Off-CLOB (Off-Central Limit Order Book) refers to the execution of trades in digital assets or other financial instruments outside the transparent, publicly displayed order book of a primary exchange.
Mechanism
This operational modality involves transactions facilitated through bilateral over-the-counter (OTC) agreements, dark pools, or request-for-quote (RFQ) systems. Participants directly negotiate trade terms, and the order details are not immediately broadcast to the broader market, which helps to minimize price impact.
Methodology
The strategic rationale for utilizing Off-CLOB execution, particularly for institutional participants, centers on achieving block liquidity, reducing market signaling, and mitigating price slippage for substantial orders. This approach prioritizes discretion and efficient execution for large positions, especially in less liquid or volatile crypto asset markets.
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