Definition ∞ The set of established protocols, guidelines, and legal requirements governing the operation of a financial exchange or trading platform. These rules dictate how orders are placed, executed, and settled, ensuring fair and orderly market conduct. They aim to prevent manipulation and maintain market integrity.
Context ∞ For digital asset exchanges, establishing and enforcing clear trading system rules is paramount for building trust and attracting institutional participants. Debates often address issues such as market surveillance, circuit breakers, and mechanisms to prevent front-running or wash trading. The harmonization of these rules across various jurisdictions remains a significant challenge, impacting global market efficiency and regulatory arbitrage.
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