The terms of FIDE World Blitz & Rapid Championships have been published on FIDE website. All rights for the organization of the World Blitz & Rapid Championships and the title of the World Blitz Champion or World Rapid Champion belong to FIDE.
The events will be Swiss pairings tournaments and will be held over two days for Blitz and three days for Rapid. The Blitz will have fifteen rounds with each player playing with white and black against paired opponent. The Rapid will be fifteen rounds, Swiss event.
All players rated at least 2500 in any of the three FIDE rating lists (Standard, Blitz or Rapid) as at March 1, 2013 are eligible to participate in the World Blitz Championship.
In the Blitz Championship, each player will have 3 minutes + 2 seconds additional time per move, starting from move 1. In the Rapid Championship, each player will have 15 minutes + 10 seconds additional time per move, starting from move 1, FIDE official website reported.