Market Maker Agreement
This Market Maker Agreement (“Agreement”) is entered into
between North American Derivatives Exchange, Inc. d/b/a
crypto.com | Derivatives North America, a designated contract
market and derivatives clearing organization incorporated in
Delaware, with its principal place of business at 200 West
Jackson Blvd., Suite 1400, Chicago, Illinois 60606, and__________________________________,a [corporation/limited liability company] organized under thelaws of the State of ___________, with its principal place ofbusiness at ________________________________________,(“Market Maker”), (together, the “Parties”) as of______________________, 20____(the “Effective Date”).
Capitalized terms not expressly defined in this Agreement shallhave the meaning ascribed to them in the crypto.com |Derivatives North America Rules.
1 CONTROLLING PROVISIONS; CONDITION PRECEDENT

also understands and agrees that this Agreement may be
unilaterally modified or cancelled by crypto.com | Derivatives
North America for any reason if directed to do so by the
Commodity Futures Trading Commission (the “Commission”) inorder to comply with the Act or the Commission’s regulations
adopted thereunder.
(c) Market Maker shall not knowingly employ any Authorized
Traders who are subject to statutory disqualification under
Section 8a(3) of the Act.
(d) Market Maker shall notify crypto.com | Derivatives North
America within 24 hours of the addition or deletion of any
Authorized Traders for their account at crypto.com | Derivatives
North America. All Authorized Traders may engage in Market
Making activity on the exchange only via their assigned
username.

(a) All of the terms and conditions contained in the Membership
application process, as well as in the crypto.com | Derivatives
North America Rules, shall regulate all exchange trading
activities of a Market Maker unless otherwise provided for in thisAgreement, in which case this Agreement shall be controlling.

(e) Market Maker is obligated to respond to any crypto.com |(b) For avoidance of doubt, Market Maker may not function as aMarket Maker under this Agreement unless Market Maker is a
Member of crypto.com | Derivatives North America, andnotwithstanding any other provision of this Agreement, Market
Maker being a Member shall be a condition precedent to theeffectiveness of this Agreement.

(a) Market Maker shall not be required to act in accordance with
Section 2(a) quoting requirements and may suspend all quoting
during the occurrence of any of the following events(“Suspension Event”):(c) Market Maker and crypto.com | Derivatives North America
shall agree to the specific Classes, as identified in Appendix A
to this Agreement, for which Market Maker will be obligated toprovide liquidity (“Designated Classes”).

Derivatives North America request for information regarding
their Market Making activity on the exchange.
3 SUSPENSION OF MARKET MAKER OBLIGATIONS

(i)

(ii)

(iii)
2 MARKET MAKER OBLIGATIONS(a) Beginning on the Effective Date, and except as otherwise
provided for in the Agreement (including any Appendix thereto)or on the crypto.com | Derivatives North America website, theMarket Maker shall quote binding bid and offer prices
throughout the duration of the listed Contracts in Market Maker’s
Designated Classes, which shall be submitted as Post-Only
Quotes as that term is defined in the crypto.com | Derivatives
North America Rules, at or inside of the defined maximum
spread (“Defined Spread”) and not less than the definedminimum size (“Defined Size”). Market Maker shall not submit
Non Post-Only Orders as that term is defined by the crypto.com| Derivatives North America Rules.

(iv)

(v)
(b) The Market Maker acknowledges and agrees not to engage
in any activity that would violate the Commodity Exchange Act,as amended (the “Act”), or the Commission’s regulations
adopted thereunder, or crypto.com | Derivatives North America
Rules or terms of its Membership Agreement. The Market Maker

