A weekly redemption pool replaces the swap desk

BT is redeemed for WT through a pool that opens on a weekly cycle. Sign in to see this week's pool and, once it is open, present BT to it.

1. 1

   You present BT to the week's pool

   One pair, one direction: BT in, WT out. Presenting is the only thing the pool asks of you — there is no order to place and no price to accept.

2. 2

   The week closes, then it settles

   Redemption happens on the cycle, not on the click. Until the window closes there is nothing to quote, which is why you will never see a rate on this page.

3. 3

   You take a share, not a price

   What the pool holds that week is split across everyone who presented, in proportion to what they put in. Your share depends on who else turned up — so it is a share of a pool, and it is not a rate, an exchange ratio or a valuation of BT.

We say so here the moment a window opens. There is nothing to sign up for and no queue to join.