Signed Values on SBBO and SNBBO
- Bids and offers for complex instruments can be positive values or negative values.
- The bid is always looked at from the buyer’s perspective.
- Since a buyer usually expects to pay in a transaction, a positive bid value means the buyer is paying (net debit) and the seller is being paid (net credit).
- A negative bid value means the buyer is being paid and the seller is paying.
- The offer is always looked at from the seller’s perspective.
- Since a seller usually expects to be paid in a transaction, a positive offer value means the seller is being paid (net credit) and the buyer is paying (net debit).
- A negative offer value means the seller is paying and the buyer is being paid.