# viii. Market Infrastructure & Liquidity Markets, liquidity, and settlement describe how tokenized assets are traded, transferred, and finalized between participants. These mechanisms determine how ownership changes hands, how value moves, and how efficiently transactions are completed. #### **Clearing** The process of reconciling trade details between counterparties prior to settlement. #### **Exchange** A platform where assets are listed and traded between buyers and sellers. #### **Liquidity** The ability to buy or sell an asset without materially affecting its price. #### **Market Infrastructure** Systems and institutions that support trading, clearing, and settlement activities. #### **Order Matching** The process of pairing buy and sell orders based on price and quantity. #### **Primary Market** The venue where assets or tokens are issued for the first time. #### **Secondary Market** Markets where existing assets or tokens are traded after issuance. #### **Settlement** The final transfer of ownership and value following a transaction. #### **Settlement Finality** The point at which a transaction is irrevocably completed. #### **Trading Venue** A regulated or permissioned environment where assets are exchanged. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://info.building.inc/lexicon/tokenization-and-blockchain/viii.-market-infrastructure-and-liquidity.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.