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# The Value Exchange

While clients will typically trade a given instrument at a designated exchange, some clients may find their contracts listed as trading on VALUE. The VALUE exchange is a holding exchange used for clients to close positions on a contract that is no longer listed.

A recent example of this is when TWTR / X was recently purchased. In this event, customers would be able to close all existing positions they had on the contract; however, no new positions could be taken. This is a result of the company going private and no longer allowing the stocks to be publicly traded.