Is a crypto-asset provider, in Singapore

[2020] SGCA(I) 02

• Treat a contract concluded between two automated systems as binding from the moment one system's offer is accepted by the other, even if neither party knew beforehand that it would be made or on what terms: the Court of Appeal so held for algorithmic trading on a cryptocurrency exchange.
• Be ready to show the state of mind of your programmers when they programmed the software: the majority held that, for contracts made by deterministic algorithms, knowledge of a counterparty's mistake and any unconscionable taking advantage of it is judged by the programmers' state of mind.
• Do not keep an algorithm running to take advantage of a mistake you have learned of before the contract is formed: the majority held that the inquiry into the knowledge of a programmer or the person running the algorithm extends from the point of programming to the point the contract is formed, so later knowledge counts.
• Do not cancel completed automated trades unless your contractual documents, express or implied, entitle you to: the Court held that none entitled the exchange operator unilaterally to cancel the disputed trades.