Direct Taker (Fixed Income Style Trading)

Take liquidity using the standard order flow with a Market order. OpenYield fills the order from the top of the book down, regardless of any specific contra-side reference you provide.

• A Limit order without IoC or FoK may rest on the book as a maker if no matching liquidity is immediately available.
• If your platform sends an IOIID (23) to target a specific resting quote, OpenYield accepts the field but still executes against the best available price at the top of the book. IOI IDs do not route to a specific counterparty.