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Understanding the Window System

What is the Window System?​

Liquidity Hub operates on a structured window schedule with two main phases that create efficient market cycles.

PhaseDescription
Listing Window (30 days, Quarterly)Opens four times per year. Sellers submit their listings during this period. Listings are prepared but not yet visible to buyers.
Bidding WindowStarts immediately after the Listing Window ends. All listings become visible to buyers. Both parties can negotiate through bids and counter-offers.

Why does Liquidity Hub use a window system?​

The window system provides multiple benefits for both buyers and sellers:

  • Critical Mass: Creates a critical mass of listings for buyers to review
  • Predictability: Provides clear, predictable market cycles
  • Compliance: Ensures compliance with regulatory requirements
  • Due Diligence: Allows adequate time for due diligence and negotiation

When will my client's listing become visible to buyers?​

When you submit a listing during the Listing Window, it is recorded but not yet live. The listing will become visible on the date that matches the start of the next Bidding Window. You'll receive a confirmation with this date.

Timeline​

PhaseTimelineDescription

LISTING WINDOW

Day 1:Auction Opens.
Day 1-15:Listing Window - Investors submit their intent to sell (IOI) during the listing window.

BIDDING WINDOW

Day 16Bidding Window Opens- During the bidding window, Buyers can view all available positions for sale. Seller will have live visibility into all bids on their "auction report".
Day 31- 45:
  • Day 31 is the first time Sellers can select a Buyer as a "winner" and choose backups.
  • Sellers can negotiate price and award winners up until day 45.
  • Buyers have two days to either accept or decline upon being selected as the winner.
  • Buyers can continue to bid on positions.
  • Sellers will continue to receive "auction sheets" that show updated bids on their positions.
ExecutionDay 46-60iCapital has a standard transfer form and will include a Purchase and Sale Agreement (PSA).
Settlement & TransferQuarter after Day 61:Earliest Settlement is day 61. First day transfer can occur is at the first day of the following quarter.