As a live trading tool, users with the highest bid or lowest offer can negotiate anonymously in different ways, including an auto-negotiate feature that allows the customer to set a bid to increase by a specified amount over a given period of time based on market reaction. Orders are matched by price, size, and time of entry, but only clients know their own price methodology and only the dollar price is broadcast to the market. Through the system's query mechanism, clients can conduct their own auction or find securities being auctioned by other clients. The auction feature will also allow issuers the capability for direct issuance. The system will have the ability to link up to a client's back office system, to provide for straight through processing.
Clients have the option to reveal their identities or to trade anonymously.