the calculation of the Derived Underlying Market
Data corresponding to a Designated Class has
been suspended;
there is no direct Underlying market for a DesignatedClass or no related market or event upon which tobase the prices for a Designated Class;there exists in the reasonable opinion of crypto.com| Derivatives North America and Market Maker sucha change, whether or not foreseeable, in national orinternational financial, political, or economic
conditions as would in crypto.com | Derivatives
North America and Market Maker’s view make it
impossible to accurately price Contracts in the
Designated Class;an act of God, war, terrorism, fire, flood, civil
disturbance, or act of any governmental authority
beyond the control of the Market Maker or
crypto.com | Derivatives North America occurs
which prevents the Market Maker from entering
Post-Only Quotes or prevents the Market Maker’s
ability to fulfil its obligations as described herein;
where any interruption, defect, withdrawal or failureof power supply, trading systems, network, internet
connections, computer systems, communications(whether owned or operated by Market Maker,
crypto.com | Derivatives North America or any third
party) or other similar force majeure event prevents
the Market Maker from entering Post-Only Quotes or

crypto.com | Derivatives North America
200 West Jackson Blvd., Suite 1400
Chicago, IL 60606

Market Maker Agreement, September 2022

(vi)

(vii)

prevents the Market Maker’s ability to fulfil its
obligations as described herein; orMarket Maker has a position in any DesignatedClass or Contract that equals or exceeds 90% of theapplicable position limit for such Designated Classor Contract; oras otherwise specifically provided for in thisAgreement, including any Appendix thereto.

(b) The Parties will each inform the other by telephone andsubsequently by email as soon as practicable after either ofthem becomes aware that they believe any of the foregoing
Suspension Events is occurring or has occurred, or ceases toexist. With respect to any Suspension Event pursuant to Section
3(a)(v) that extends for more than 20 minutes in any Contract or
Designated Class, Market Maker must also file a Market Maker
Issue/Disruption Notification within 48 hours of the suspension
with details of the event, or, if the full details of the event remain
unknown after 48 hours, the Market Maker must update
crypto.com | Derivatives North America as to the findings of its
investigation within 48 hours and provide a final Issue/Disruption
Notification as soon as practicable, but no later than 7 calendar
days following the Suspension Event.
Any investigation
requiring more than 7 calendar days must be discussed withcrypto.com | Derivatives North America prior to the reporting
deadline.

(iii)

4 MODIFICATION OF MARKET MAKER OBLIGATIONS(a) Market Maker shall not be required to act in accordance with
Section 2(a) quoting requirements and may modify quoting as
specified below during the occurrence of any of the following
events (“Modification Event”):
(i)

(ii)

Expiry Period – Market Maker may refrain from
submitting Post-Only Quotes during these periods,
as described below, for any particular Contract,just prior to expiry of that Contract (“Expiry
Period”). A Market Maker that chooses to submit
Post-Only Quotes during an Expiry Period will be
required to comply with the Defined Spread andDefined Size requirements as set forth inAppendix A.
a. The five (5) minute period just prior to expiryof any Event Contract;b. the two (2) minute period just prior to expiry of
any Intraday, Daily, or Weekly Contract, withthe exception of the Intraday 5-Minute and 20Minute, and Touch Bracket Contracts;c. the one (1) minute period just prior to the
expiry of any Intraday 5-Minute or Intraday
20-Minute Contract; andd. the thirty (30) second period just prior to the
expiry of any Weekly Touch Bracket
Contract.
Economic Announcement or Unusual Market
Period – Market Maker may refrain from
submitting Post-Only Quotes during any Economic
Announcement or Unusual Market Period, as
defined below. A Market Maker that chooses tosubmit Post-Only Quotes during an Economic
Announcement or Unusual Market Period will be(iv)

