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XBT/USD Monthly Deliverable Swap*

Contract Description

A swap in which the counterparties agree to buy or sell, at a set price, a specified quantity of the Reference Asset at a specified future date.


SWP-XBT-USD-[MYY] (e.x SWP-XBT-USD-X19, November 2019 maturity)

Trading Division


Reference Asset

XBT - Bitcoin

Settlement Currency

USD - United States Dollar

Variation Margin Currency

USD - United States Dollar

Minimum Price Increment

0.01 USD

Quoting Convention

Amount of Contracts, which can include a fractional number of Contracts in excess of the Minimum Size.

Contract Size


Minimum Size

10 Contracts

Minimum Size Precision

1 Contract

Trading Convention

Buy or sell in the amount of Contracts agreed upon by the counterparties.

Trade Date

The date on which the parties enter the Transaction.

Maturity Date

The last Friday of each of the nearest three serial months, and the nearest four months in the quarterly cycle (March, June, September, December).

Last Trading Day

Two USNY business days before the Maturity Date.

Last Trading Time

4:30 pm New York local time on the Last Trading Day.

Last Trading Day Business Day Convention


Settlement Date

The Maturity Date agreed upon by the parties, as specified in the Confirmation for the Transaction.

Settlement Date Business Day Convention


Settlement Method

Physical delivery, as provided in Rule 1210.*

Clearing House

None - Uncleared

Position Limits

Overall Limit: 55,000 Contracts in aggregate for all trueDigital XBT Products.

Primary Contract Limit: 15,000 Contracts in aggregate for the Primary Contract of all trueDigital XBT Products.

Reportable Levels

5 Contracts in aggregate for all trueDigital XBT Products.

Trading Hours

Trading Hours will commence each Trading Day at 9 am New York local time and end each Trading Day at 5 pm New York local time.


US - New York (USNY)

Price Limits

trueDigital Products are not subject to daily price limits. For more information, see Rule 1206.*

Trading Halts

Trading shall be halted for two (2) minutes when the best bid moves 25% or more above the Opening Price of the Contract, or the best offer moves moves 25% or more below the Opening Price of the Contract. After the initial halt, the next price movement 10% or more above/below the previous halt price shall trigger a halt of three (3) minutes, and subsequent movements 10% or more above/below the previous halt price shall trigger halts of five (5) minutes each. For full details, see Rule 1206.*

* All capitalized defined terms and rules can be found in the complete rule filing at

© 2019 trueDigital Holdings LLC.  All rights reserved.

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