Axe
Definition · Level 6 · Desk language
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A dealer’s genuine interest in buying or selling a specific security, usually to shed or build inventory — good news for whoever wants the other side.
Example
“We’re axed to sell the 2031s” → expect a sharp offer.
Where Tradecraft teaches it
Level 6 · Desk language, in the lesson “Execution verbs”: Hit, lift, join, paid, given, done, out — the words that make and report a trade.
Related terms
- Cxl / outCancel instruction and its confirmation: whatever hasn’t filled is dead and will not execute.
- Hit the bidSell immediately at the best bid: you cross the spread as the aggressive seller, leaving whoever quoted it long.
- In touch withBroker phrase: they are talking to a real buyer or seller who could trade, but there is no firm order yet — price and size still have to be agreed.
- IOIIndication of interest: a non-binding signal that someone may buy or sell a security, typically in block size — not a firm order.
- Join the bidRest a buy order at the same price as the current best bid, queuing behind the orders already there instead of improving or crossing.
- Lift the offerBuy immediately at the best offer (also “take” or “pay”): you cross the spread as the aggressive buyer, leaving whoever quoted it short.