The trades on the WDM segment can be executed in the Continuous or Negotiated market. In the continuous market, orders entered by the trading members are matched by the trading system. For each order entering the trading system, the system scans for a probable match in the order books. On finding a match, a trade takes place. In case, the order does not find a suitable counter order in the order books, it is added to the order books and is called a passive order. This could later match with any future order entering the order book and result into a trade. This future order, which results in matching of an existing order, is called the active order. In the negotiated market deals are negotiated outside the exchange between the two counter parties and are reported on the trading system for approval.