Task: Instance Description Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes the instance 'open trade'?

A. stage in the trade lifecycle in which the trade has been terminated early, i.e., prior to maturity
B. stage in the lifecycle of a trade indicating that the trade has been established and there is an associated open position on the books of the trader as a consequence
C. stage in the lifecycle of a trade indicating that a change or addition has been made to the terms of the trade, leaving the original terms largely intact
D. stage in the lifecycle of a trade indicating that a third-party clearing house, acting as an intermediary, has reconciled the orders involved in the trade

Answer: stage in the lifecycle of a trade indicating that the trade has been established and there is an associated open position on the books of the trader as a consequence