# Contract Specifications, USD-Settled Spot Markets

**Kronos X, operated by PM MTF Ltd**

> **DRAFT for review by the Head of Legal, not yet in force.** This document
> becomes effective only upon publication on the Website following approval
> under the amendment procedure of the Rulebook. Until then, nothing in it
> creates rights or obligations, and the published member documentation and
> Rulebook prevail in full. The spot markets described here are listed on the
> SANDBOX environment for member integration testing; their admission to
> trading on the production venue is a separate decision under the Company's
> MiCA notification and is not made by this document.

Draft 0.3, 20 October 2026 (Draft 0.2 was 10 September 2026; the changes of
Draft 0.3 are listed at the end of this document). Applies to every market
listed in Section 2 of this document. Companion documents: the PMX Rulebook Financial Instruments (the
"Rulebook"), the Contract Specifications, USD-Settled Perpetual Contracts (the
"Perpetuals Specifications"), the Kronos X member API reference and Member
Technical Handbook (together the "Member Documentation").

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## 1. Status, definitions and interpretation

1.1 This document constitutes the contract specifications for the USD-settled
spot markets in crypto-assets admitted to trading on the multilateral trading
facility operated by PM MTF Ltd (the "Company") under the trading name Kronos X
(the "Platform"). Spot markets are offered under the Company's notification
under Regulation (EU) 2023/1114 (MiCA); the crypto-assets traded on them are
not financial instruments within the meaning of MiFID II, and Transactions on
them are therefore not subject to the transaction reporting and order record
keeping obligations that apply to the perpetual contracts.

1.2 Capitalised terms not defined in this document have the meaning given to
them in the Rulebook (Section 3, Definitions and Interpretation). "Member",
"Transaction" and "Available Funds" are used exactly as defined there. "Base
Asset" means the crypto-asset a market delivers; "Settlement Currency" means
the currency in which the price is quoted and paid.

1.3 In case of conflict, the order of precedence is: (a) the Rulebook, (b)
these contract specifications, (c) the Trading Parameters (Section 6), (d) the
Member Documentation. A more specific numerical value published in the Trading
Parameters prevails over any illustrative value in this document.

1.4 These specifications are issued pursuant to the admission provisions of
the Rulebook and form part of the pre-trade information the Company makes
available to Members.

## 2. Instruments covered and symbol convention

2.1 Each spot market is identified by a symbol of the form `{BASE}-{QUOTE}`,
where `{BASE}` is the code of the Base Asset and `{QUOTE}` is the code of the
Settlement Currency. The perpetual contract on the same underlying carries the
suffix `-PERP` (Perpetuals Specifications, Section 2); the two are distinct
markets with distinct economics.

2.2 The spot markets currently covered by these specifications are:

| Symbol | Base Asset delivered | Quotation and settlement currency | Quantity step | Minimum order value | Per-order cap | Fees maker / taker |
|---|---|---|---|---|---|---|
| BTC-USD | Bitcoin (BTC) | US Dollar (USD) | 0.0001 BTC | 5 USD | 10,000,000 USD | 0.02 % / 0.05 % |
| ETH-USD | Ether (ETH) | US Dollar (USD) | 0.001 ETH | 5 USD | 10,000,000 USD | 0.02 % / 0.05 % |
| SOL-USD | Solana (SOL) | US Dollar (USD) | 0.01 SOL | 5 USD | 10,000,000 USD | 0.02 % / 0.05 % |
| BNB-USD | BNB | US Dollar (USD) | 0.001 BNB | 5 USD | 10,000,000 USD | 0.02 % / 0.05 % |
| XRP-USD | XRP | US Dollar (USD) | 1 XRP | 5 USD | 10,000,000 USD | 0.02 % / 0.05 % |

The price increment (Tick Size) of each market equals that of the perpetual
contract on the same underlying (0.5 USD per BTC, 0.05 per ETH and per BNB,
0.01 per SOL, 0.0001 per XRP). The values in this table are illustrative of the
Trading Parameters at the date of this document; the values in force are the
ones published under Section 6.

2.3 The authoritative list of admitted markets, including any market admitted
or removed after the date of this document, is the venue instrument reference
published through the API and the documentation site (Section 6). ISIN and CFI
codes, where assigned, are published there per market.

## 3. Nature of the transaction

3.1 A Transaction on a spot market is a purchase and sale of the Base Asset
against the Settlement Currency for immediate settlement. It has no expiry, no
maturity, no funding and no leverage. It creates no Position within the
meaning of the Rulebook: on settlement the buyer holds the Base Asset and the
seller holds the Settlement Currency, each as a balance in its account on the
Platform.