required to comply with the Defined Spread andDefined Size requirements as set forth inAppendix A.
a. The five (5) minutes prior to the scheduledannouncement and the five (5) minutes after
the announcement of any major economic
indicator; orb. any unusual market condition or pricevolatility which is determined by crypto.com |Derivatives North America, acting reasonably
and in consultation with Market Maker, toprevent the maintenance of an orderly
market.
Two-Sided Markets – Market Maker will not be
required to price a two-sided market, and will bepermitted to reduce its size below the Defined Sizerequirements (including to 0).
a. In any Binary Contract within a DesignatedClass that is so deep in-the-money as to bevalued at $100 offer or so deep out-of-themoney as to be valued at zero ($0) bid.
Specifically, when the Market Maker’s bid is
within the maximum spread of the ceiling or
the Market Maker’s offer is within the
maximum spread of the floor;
b. in any Call Spread Contract within a
Designated Class when the underlying forthat Call Spread Contract is outside the rangeof the Call Spread Contract;c. in any Touch Bracket Contract when the
Index Value is within 10 ticks of the Touch
Bracket Contract’s Cap or Floor; ord. during the first 30 seconds and last 30
seconds of any Intraday 5-Minute Binary
Contract; ore. as otherwise specifically provided for in thisAgreement, including any Appendix thereto.
Illiquid Markets – Market Maker may refrain from
submitting Post-Only Quotes during a period of
illiquid underlying markets defined as, thinly tradedmarkets in particular time periods as determinedby crypto.com | Derivatives North America fromtime to time and made public via posting on its
website. A Market Maker that chooses to submit
Post-Only Quotes during an Illiquid Market period
will be required to comply with the Defined Spreadand Defined Size requirements as set forth inAppendix A.

(b) crypto.com | Derivatives North America may amend thedefinitions of Modification Events and its applicable Rules
unilaterally by providing 10 days’ written notice to the Market
Maker. To the extent reasonably possible and practicable,
crypto.com | Derivatives North America will consult with theMarket Maker and other relevant Market Makers prior toamending its Modification Events Rules.
5 CONFIDENTIALITY(a) Confidential Information means all information, whether

written or oral, and in any form (including, without limitation,engineering documents, research and development, manuals,

crypto.com | Derivatives North America
200 West Jackson Blvd., Suite 1400
Chicago, IL 60606

Market Maker Agreement, September 2022

reports, designs, drawings, plans, flowcharts, software (insource or object code), program listings, data file printouts,
processes, component part listings and prices, productinformation, new product plans, sales and marketing plans
and/or programs, pricing information, customer lists and othercustomer information, financial information and employee files
or other employee information) relating to the disclosing party’s
business or technology to receiving party.
(i)

(ii)

The term “Confidential Information” also shall bedeemed to include:a. all notes, analyses, compilations, studies,interpretations, or other documents preparedby recipient or its representatives that contain,reflect or are based upon in whole or in part,the information furnished by or on behalf ofdisclosing party to recipient pursuant hereto;andb. Confidential Information disclosed prior to, asof, or after the date of this Agreement.
Confidential Information does not include
information;a. lawfully received from third parties without
confidentiality obligation to the disclosing
party;
b. in the public domain other than throughbreach of the obligation of confidentiality
imposed by this Agreement;c. independently developed without use of theother party’s Confidential Information; ord. is lawfully known to the recipient without anobligation of confidentiality the time recipient
receives the same from the disclosing party,
as evidenced by written records.

(b) Return of Confidential Information. Promptly upon thewritten request of the discloser, the recipient shall, and shallcause its representatives to, return to the discloser, or destroy
all Confidential Information. If the recipient destroys theConfidential Information, it shall certify that it has done so in
writing and promptly deliver that certificate to discloser. Despite
the provisions of this Section 5(b), the recipient may retain one
permanent file copy of the Confidential Information of thediscloser and any derivative materials if required to do so under
any state or federal law or regulation.
(c) Obligations of Confidentiality.
(i)
Each party willa. use the other’s Confidential Information solely
to perform its obligations under thisAgreement, and disclose the other’s
Confidential Information only to its agents,
contractors, and employees legally bound, in
writing, to keep Confidential Information
confidential and only to the extent necessary
for them to perform this Agreement;
b. in no event use less than ordinary care toprotect the other’s Confidential Information
against unauthorized disclosure to any third
party; and

c.

(ii)

notify the other of unauthorized use,
disclosure, theft or other loss of Confidential
Information of which it learns.
Confidential Information may be disclosed as
required by law, provided that prior to any suchdisclosure, the recipient willa. assert the confidential nature of theConfidential Information to the court oragency;b. provide sufficient notice to the disclosing party
to permit it to contest the disclosure
requirement; andc. cooperate with the disclosing party, at thedisclosing party’s expense, in protecting
against any such disclosure and/or obtaining
a protective order narrowing the scope of thecompelled disclosure and protecting its
confidentiality.

