Desk Slang · Core
Bidless
Bidless means there is no meaningful posted or workable bid — you can sell only by walking the stairs or waiting, which is how fire sales become prices.
Definition
A market can print last and still be bidless: the last was a stale or a tiny clip. True bidless is when dealers withdraw, algos pull, and the next sale is a gap. Offered-without-bid is the twin on the way up.
Why it matters
VaR uses last price. P&L uses the bid you can hit. Those diverge exactly when you are forced.
Case
March 2020 off-the-run Treasuries and March 2023 regional-bank names: screens showed numbers; size did not exist.
How to read it
Ask for size on the bid, not the mid. If the answer is ‘indicative,’ you are already bidless.
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