro.
Rain Pro charges a Maker fee for each Maker Order and a Taker fee for each Taker Order. The fee is charged in the Quote Asset and is calculated as a percentage of the Order quantity. Fees are published here.
A fee is charged by debiting the User’s Available Balance for the amount of the fee at the time that the Order is posted.
If an Order is posted to the Order Book partially as a Maker Order and partially as a Taker Order, a Maker fee applies to the portion posted as a Maker Order and a Taker fee applies to the portion posted as a Taker Order.
Rain Pro is subject to conditions by its connected trading venues placed for the purpose of protecting its market integrity against Market Manipulation. Rain actively discourages any type of Market Manipulation. If a User’s Order(s) is considered as circumventing those conditions then such Orders may be automatically canceled, or access to Rain Pro may be restricted for certain Order types, or the User Account may be suspended and closed and the appropriate authorities notified.By way of example, Market Manipulation activities include, but are not limited to:
Pump and dumps - drumming up enthusiasm for a Digital Currency by evangelizing it on multiple channels, including social media, instigating a coordinated purchasing frenzy to drive the price higher before dumping the coin for a profit.
Wash trading - Selling and repurchasing the same Digital Currency to generate activity and increase the price
Self-trading - Placing an Order which would result in self-execution, where the same user would act as both the maker and taker for the trade.
Front-running - Entering a trade with prior knowledge of a future transaction that will affect the price of the Digital Currency.
Churning - Placing both buy and sell Orders nearly at the same price to increase the price by attracting more traders.
Quote stuffing - Quickly entering and withdrawing large quantities of Orders attempting to flood the market, thereby gaining an advantage over slower market participants. Generally, this is conducted by using high frequency trading programs.
Spoofing/layering - A strategy in high-frequency trading where a user makes and then cancels orders that they never intend to have executed in hopes of influencing a Digital Currency’s.
At Rain’s discretion, if it observes low liquidity on Rain Pro for any Asset it may move the Order types to Post-Only Mode or Limit-Only Mode.
Rain may also trade its own corporate funds on Rain Pro or otherwise trade in Digital Currencies as part of its services to its users on the same connected trading venues that support Rain pro. When using Rain Pro, Rain does not have any special priority and is subject to the same access, Order routing, and fee structure as all other Users.
Rain places Orders on Rain Pro based on the Market Data that all Users have and Rain does not have access to inside information.
Rain may cancel open Orders in the following circumstances:
It is compelled to do so by applicable law or regulation.
The User does not comply with the terms of the User Agreement.
The User or the Orders do not comply with these Trading Rules.
Rain determines in its sole discretion that the User engages Rain Pro in a manner that unreasonably burdens the platform.
The Orders involve an obvious error with respect to price, quantity, or other parameters for conducting trades on Rain Pro.
Where multiple Orders are placed at a particular price point, in order to consolidate or cancel excess Orders.
Other than as specified in the Trading Rules or User Agreement, Filled Orders are considered final and non reversible.
From time to time, Rain Pro may suspend trading temporarily for maintenance or upgrades. Absent extenuating circumstances, Rain Pro will follow this process for closing and re-opening trading;
Step 1: Announce Scheduled Downtime
Announce scheduled downtime via status.rain.bh or Twitter
Step 2: Scheduled Downtime Begins
Step 3: Immediately after Scheduled Downtime is Completed
Announce the above via status.rain.bh
To ensure a fair and orderly services, Rain may in its discretion cancel all resting Limit Orders in Rain Pro before moving to Limit-Only Mode
Step 4: At least 1 minutes after Step 3; or longer if necessary
All books enter Limit-Only mode
Announce the above via status.rain.bh, or Twitter
Step 5: At least 10 minutes after Step 4; or longer if necessary
All books enter Full-trading mode
Announce the above via status.rain.bh
If technical reasons prevent or degrade a User’s ability to place or cancel Orders, or prevent or degrade access to Rain APIs or the Web Interfaces or affect the operation of Rain Pro, then Rain may, in its discretion, take one or more of the following actions in respect of one or more Order Books;
Temporarily disable depositing or withdrawing Assets.
