What Is Self Trading?
Self-trading occurs when a user’s own buy and sell orders match against each other. This can happen unintentionally, especially for traders using multiple strategies, automated trading systems, or API-based order placement.
Why We're Implementing STP
- STP is important for Thalex, as it prevents a number of market manipulation techniques. It contributes to more accurate order books and market data, so the prices and volumes seen reflect real market activity.
- Traders using bots, APIs or multiple accounts benefit from STP, as this mechanism automatically prevents conflicts between orders across strategies and/or accounts.
- Aligning with other top-tier exchanges which also implement STP, giving our traders the same professional-level safeguards.
How Will It Work?
Orders are only considered self trading if they belong to the same customer.
- Implied matching: a trade is a self-trade if any of the passive order executions produced are self-trades in relation to the taker order.
- Combo matching: a trade is a self-trade if any of the order executions produced on the leg books are self-trades in relation to the taker order.
Supported STP Actions:
- Cancel taker order with partial fill - fill from top-of-book up until the self-trade level.
We do not support canceling orders in the books at the moment.
Bots:
- Always use the default STP level and action for orders placed by bots.
- If any order self-trades, stop the bot.
Conditional orders: Uses the default STP level and action for converted conditional orders.