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.