(d) Survival. Despite any other provision of this Agreement, thisentire Section 5 Confidentiality survives any termination of thisAgreement.
6 FEES(a) The Market Maker will pay a fee of $_________in order toestablish a dedicated line.
(b) The Market Maker shall pay to crypto.com | Derivatives North
America transaction-based Exchange Fees as determined andpublished by crypto.com | Derivatives North America from time
to time during the Term of the Agreement. “Exchange Fees”
comprise all fees relating to the execution and settlement oftransactions on the exchange, including, but not limited to,
trading and settlement fees. Further, Market Makers are subject
to additional fees as noted in the crypto.com | Derivatives North
America Fee Schedule.
7 MINIMUM DEPOSIT AND MAINTENANCE AMOUNT(a) Market Maker is required to have an initial Minimum Depositof $500,000 and a Maintenance Amount of $250,000:(b) In this Section, “Minimum Deposit” means the amount theMarket Maker must initially deposit in order to establish an
account at crypto.com | Derivatives North America and“Maintenance Amount” means the minimum amount that must
be in the Market Maker’s account at all times. In the event theMarket Maker’s available cash balance falls to the MaintenanceAmount, the Market Maker must immediately deposit sufficient
funds to bring the available cash balance to $500,000.
(c) Market Maker cannot withdraw funds from its crypto.com |Derivatives North America account if, after such withdrawal, its
crypto.com | Derivatives North America available cash balance
would be less than $500,000, except on termination of
Agreement.
8 ASSIGNMENT
Neither this Agreement, nor any of the rights or obligations under

crypto.com | Derivatives North America
200 West Jackson Blvd., Suite 1400
Chicago, IL 60606

Market Maker Agreement, September 2022

this Agreement, may be assigned or transferred by either party
without the express prior written consent of the other party.
9 TERM OF AGREEMENT
The term of this Agreement shall be for a term of one year(“Initial Term”), as of the Effective Date. This Agreement shallbe automatically renewed annually after the Initial Term(collectively “Term”) unless terminated pursuant to Section 10 ofthis Agreement.
10 TERMINATION(a) This Agreement may be terminated immediately by
crypto.com | Derivatives North America in the event that (i) all
products in the Market Maker’s Designated Classes have beendelisted, (ii) the Market Maker makes a material statement whichis untrue or made in bad faith, (iii) crypto.com | Derivatives North
America is so ordered by the Commission, (iv) the Market Maker
does not satisfy the terms of the Agreement, or (v) the Market
Maker breaches a material provision of this Agreement orcommits a major offense.
(b) This Agreement may be terminated by either party for any
reason provided the terminating party provides 30 days written
notice to the non-terminating party.
(c) This Agreement will terminate if and when the Market
Maker’s crypto.com | Derivatives North America Membership
terminates.
11 AMENDMENTS
This Agreement, and any Appendix thereto, may be amended
from time to time by crypto.com | Derivatives North America withat least 10 business days’ notice to the Market Maker. Market
Maker’s Designated Classes may be amended from time to timeby agreement of the Parties.

MARKET MAKER

12 WAIVER OF COMPLIANCE
Any failure of a party to comply with any obligation herein may
be expressly waived in writing by the other party to thisAgreement, but such waiver or failure to insist upon strict
compliance with such obligation shall not operate as a waiver of,or estoppel with respect to, any subsequent or other failure.

13 MANDATORY ARBITRATION
Any controversy or claim arising out of or in connection with thisAgreement or the performance or breach hereof, or relating todesignation as a Market Maker, including any claim against
crypto.com | Derivatives North America, the crypto.com |Derivatives North America settlement bank, or any othercrypto.com | Derivatives North America Member or Market
Maker, shall be settled by arbitration as set forth in thecrypto.com | Derivatives North America Rules.

14 CHOICE OF LAW
THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH, AND ALL DISPUTES HEREUNDERSHALL BE GOVERNED BY, THE LAWS OF THE STATE OFILLINOIS AS APPLIED TO CONTRACTS MADE AND
TO BE PERFORMED IN ILLINOIS, WITHOUT APPLYING
CONFLICT OF LAW RULES.

