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Bank

Bank Liquidity is typically offered in two forms:

• Order-Based
• Volume-Ladder

Many banks offer both, in which case the form of the liquidity offered is bilaterally agreed between the Bank and the Customer. For Whisperer Enterprise, MarketFactory is not involved in this decision and has no formal knowledge of the form chosen, although both will be delivered as MassQuote messages.

Order-Based

The raw liquidity offered by the Bank to the Customer. Typically presented as a single quote. The Customer may trade through this 'book', provided they submit orders in strict sequence from best price to worst. No individual piece of offered liquidity can be traded more than once.

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