Secondary trading

A market between holders

In the investor portal, trading is on the asset's Trade tab, with Buy and Sell. The secondary market lets you offer tokens for sale to other eligible investors in the same suite. Three parties take part:

Sellers sign orders.
The platform keeps the order book and prepares quotes.
The settlement contract executes the exchange.

The market has only sell orders, which buyers fill. It has no buy-side bids and no fiat payment leg. Secondary trading is also separate from redeeming fund units with an issuer.

From listing to settlement

The seller prepares an order that sets the asset, quantity, price, and supported payment token.
The asset wallet signs the order. A Safe collects its required signatures before listing.
A buyer requests a quote against available orders.
The buyer reviews allowances and authorizes the settlement transaction.
The settlement contract checks signatures, the platform-signed quote, cancellation, expiry, fill accounting, and buyer limits. The token applies its transfer rules before fills complete.

Minimum fill sizes, notional floors, and order caps are policies of the platform quote service. The settlement contract does not recheck all of them independently. Settlement needs the platform's co-signature. So you depend on the quote signer to be trustworthy and available. The signed quote also carries the applicable seller fee.

An order in the book is not guaranteed to stay fillable, and a quote does not reserve it. Balances, allowances, eligibility, order expiry, and cancellation state can change. See How transactions settle.

What moves on-chain?

Settlement joins the payment and the asset transfer in one on-chain transaction. Asset tokens move from the seller to the buyer. Payment moves from the buyer to the seller and to any configured fee recipient. The market contract does not hold investor asset tokens between trades.

The token still applies its own transfer checks. Listing on a market does not remove issuer admission requirements or compliance restrictions.

Delisting and cancellation

When the platform removes a listing from its book, buyers can no longer find the order or get new quotes for it. But a quote issued earlier can stay valid within its commitment window. Only on-chain cancellation invalidates the order at the contract level, and transaction ordering still applies.

You need the platform to get new listings and quotes. The contract gives you an on-chain cancellation path that does not depend on that service. A delisted order may still settle. To stop it at the contract level, cancel it on-chain.

Issuers as sellers

An issuer that sells treasury tokens must also meet the holder requirements of its own suite. Owning the token contract does not register the treasury as an eligible holder. In the issuer portal, a workspace Admin uses Enable treasury selling on Overview to admit the organization wallet. Selling itself happens in the investor portal. Buyers see an Issuer order tag on these orders.

Market availability

Trading in a particular asset depends on its rules, active orders, and the quote service. An enabled market does not guarantee liquidity.