By signing this Agreement, Market Maker accepts full
responsibility for having knowledge of and adhering
to all rules and regulations governing crypto.com |Derivatives North America.

NORTH AMERICAN DERIVATIVES EXCHANGE, INC.
D/B/A CRYPTO.COM | DERIVATIVES NORTHAMERICA

Signed for and on behalf of Market Maker:
By: __________________________________________
Print Name: ___________________________________
Title: _________________________________________
Date: _____________________________________________

Signed for and on behalf of North American Derivatives
Exchange, Inc.:
By: __________________________________________
Print Name: ___________________________________
Title: _________________________________________
Date: _____________________________________________

crypto.com | Derivatives North America
200 West Jackson Blvd., Suite 1400
Chicago, IL 60606

Market Maker Agreement, September 2022

APPENDIX ADESIGNATED CLASSES – THIS APPENDIX A ACCOMPANIES THE NADEX MARKET MAKER AGREEMENT.
Market Maker/Member Name:
Market Maker/Member Username:
The following is a list of the Designated Classes for which the above-named Member has requested to be assigned as a Market Maker and theDefined Spread and Defined Size applicable to the Designated Classes in accordance with Chapter 4 of the Nadex Rulebook and this Market
Maker Agreement.1, 2
Designated Classes
Binary Contracts

Section 4(a)(i) –Expiry Period

Section 4(a)(iv) –Illiquid Markets3

Maximum
DefinedSpread4

Minimum
Defined Size5

Execution andSettlement Fees

Position
Limits (perStrike)Currencies6: Intraday 2-Hour,
Daily, and Weekly
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪

EUR/USD Binary
GBP/USD Binary
USD/JPY Binary
USD/CHF Binary
USD/CAD Binary
EUR/JPY Binary
GBP/JPY Binary
AUD/USD Binary
EUR/GBP Binary
AUD/JPY Binary
USD/MXN Binary

Currencies7: Intraday 5Minute▪
▪

EUR/USD Binary
GBP/USD Binary

1Market Maker shall make a good faith best effort to price equivalent markets in the Nadex Demo/Practice environment but will not be held to the maximum Defined
Spread and minimum Defined Size requirements set forth in this Appendix.
2
Market Maker will not be deemed to have violated the maximum defined spread obligation in any Foreign Currency or Crypto Currency product if the maximum
bid/ask spread was exceeded for a duration of less than 15 seconds, or if in the reasonable opinion of Nadex the maximum bid/ask spread was exceeded as theresult of underlying market illiquidity, underlying market volatility, if the maximum bid/ask spread was exceeded during a period in which the relevant underlying
Foreign Currency or Crypto currency market quote spreads were experiencing wider than normal bid / offer quote spreads in the relevant underlying market or if
the underlying market in the binary products, in the reasonable opinion of Nadex, is considered at-the-money, within one minute prior to contract expiration.
3
Nadex has identified the following products and time periods as Illiquid Markets: All Intraday 5-Minute, Intraday 2-Hour, Daily, and Weekly, Foreign Currency
Binary contracts available for trading, at times the Exchange is open, between the hours of 2:00PM ET and 3:00AM ET.
4
Market Maker will not be deemed to have violated the maximum defined spread obligation in the event the maximum bid/ask spread is exceeded as the result of
the adjustment of a Post-Only (Price Adjustment) quote by the Exchange. If a Market Maker submits a cancel rather than a post adjusted price, the Market Maker
is relieved of their quoting requirements in that particular contract until the Market Maker’s quotes are no longer needed to be post adjusted.
5
A quote that has been executed partially or in full shall be replenished to the Defined Size as soon as reasonably practical, as determined by Nadex.
6
For any Foreign Currency Binary Contract, Market Maker may widen the maximum spread to 25% during the last 15 minutes prior to the expiration of that Contract,
or as otherwise defined in the Market Maker Agreement. Market Maker is not required to submit quotes during Suspension or certain Modification Events, however,if the Market Maker chooses to submit quotes during this time period, the Market Maker must comply with the obligations as defined in the Market Maker Agreement
and this Appendix.
7
If a Market Maker holds a position of 100 contracts (50 contracts during Illiquid Market hours), net long or short, in any 5-minute Foreign Binary Currency contract,
Market Maker will not be required to adhere to the maximum Defined Spread, two-sided market quotes or minimum Defined Size obligations.

