Markets and Trading

24/7 Markets

A 24/7 market is a market that can operate continuously, including outside traditional exchange hours and across weekends. Blockchain networks can...

Ask

The ask is the lowest price a seller is currently willing to accept for an asset in a quoted market. It represents the selling side of the market a...

Atomic Settlement

Atomic settlement is a transaction structure in which the transfer of one asset occurs only if the corresponding transfer of the other asset also o...

Bid

The bid is the highest price a buyer is currently willing to pay for an asset in a quoted market. It represents the buying side of the market.

Bid Ask Spread

The bid ask spread is the difference between the highest price a buyer is willing to pay and the lowest price a seller is willing to accept. If the...

Clearing

Clearing is the process between trade execution and final settlement in which transaction details and obligations are confirmed and prepared for co...

Delivery versus Payment (DvP)

Delivery versus Payment, usually shortened to DvP, is a settlement principle designed to link the delivery of an asset with the corresponding payme...

Liquidity

Liquidity describes how easily an asset can be bought or sold without causing a significant change in its price. A highly liquid market usually has...

Liquidity Provider

A liquidity provider supplies assets or capital to a market so that other participants can trade more easily. Depending on the market structure, li...

Market Depth

Market depth describes the amount of buying and selling interest available at different prices in a market. A deep market has substantial orders av...

Market Maker

A market maker is a market participant that regularly provides prices at which it is prepared to buy and sell an asset. By providing both bids and...

Order Book

An order book is a list of outstanding buy and sell orders for an asset, usually organized by price. It shows the prices and quantities at which ma...

Primary Market

The primary market is where an asset or financial instrument is first issued and sold to investors. In tokenized markets, this is where investors m...

Secondary Market

A secondary market is a market where investors buy and sell existing assets or financial instruments after their initial issuance. For RWAs, a seco...

Settlement

Settlement is the process through which a completed trade is finalized and the asset and payment are transferred between the relevant parties. Trad...

Settlement Finality

Settlement finality is the point at which a transaction is considered complete and cannot normally be reversed through the settlement system. In bl...

Settlement Risk

Settlement risk is the risk that one side of a transaction fails to deliver the asset or payment required to complete the trade. It can arise durin...

Slippage

Slippage is the difference between the price expected when placing a trade and the average price at which the trade actually executes. It often occ...

Trading Volume

Trading volume measures how much of an asset is bought and sold during a particular period. It may be expressed in units of the asset or in monetar...

Transfer

A transfer is the movement of an asset or token from one person, account or blockchain address to another. For tokenized assets, the technical tran...