#termmax @TermMax FT being tradable before maturity adds another behavior worth watching: does secondary FT activity change how users manage fixed-rate positions before maturity?
The mechanism is documented. What matters is how real orders interact with it.
The test is measurable: what percentage of an order is filled across each rate segment of the curve, and does that distribution change as maturity approaches?
That is where the documented mechanism meets actual market behavior.
#termmax @TermMaxxx