5

Nadex Market Maker Agreement, Appendix A, January 2024

▪
▪
▪
▪
▪

USD/JPY Binary
AUD/USD Binary
USD/CAD Binary
GBP/JPY Binary
EUR/JPY Binary

Commodities: Intraday 2Hour, Daily, and Weekly▪
▪
▪
▪

Gold Binary
Silver Binary
Crude Oil Binary
Natural Gas Binary

Indices: Intraday 2-Hour,
Daily, and Weekly
▪
▪
▪
▪
▪

US 500 Binary
US SmallCap 2000
BinaryUS Tech 100
BinaryWall Street 30
BinaryJapan 225 Binary(No Intraday)

Indices: Intraday 20-Minute▪
▪
▪
▪

US 500 Binary
US SmallCap 2000
BinaryUS Tech 100
BinaryWall Street 30
BinaryCrypto Currencies8: Intraday
20-Minute – ($10)
▪
▪
▪
▪
▪
▪
▪
▪
▪

Bitcoin Binary
Ether Binary
Litecoin Binary
Bitcoin Cash Binary
Dogecoin Binary
Shiba Inu Binary
Avalanche Binary
Chainlink Binary
Polkadot Binary

8

In the Crypto Currency binary markets, in any 20-Minute and 2-hour contract listing, a Market Maker is not required to quote a minimum defined size nor quotea two-sided market, for first 30 seconds and last 30 seconds of each 20-Minute and 2-hour contract listing; during the last 60 seconds if two-sided quotes are
submitted, the maximum defined spread is increased to 40%

6Nadex Market Maker Agreement, Appendix A, January 2024

Crypto Currencies9,10:
Intraday 2-Hour – ($10)
▪
▪
▪
▪
▪
▪
▪
▪
▪

Bitcoin Binary
Ether Binary
Litecoin Binary
Bitcoin Cash Binary
Dogecoin Binary
Shiba Inu Binary
Avalanche Binary
Chainlink Binary
Polkadot Binary

Designated Classes
Call Spread Contracts

Section 4(a)(i) –Expiry Period

Section 4(a)(iv) –Illiquid Markets

Maximum
DefinedSpread11

Minimum
Defined Size

Execution andSettlement Fees

Position
Limits (perStrike)Daily Wide and Daily Narrow,
8 or 8.25-Hour, and Intraday
2-Hour▪

Silver Call Spread(Daily Wide andDaily Narrow, 5.5Hour, and Intraday
2-Hour)Daily Wide and Daily Narrow,
8 or 8.25-Hour, and Intraday
2-Hour▪
▪
▪

▪

Wall Street 30 Call
SpreadUS 500 Call Spread
US SmallCap 2000
Call Spread

US Tech 100 Call
Spread9

In the Crypto Currency binary markets, during the last two minutes of trading in any 20-Minute and 2-hour contract listing, Market Makers are allowed todecrease their minimum quote quantity to 100 lots per side. Any quoting by Market Maker must comply with the maximum Defined Spread.
10
If a Market Maker holds a position of 3000 contracts, net long or short, in any 20-Minute and 2-hour contract listing Crypto Currency binary contract, Market
Maker will not be required to adhere to the maximum Defined Spread, two-sided market quotes or minimum Defined Size obligations.
11Market Maker will not be deemed to have violated the maximum Defined Spread obligation in the event the maximum bid/ask spread is exceeded as the resultof the adjustment of a Post-Only (Price Adjustment) quote by the Exchange. If a Market Maker submits a cancel rather than a post adjusted price, the Market
Maker is relieved of their quoting requirements in that particular contract until the Market Maker’s quotes are no longer needed to be post adjusted.

