A liquidity window is a bounded period during which holders of a position may seek liquidity on it, under rules the issuer sets. It is not a continuous order book.
The states of a window
| State | Meaning |
|---|---|
| Upcoming | Announced, dates not final |
| Scheduled | Dates fixed, not yet open |
| Open | Requests accepted |
| Settling | Closed to new requests, allocations being finalised |
| Closed | Complete |
| Cancelled | Withdrawn before completion |
Scheduling one (issuers)
- A window carries an opening and a closing instant, and the close must be after the open.
- A window may be attached to one of your own offerings, or left unattached.
- Minimum and maximum size are optional; when both are set, the maximum cannot be below the minimum.
A window can only be attached to an offering belonging to the same issuing entity. An offering identifier that does not belong to you is refused.
Requesting (investors)
- Submit a request for quote against the asset while the window is open.
- The issuer, or an appointed counterparty, responds with a quote.
- Accepted quotes are allocated when the window moves to settling.
- Post-trade documents are issued against the allocation, not against the request.