Our best trades are the ones we don't do...

No trader likes to be opened up, only to get little or nothing done. The AX provides a way to solve this problem. Traders can call an auction on The AX, and decide what if any information to show about the auction; decide whom to invite to the auction; participants submit their best bids and offers; no one sees the price or size of any order. Either a trade is going up, in size, at a single clearing price, or it’s not.

And if it’s not, no private information is disclosed to counterparties.