7

Nadex Market Maker Agreement, Appendix A, January 2024

▪

▪

▪

▪

Gold Call Spread(Daily Wide andDaily Narrow, 5.5Hour, and Intraday
2-Hour)Crude Oil Call
Spread(Daily Wide andDaily Narrow 6.5Hour, and Intraday
2-Hour)Natural Gas Call
Spread(Daily Wide andDaily Narrow, 6.5Hour, and Intraday
2-Hour)Japan 225
(Daily Wide andDaily Narrow)

Weekly, Daily, 8-Hour, 5Hour, and Intraday 2-Hour
▪
▪
▪
▪
▪
▪
▪
▪
▪

▪

AUD/USD Call
SpreadEUR/JPY Call
SpreadEUR/USD Call
SpreadGBP/JPY Call
Spread
GBP/USD Call
SpreadUSD/JPY Call
SpreadUSD/CHF Call
SpreadUSD/CAD Call
SpreadEUR/GBP Call
Spread(Weekly and Daily
Only)
AUD/JPY Call
Spread(Weekly and Daily
Only)

Designated Classes

Section 4(a)(i) –Expiry Period

Section 4(a)(iv) –Illiquid Markets

8

Maximum
DefinedSpreadMinimum
Defined Size

Execution andSettlement Fees

Position
Limits (perStrike)Nadex Market Maker Agreement, Appendix A, January 2024

Touch Bracket
Contracts12,13
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪

▪
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪
▪

EUR/USD Touch
Bracket
GBP/USD Touch
Bracket
USD/CHF Touch
Bracket
USD/JPY Touch
Bracket
AUD/USD Touch
BracketEUR/JPY Touch
Bracket
GBP/JPY Touch
Bracket
USD/CAD Touch
BracketEUR/GBP Touch
Bracket
AUD/JPY Touch
BracketUS 500 Touch
BracketUS SmallCap 2000
Touch Bracket
US Tech 100 Touch
BracketWall Street 30
Touch Bracket
Gold Touch Bracket
Silver Touch
BracketCrude Oil Touch
BracketNatural Gas Touch
BracketBitcoin Touch
BracketEther Touch
BracketLitecoin Touch
BracketBitcoin Cash Touch
Bracket12

If Market Maker holds a position of 1,000 contracts, net long or short, in any Touch Bracket Contract, Market Maker will not be required to adhere to the maximum
Defined Spread, two-sided market quotes, or minimum Defined Size obligations.
13
A Market Maker will not be deemed to have violated the maximum defined spread obligation in the event the maximum bid/ask spread is exceeded as theresult of the adjustment of a Post-Only (Price Adjustment) quote by the Exchange. If a Market Maker submits a cancel rather than a post adjusted price, theMarket Maker is relieved of their quoting requirements in that particular contract until the Market Maker’s quotes are no longer needed to be post adjusted. Market
Maker is relieved of quoting obligations if the Index Value for any Crypto Currency Touch Bracket is within 20 ticks, or if the Index Value for any other Touch
Bracket Contracts excluding Crypto Currency contracts is within 10 ticks of the Touch Bracket Contract Cap or Floor. A Market Maker is allowed to submit a onesided quote during the period when the Index Value for any Crypto Currency Touch Bracket is within 20 ticks, or if the Index Value for any other Touch Bracket
Contract excluding Crypto Currency contracts is within 10 ticks, of the Touch Bracket Contract Cap or Floor; however, the bid or offer quote must be within the
Maximum quote spread from the floor or ceiling for that given contract.

9

Nadex Market Maker Agreement, Appendix A, January 2024

▪
▪
▪
▪
▪

Dogecoin Touch
BracketShiba Inu Touch
BracketAvalanche Touch
BracketChainlink Touch
BracketPolkadot Touch
BracketExemptions

Product

Exemption Duration

Market Maker is exemption from quoting in
the following products:

MARKET MAKER

NORTH AMERICAN DERIVATIVES EXCHANGE, INC.

Signed for and on behalf of Market Maker:

Signed for and on behalf of Nadex:
_____

_____

Print Name:_____

Print Name:_____

Title:_____

Title:

_____

Date:

_____

Date:

_____

10

Nadex Market Maker Agreement, Appendix A, January 2024