3.2 Settlement is by **delivery** of the Base Asset: the buyer's account is
credited with exactly the traded quantity of the Base Asset and debited with
the price times the quantity in the Settlement Currency plus its fee; the
seller's account is debited with exactly the traded quantity of the Base Asset
and credited with the price times the quantity in the Settlement Currency
minus its fee. Settlement occurs at the moment of matching, per execution,
atomically for both parties, and is final.

3.3 Trading is **fully prefunded**. An order to buy is accepted only if the
Member's free Settlement Currency covers the worst-case value of the order plus
the fee; an order to sell is accepted only if the Member's free Base Asset
covers the quantity. The Platform reserves the corresponding amounts while the
order is open and re-verifies them at execution: an order that has become
unaffordable in the meantime is cancelled rather than settled into a negative
balance. No margin is provided, called or applied on spot markets, and no
short selling is possible.

3.4 The Company is not a counterparty to any Transaction. Transactions arise
between Members upon matching in accordance with the Rulebook's provisions on
the conclusion of Transactions, and the Company acts solely as the operator of
the Platform. The Company does not hold Base Assets for Members other than as
recorded balances on the Platform in accordance with the Rulebook and the
Company's MiCA notification.

## 4. Underlying and price basis

4.1 The underlying of each market is the Base Asset itself, delivered on
settlement.

4.2 Prices on the Platform are quoted per one unit of the Base Asset (per BTC,
per ETH, and so on) and move on the price increment (Tick Size) published in
the Trading Parameters.

4.3 The Company publishes for each market a mark price and an index price
(equal to the mark on spot markets), sourced from the same reference as the
perpetual contract on the same underlying. On spot markets the mark price
serves the price bands, the volatility and staleness safeguards and the
valuation of market orders; it is not used for margining, funding or
liquidation, none of which apply.

## 5. Settlement asset

5.1 The Settlement Currency of every market covered by this document is the US
Dollar (USD). Prices are quoted, the cash leg of every Transaction is settled
and fees are charged exclusively in the Settlement Currency. The Base Asset
leg is settled in the Base Asset.

5.2 Base Asset balances are recorded on the Platform as decimal quantities of
the Base Asset with six decimal places. Base Asset balances are not collateral
for perpetual contracts and are not netted against Settlement Currency
balances.

## 6. Contract size and Trading Parameters incorporated by reference

6.1 Quantities are expressed in decimal units of the Base Asset. The size of
one contract on a spot market is the Quantity Step published per market in the
**Trading Parameters**, the venue instrument reference published through the
API (`GET /v1/instruments`) and on the documentation site. The Trading
Parameters state, per market, the Tick Size, the Quantity Step, the minimum
order quantity (Minimum Quantity) and the minimum order value (Minimum
Notional).

6.2 The notional value of an order is the quantity multiplied by the price, in
the Settlement Currency. An order whose quantity is not an exact multiple of
the Quantity Step, or whose notional value is below the Minimum Notional, is
rejected by the Platform in accordance with the Rulebook (Section 26,
Rejection or Cancellation of Orders or Quotes by the Company).

6.3 The following per-market values are Trading Parameters, are incorporated
into these specifications by reference, and may be amended by the Company in
accordance with the Rulebook without an amendment of this document: Tick
Size; Quantity Step; Minimum Quantity; Minimum Notional; the per-order size
cap (expressed in Base Asset units or in notional value); price bands and
volatility safeguards; the reference price source; maker and taker fee rates;
the trading state of the market; and the trading hours of the market. The Tick
Size and the Quantity Step of a listed market, and with them the Minimum
Quantity, are changed only by a re-listing under Section 6.5, never in place.

6.4 The Company publishes the prevailing Trading Parameters at all times
through the API and the documentation site. Members are responsible for
ensuring that they are aware of the prevailing values.

6.5 Every resting order on a spot market, and the balance it reserves, is held
on the market's Tick Size and Quantity Step, so the Company does not change
either value on a listed market in place. A change of either is made only by a
re-listing of the market, announced in advance on the Website and through the
documentation site, naming the market, the new values and the date. On that
date the market is removed from trading under Section 11 of the Rulebook:
every resting order on it is cancelled and the balance it reserved is
released, while the Base Asset and Settlement Currency balances themselves are
not affected. The market is then listed again with the new values and with no
resting order, under the symbol the announcement names. A resting order is
never carried to the new listing, moved onto the new values or rounded. The
Minimum Notional and the other Trading Parameters of Section 6.3 may be amended
without a re-listing.

