Fill Models
| Model | When used | How it works |
|---|---|---|
| Bilateral | Both parties are FINRA members and can trade directly | Parties face each other on a single ticket; OpenYield steps out of the trade (ATS flag must be set). Reduces ticket fees. |
| Intermediated | Either party is not a FINRA member, cannot trade with the counterparty, or elects intermediated trading | Each side faces OpenYield on separate tickets. OpenYield handles regulatory trade reporting (FINRA TRACE, or MSRB RTRS for municipal bonds). |