> For the complete documentation index, see [llms.txt](https://docs.metalex.tech/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.metalex.tech/protocol-how-to-guides/run-a-secondary-trade.md).

# Run a secondary trade

Secondary trades settle through a cyberCORP's **`DealManager`**, which since the deal-manager secondary-trading upgrade has a dedicated offer flow: **post an offer → accept it → finalize the settlement**. Each acceptance creates a fully-signed settlement agreement in the `CyberAgreementRegistry` (a `bytes32` id), and the DealManager holds the escrow internally.

Offers have two sides (`OfferSide.SELL` / `OfferSide.BUY`), support partial fills, and every settlement is pinned to a securities-law **exemption pathway** (`ExemptionPathway`: `RULE_144`, `SECTION_4A7`, `SECTION_4A1HALF`, `RULE_144A`, `REGULATION_S`) elected by the buyer. Structs are in [`ISecondaryTradeStorage.sol`](https://github.com/MetaLex-Tech/cybercorps-contracts/blob/develop/src/interfaces/ISecondaryTradeStorage.sol).

```mermaid
sequenceDiagram
    participant S as Seller
    participant DM as DealManager
    participant B as Buyer
    participant IM as IssuanceManager
    S->>DM: postOffer (SELL)
    Note over DM: units reserved on the seller's cert
    B->>DM: acceptOffer (full or partial)
    Note over DM: buyer elects exemption pathway ·<br/>pathway + SPV conditions checked ·<br/>payment escrowed · settlement agreement fully signed
    B->>DM: finalizeSecondaryTradeAgreement
    Note over DM: SPV + pathway + closing conditions<br/>re-checked at settlement
    DM-->>S: seller proceeds paid · fees distributed
    DM->>IM: secondaryTransfer
    IM-->>B: units onto the buyer's cert
```

## 0. One-time configuration (owner/admin)

Before any offer can settle, the cyberCORP configures its trading policy on the DealManager:

```solidity
// enable a pathway and set its exemption-specific conditions
dealManager.setPathwayThresholdConditions(ExemptionPathway.RULE_144, conds, true);
dealManager.setSpvThresholdConditions(fundConds);    // apply to every offer
dealManager.setClosingConditions(closingConds);      // checked at finalize only
dealManager.setMinTradeThreshold(minUnits, minConsideration);
dealManager.setSettlementWindow(window);             // seconds from acceptance
dealManager.setDefaultIntegrator(integrator);        // optional fee-split partner
```

A pathway that is not enabled can be neither pinned nor elected.

## 1. Post the offer

```solidity
import {PostOfferParams, OfferSide, ExemptionPathway, HostingMode}
    from "src/interfaces/ISecondaryTradeStorage.sol";

bytes32 offerId = dealManager.postOffer(PostOfferParams({
    side:                     OfferSide.SELL,
    certPrinter:              certPrinter,   // the security being sold
    tokenId:                  tokenId,       // seller's cert (0 for BUY offers)
    units:                    10_000e18,     // 10,000 shares (units are 18-decimal)
    paymentToken:             USDC,
    consideration:            200_000e6,     // total for all offered units
    exemptionPathway:         ExemptionPathway.NONE, // NONE = each buyer elects
    validUntil:               block.timestamp + 30 days,
    counterpartyRestrictions: "",
    additionalTerms:          "",
    integrator:               address(0),    // 0 = default integrator
    templateId:               templateId,    // agreement template
    salt:                     salt,
    globalValues:             globalValues,
    offerorPartyValues:       sellerValues,
    offerorAgreementSig:      sellerAgreementSig, // EIP-712 over the agreement
    openEndorsementSig:       openEndorsementSig, // seller's pre-signed endorsement
    buyerName:                "",            // BUY offers only
    buyerHostingMode:         HostingMode.DIRECT,
    adminMultisig:            address(0)
}));
```

{% hint style="warning" %}
`units` is **18-decimal fixed point** (one share = `1e18`), while `consideration` is denominated in the payment token's own decimals (USDC = 6). Mixing these up misprices the offer by orders of magnitude.
{% endhint %}

* **SELL** offers require the caller to be the cert's registered owner; the offered units are reserved on the cert (they cannot be scripified or reassigned while reserved).
* **BUY** offers pull the full `consideration` into DealManager custody up front, and must pin an exemption pathway.