## 7. Trading model

7.1 Spot markets trade on a central limit order book under the matching
principles of the Rulebook (Matching Principles / Trading Rules). Self-trade
prevention, market segments and the order types available on the Platform
apply as described in the Member Documentation; order features that
presuppose a Position (reduce-only, hedge-mode position sides) are not
available on spot markets, and market-type orders whose cost cannot be
determined at the time of acceptance are not accepted as buy orders.

7.2 During a period in which a market is restricted to risk-reducing activity
by the Company's volatility or staleness safeguards, sell orders on that spot
market remain permitted and buy orders are refused.

## 8. Fees

8.1 Maker and taker fees apply per Transaction at the rates published in the
fee schedule and the Trading Parameters, in accordance with the fee provisions
of the Rulebook. Fees are charged in the Settlement Currency at the time of
each execution, computed on the notional value of the execution and rounded
half-even, and recorded in the Member's ledger.

## 9. Default management

9.1 Because Transactions are prefunded and settle on matching, no liquidation,
auto-deleveraging or default fund mechanism applies to spot markets. Base
Asset balances are not subject to the liquidation process of the Rulebook.

## 10. Risk information

10.1 Spot Transactions are unleveraged; a buyer's loss is limited to the value
of the Base Asset purchased. Members are referred to the risk information
provisions of the Rulebook and to the crypto-asset risk warnings applicable
under the Company's MiCA notification, and remain responsible for their own
assessment and for any obligations toward their underlying clients, including
the record of client-level Base Asset holdings (the Platform records the
Member's client reference on every execution but keeps holdings at Member
level only).

## 11. Trading Hours

11.1 Every market listed in Section 2 of this Specification trades continuously,
24 hours a day, every calendar day of the year, weekends and public holidays
included. There is no daily open, close or auction on these markets (a
SECURITY market with an auction schedule is governed by its own specification
and by section 6j of the Member Documentation). Trading in a market is
interrupted only by a
suspension, halt or removal under Section 11 of the Rulebook (including a
venue-wide suspension), by the circuit breaker under Section 13 of the
Rulebook, or by the reduce-only and post-only sessions described in the
Member Documentation. The Company operates no daily or weekly closure. The
only scheduled interruption is the venue's standard maintenance window,
Saturday 02:00 to 06:00 UTC, published under this Section as a standing
exception to the trading hours; maintenance inside it is announced at least
48 hours in advance on the Website and in the member portal. Most releases
are rolling and need no window; a release that needs one keeps the restart
contract of section 10.7 of the Member API reference (advisory frame, close
1001, 503 with Retry-After, FIX Logout, cursor backfill). A release that
requires the Platform to stop is announced on the Website at least five
Business Days before the window (Business Day as defined in the Rulebook),
naming the date, the start time in UTC and the expected duration. A scheduled
closure outside that window is published on the Website in advance under this
Section with the notice the Rulebook requires for a material amendment; an
unplanned stop is a suspension under Section 11 of the Rulebook. The current
trading state of each market is published at all times on `GET /v1/status`,
`GET /v1/instruments` and the `venueEvents` channel. Funding on perpetual
contracts settles on the schedule published per market (an 8 hour UTC grid,
or one local-time window per calendar day for the daily-settled markets)
whether or not the underlying reference market is open. Daily allowances and
daily flow statements are kept per UTC calendar day. A connection
interruption during a software release (the venue restart advisory) is not a
closure: orders, positions and contracts persist and the market resumes in
the trading state it had.

## 12. Amendments

12.1 The Company may amend these contract specifications in accordance with
the amendment procedure of the Rulebook (Amendments to the Rules).
Amendments are published on the Website and through the documentation site;
where the Rulebook requires notice, the notice period stated there applies.
Changes to Trading Parameters are made under Section 6 of this document and
do not constitute an amendment of these specifications; a change of the Tick
Size or the Quantity Step of a listed market is made only by the re-listing of
Section 6.5.

12.2 These specifications are governed by the governing law provisions of the
Rulebook.

**Changes in Draft 0.3 (20 October 2026).** A change of the Tick Size or the
Quantity Step of a listed market is a re-listing (member API revision 3.83,
section 2a): Section 6.3 states that the two values, and with them the Minimum
Quantity, change only by the re-listing of the new Section 6.5, which states
the advance announcement, the removal with the cancellation of every resting
order and the release of its reservation, the balances left unaffected, and
the new listing under the announced symbol; Section 12.1 carries the
cross-reference. Draft 0.2 made the Tick Size and the Quantity Step amendable
like any other Trading Parameter, which read as a change in place. No other
term changes. The DRAFT banner is unchanged.

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*PM MTF Ltd. This document is part of the Kronos X member documentation set
and is revision-controlled alongside the member API reference (revision 3.83).*