Bid-wanted
Definition · Level 6 · Desk language
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A holder asks dealers to submit bids on a security it wants to sell; in bonds, a BWIC (bids wanted in competition).
Example
“Client's out with a BWIC on 25mm of the 2030s.”
Where Tradecraft teaches it
Level 6 · Desk language, in the lesson “Position and risk talk”: Long, short, square, marked, stopped out — and how to describe a market's tone.
Related terms
- Average downBuy more of a losing long at lower prices to reduce your average entry price — it adds size to a loser.
- BlotterThe running record of a trader's executions for the day: time, side, size, price, counterparty.
- CutReduce or close a position, usually a loser, to take risk down — the opposite of adding.
- FlatHolding no position at all — nothing to gain or lose if the market moves; traders often get there before big events or at the close.
- MarkThe price used to value an open position for P&L and risk — typically the official close or settlement for listed products, the mid for many OTC ones.
- Risk limitA hard cap set by risk management on what a trader or desk may carry — position size, notional, greeks, VaR or daily loss.