Effective October 1st, 2020
Set out below are the fees and transaction costs that apply when using our product:
- Deposit Fees
- Trading Fees
- Securitization Fees
- Termination Fees
- Withdrawal Fees
Deposit Fee
FEE: 0.00% of Total Volume
as.exchange does not charge any deposit fees.
Trading Fee
MAKER FEE: 0.20% of Total Volume
TAKER FEE: 0.80% of Total Volume
Every trade occurs between two parties: the maker, whose order exists in the market to trade, and the taker, who places the order that matches (or "takes") the maker's order. Makers’ orders make the liquidity in a market. Takers are the ones who remove this liquidity by matching makers' orders with their own.
The maker-taker model encourages market liquidity by rewarding the makers of that liquidity with a fee discount. It also results in a tighter market spread due to the increased incentive for makers to outbid each other. The higher fee that the taker pays is usually offset by the better prices this tighter spread provides.
Fees are charged and deduced on a per-trade basis. Makers are charged a flat fee of 0.20%, and takers are charged a flat fee of 0.80%.
Securitization Fee
FEE: 0.00% of Total Volume
Securitization on as.exchange is defined as placing your underlying asset into the integrated AS Securitization System (ASSS) and issuing new financial instruments based on the assets. Thus, by securitizing an asset, the asset is credited from your asset account and a new security is debited to your securities account.
Currently as.exchange offers issuance of Tranched Value Securities (TVS) only, therefore, these securitization fees are applicable to TVS issuance only.
Asset securitization fees, irrespective of the total volume of assets to be securitized, or other parameters is set as 0.00%. Therefore, if the underlying asset is securitized, user does not have to pay any corresponding fees. However, the system will advise you the appropriate level of securitization to ensure that your account maintains the possibly required level of capital for trading fees for selling and / or buying the financial instruments in the marketplace.
Termination Fee
FEE: 1.50% of PV of Total Volume
In the case if user desires to unwind its position in Tranched Value Securities (TVS), and to cash out, it has an option to terminate the TVS which can be done through the personal cabinet page. This is effectively equivalent to selling a TVS to as.exchange. In order to terminate the TVS position, the seller would transfer the present value of the contract to as.exchange. This transaction assumes that the contract will last until maturity without a credit event occurring (if applicable). This assumption is, of course, unrealistic since a value default is still possible. Therefore, to account for the positive probability of value default, the present value is calculated with a discount rate that reflects value risk.
The termination fee is set flat and amount to 1.50% of the total termination amount. The sale price is the present value of the termination amount and is determined by as.exchange, which might include price discounts or premiums.
Withdrawal Fee
FEE: Network Fees
Withdrawal of securitized assets is not possible on as.exchange. Withdrawal of issued securities is not possible on as.exchange.
Withdrawal of underlying assets that are not securitized is possible on as.exchange. This is subject to digital asset’s network transaction fee. The size of the fee changes depending on the current usage rates, we automatically adjust this fee based on the current network congestion to make sure your transactions are confirmed as quickly as possible. The transaction fee is paid from your wallet when you send a transaction.
When sending to as.exchange wallet, a network fee is deducted from the your initial deposit. The fee varies on how congested the network is. If your deposit amount is smaller than the deposit fee, the deposit might be not processed.
