Submitting trades to OTC Clearing Facility

OTC Clearing Facility

If you are the party responsible for initiating an OTC transaction, you will use the Create tab to define trade details and submit it to the matching engine.

The facility supports two workflows for trade submission:

1-sided entry (Recommended workflow):

Either Maker or Taker may initiate the transaction on the Facility. After booking the trade, the initiator shares the trade with their counterparty using the share button. The recipient can review and accept the trade. The recipient will see the transaction details from their perspective and not be able to amend any trade details.

Demo of OTC trade booking workflow

2-sided entry:
If you prefer your counterparty enters all the transaction details, you have the option of 2-sided entry. After booking the trade, share the sharedMatchKey with your counterparty and request them to enter the opposite trade details via their booking screen.

Submitting OTC trade

Go to the left-hand navigation and choose OTC.
Select the Create tab. (Use the Accept tab if you are confirming a trade initiated by your counterparty)
Set trade details and attributes. The OTC trade submission form allows you to define the terms of your agreed-upon transaction.
1. The system will automatically generate a randomized sharedMatchKey when you open the form. You may click Generate to create a new, random key if needed. The sharedMatchKey is a critical attribute that links your trade instruction with your counterparty's submission. Both parties must use the same sharedMatchKey for the platform to successfully match the transaction.
2. Indicate whether you are the Maker or Taker for this transaction. Each transaction must have one maker and one taker.
3. Leave optional remarks.
4. You can book one or more trade legs, up to a maximum of 25, within a single transaction. All legs are processed as a single atomic transaction, meaning they either all execute completely or none do. For each leg you add, provide the following details:
  1. Side: The direction of your position (e.g., Buy, Sell).
  2. Market: The specific derivatives contract being traded (e.g., BTC-USDC-PERP).
  3. Price: The traded price at which the transaction was agreed.
  4. Quantity: The volume of the asset being traded for this leg.

Note: Your counterparty should submit the exact and opposite trade economics and choose the opposite Maker/Taker role to successfully match on the Facility

Note: You cannot submit multiple trade legs for the same market in a single OTC transaction.

You can use the Margin Simulator on the right side of the page to preview your indicative margin requirements post-OTC trading. To force a recalculation using your latest balance, click the Simulate button. Note that the simulation uses mark prices, which may differ from your negotiated traded prices.

Once all trade details are set, select the Submit button at the bottom of the margin stimulator. Your OTC trade will be submitted to the engine for matching and clearing.

Note: A trade that has been successfully submitted will appear as Pending or in a Matched state if your counterparty has already submitted their corresponding instruction.

You may choose to share the trade easily with your counterparty by selecting the Share Trade button. This provides them with the unique link and Match key necessary to confirm the transaction.

Viewing OTC Trade Status

All of your OTC trade submitted in the last 24 hours can be found both at the bottom of the OTC Trade screens.

Go to the left-hand navigation and choose OTC.
Navigate between the different tabs for a more detailed status breakdown.
1. Pending OTC Trades shows all uncleared trades
2. Match OTC Trades records the details of all your cleared trades.
3. Cancelled/Rejected OTC Trades shows all cancelled and rejected trades.

Click the Details button to view the full details of an OTC trade. This will display a comprehensive breakdown of the submission, including the sharedMatchKey, status reason, and all specific leg details.

Click View Full History to view the complete history of a transaction
1. Choose the preferred trade status filter
2. Choose the preferred time period under Time Span

Cancelling OTC trade

An OTC trade instruction will automatically expire if not matched by your counterparty within one hour of submission. If you wish to amend the trade details before this automatic expiration, you can actively cancel the existing instruction and resubmit it with the corrected information.

Navigate to OTC Trade History to view a list of all pending OTC trades.
Locate the pending OTC trade you wish to cancel. Click the Cancel button next to the trade row to initiate the cancellation process.

A pop-up modal will appear asking you to confirm. Click Confirm to proceed with the cancellation.
Your cancellation command will be acknowledged by the system.

Cancellation is successful only if the OTC trade has not yet been matched by your counterparty. You can verify the final status of your trade in trade history.