ETH-USD Trading Update #2

This is the second update regarding the ETH-USD trading activity
on June 21st, 2017. You can read the first update here.

GDAX is just over two years old and has grown to become one of
the world’s leading digital asset exchanges. We launched our first
version of margin trading earlier this year and have generally seen
strong customer demand and positive feedback.

Our long-term ambition, however, is to be a leader among all
exchange platforms and we are committed to serving as the most
trusted provider to the world’s largest institutions and
professional traders. We are confident that all trades this week
were executed properly, however, some customers did not receive the
quality of service we strive to provide and we want to
do better.

We will establish a process to credit customer accounts
which experienced a margin call or stop loss order executed on the
GDAX ETH-USD order book as a direct result of the rapid price
movement at 12.30pm PT on June 21, 2017. This process will
allow affected customers to restore the value of their ETH-USD
account to the equivalent value of their ETH-USD account at the
moment prior to the rapid price movement. To clarify:

• For customers who had buy orders filled — we are honoring all
  executed orders and no trades will be reversed.
• For affected customers who had margin calls or stop loss orders
  executed — we are crediting you using company funds.

We view this as an opportunity to demonstrate our long-term
commitment to our customers and belief in the future of this
industry. We will follow up directly with affected customers about
this process next week.

ETH-USD Trading Update #2 was originally
published in The GDAX Blog on Medium, where people are
continuing the conversation by highlighting and responding to this
story.

This is the second update regarding the ETH-USD trading activity
on June 21st, 2017. You can read the first update here.

GDAX is just over two years old and has grown to become one of
the world’s leading digital asset exchanges. We launched our first
version of margin trading earlier this year and have generally seen
strong customer demand and positive feedback.

Our long-term ambition, however, is to be a leader among all
exchange platforms and we are committed to serving as the most
trusted provider to the world’s largest institutions and
professional traders. We are confident that all trades this week
were executed properly, however, some customers did not receive the
quality of service we strive to provide and we want to
do better.

We will establish a process to credit customer accounts
which experienced a margin call or stop loss order executed on the
GDAX ETH-USD order book as a direct result of the rapid price
movement at 12.30pm PT on June 21, 2017. This process will
allow affected customers to restore the value of their ETH-USD
account to the equivalent value of their ETH-USD account at the
moment prior to the rapid price movement. To clarify:

• For customers who had buy orders filled — we are honoring all
  executed orders and no trades will be reversed.
• For affected customers who had margin calls or stop loss orders
  executed — we are crediting you using company funds.

We view this as an opportunity to demonstrate our long-term
commitment to our customers and belief in the future of this
industry. We will follow up directly with affected customers about
this process next week.

ETH-USD Trading Update #2 was originally
published in The GDAX Blog on Medium, where people are
continuing the conversation by highlighting and responding to this
story.