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Central limit order book (Clob)
A central limit order book is an exchange-style execution method common in the equity world that matches all bids and offers according to price and time priority. It allows all users to trade with each other, instead of being intermediated by a dealer. Users can also see bid orders and sizes in real time.
US swap execution facility rules encourage the use of Clobs for trading of liquid derivatives contracts, but take-up has so far been slow.
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