Cancel open Orders.
Disable the ability to place new Orders (Cancel-Only Mode).
Disable the Rain Pro APIs.
Disable access to the Web Interface.
If access to Rain Pro through the Web Interface is unavailable for 5 minutes or longer, Rain will move Rain Pro to Cancel-Only Mode as soon as possible.
If Rain Pro is in Cancel-only Mode, it will be restored to fully operational only after access through the Web Interface becomes available for at least 5 minutes or longer and Rain deems it safe to restore Rain Pro to fully operational.
Rain will notify Traders of the move to or from Cancel-Only Mode via @Rainfinancial on Twitter or status.rain.bh.
All Market Orders, and Limit Orders placed on Rain Pro are subject to the minimum order size and tick size. Rain Pro provides the minimum order size for an Order which is specified in the given Base Asset as set out here.
Rain may amend and modify these Trading Rules at its discretion. Rain may communicate any updates to the Trading Rules using any of its available communication channels. Rain will make the latest version of its Trading Rules available on this page.
In these Rain Markets Trading Rules, the following words and phrases have the corresponding meanings.
Account means a User’s Account
Asset means a Digital Currency or Fiat Currency.
Available Balance means a Trader’s Total Asset Value less any amounts held for Open Orders and fees.
Base Asset means the Asset being traded on the Order Book; the first Asset in the Trading Pair. For example, on the BTC-USD Order Book, BTC is the Base Asset and USD is the Quote Asset.
Cancel-only Mode means that Traders cannot place new Orders. Users are able to cancel open Orders. No Orders will be filled.
Digital Currency means a crypto asset, which is blockchain-based digital asset, app coin or protocol token which is offered for trading on Rain Pro .
Fiat Currency means a government-issued currency.
Fill means a match of two Orders. Also referred to as an execution.
Full Trading Mode means normal operation of Rain Pro. Traders can place Market Orders and Limit orders and can cancel Orders.
Hold means the setting aside of Assets allocated to an Order.
Limit Order means an Order to buy or sell a specified quantity of an Asset at a specified price.
Limit-only Mode means that Traders can only place and cancel Limit Orders but any Market Order will be rejected. During this mode, Limit Orders can be filled.
Market Manipulation means means the manipulation or attempted manipulation of a Digital Currency traded on Rain through the employment of a strategy that may be carried out (whether by one person alone or by two or more persons jointly or in concert) by any available means using information, devices, or trading methods or other means and which is likely to be regarded by Rain or its connected trading venue as a failure on the part of the person(s) to observe the standard of behavior or conduct reasonably expected of a User in relation to the market.
Market Order means an Order to buy or sell a specified quantity of an Asset at the best available price of existing Orders on the Order Book.
Order means an instruction to buy or sell a specified quantity of the Base Asset at a specified price in the Quote Asset.
Order Book means each order book on which Orders are placed for trading in a Trading Pair.
Open Order means a Maker Order which has been posted but not Filled, canceled or expired.
Post-only Mode means that Traders can only place an Order if it would be posted to the Order Book as a Maker Order. An Order which would be posted as a Taker Order will be rejected.
Price-Time Priority means that earlier in time Orders have priority over later Orders.
Quote Asset means the Asset in which trading is denominated on the Order Book; the second Asset in the Trading Pair. For example, on the BTC/USD Order Book, BTC is the Base Asset and USD is the Quote Asset.
Scheduled Downtime means a planned temporary outage for maintenance or upgrades.
Total Asset Value means the gross value of all of a Trader’s Assets for the relevant Order Book, expressed in the Quote Asset based on the last trade price. This includes all Assets allocated to Open Orders.
User means a Rain customer.
Trading Pair means each pair of a Base Asset and a Quote Asset offered on Rain Pro.
Web Interface means the user interface available through rain.bh/trade
Tick Sizes - Tick size is the minimum price increment change of a trading instrument in the quote currency
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