Secondary Market

Debt instruments can be traded on secondary markets.

Secondary-market control is an execution-layer policy.

Transfer window

If transfer window enforcement is required, the Arranger MUST configure it with transfer_set_schedule(open_date, closure_date).

The transfer window is interpreted as:

open_date <= now < closure_date

The IED MUST be defined and the method MUST reject a schedule in which open_date >= closure_date and a schedule in which open_date < initial_exchange_date.

Default behavior

If no transfer window is configured, the current reference implementation applies no additional secondary-market date restriction beyond the generic transfer checks.

Relation to normalization

The SDK normalization helpers may carry secondary-market dates as deployment metadata. Those dates are not part of the on-chain NormalizedActusTerms ABI struct in the current kernel. On-chain enforcement therefore happens through transfer_set_schedule, with contract_config additionally rejecting preconfigured transfer windows whose opening date is before IED.