## 2. Accept the offer

Any counterparty (fully or partially) accepts:

```solidity
import {AcceptOfferParams} from "src/interfaces/ISecondaryTradeStorage.sol";

bytes32 settlementAgreementId = dealManager.acceptOffer(AcceptOfferParams({
    offerId:             offerId,
    units:               4_000e18,                   // 4,000 shares — partial fills allowed
    exemptionPathway:    ExemptionPathway.RULE_144,  // buyer's election (sell offers)
    buyerName:           "Bob Buyer",
    buyerHostingMode:    HostingMode.DIRECT,
    adminMultisig:       address(0),
    sellerTokenId:       0,                          // BUY-offer acceptances only
    acceptorPartyValues: buyerValues,
    acceptorAgreementSig: buyerAgreementSig,         // EIP-712, registry-verified
    openEndorsementSig:  ""                          // BUY-offer acceptances only
}));
```

Acceptance creates the settlement agreement in the registry (signed by both sides), funds the escrow (the buyer pays here on a sell offer), and re-runs the SPV and elected-pathway conditions against the concrete buyer. A failed condition reverts the whole acceptance.

## 3. Finalize

After acceptance — and within the settlement window — anyone can finalize:

```solidity
dealManager.finalizeSecondaryTradeAgreement(settlementAgreementId);
```

Finalization re-checks the pathway, threshold, and closing conditions (eligibility must hold at settlement, not just at acceptance), pays the seller net of the platform/integrator fee, releases the unit reservation, and executes the ownership change through `IssuanceManager.secondaryTransfer` — decrementing the seller's cert and minting the buyer's cert with the seller's endorsement attached.

## Cancelling and voiding

* `cancelOffer(offerId)` — offeror cancels a live offer; only the uncommitted units/consideration are released, in-flight settlements resolve on their own.
* `voidSecondaryTradeAgreement(agreementId, signer, signature)` — records a party's void request; the settlement voids once **both** parties request it (or it expires).
* `voidExpiredSecondaryTradeAgreement(agreementId, signer, signature)` — unwinds a settlement past its expiry.
* `syncVoidedSecondaryTradeAgreement(agreementId)` — syncs a settlement that was voided directly in the registry.

## Relayer support

`postOffer`, `cancelOffer`, and `acceptOffer` each have a relayed overload `(…, address forAddr, uint256 nonce, bytes sig)` where `sig` is `forAddr`'s EIP-712 authorization over the call parameters and nonce — so end users can trade gaslessly. `voidSecondaryTradeAgreement`'s relayed overload is different: `(agreementId, signer, voidSignature, nonce, authSig)` — the registry void signature plus a separate relayer-authorization signature, with `signer` as the authorized party.

## Bespoke deals

The generic deal flow still exists alongside the offer flow, for primary issuances and negotiated bilateral deals: `proposeDeal(...)` / `proposeAndSignDeal(...)` (both return `(bytes32 agreementId, uint256[] certIds)`), then `signDealAndPay(signer, agreementId, signature, partyValues, fillUnallocated, name, secret)`, then `finalizeDeal(agreementId)` — with `voidExpiredDeal` / `revokeDeal` / `signToVoid` for unwinding.

## Note on escrow

Escrow of payment and certs is internal to the DealManager in both flows — there is no separate escrow contract to call. See [LeXscroWLite](/protocol-reference/contracts/lexscrowlite.md).

## Related

* [DealManager](/protocol-reference/contracts/dealmanager.md), [CyberAgreementRegistry](/protocol-reference/contracts/cyberagreementregistry.md).
* [Gate state transitions with conditions](/protocol-how-to-guides/gate-with-conditions.md).


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