Width
A wide number is an answer.
EZego
When almost no one is trading, the honest number is wide, high, or small. That width is the information.
A quiet club cannot invent a tight price. A thin book is not an excuse for either branch to print.
All eight stepsThin paper, a new class, an empty auction — the honest quote is a wide discount, a high listed charge, or few new units. Width is information. It is not a defect to be patched overnight.
This page is only the book when almost no one is in it.
01
No quiet club
A small circle that still clears at a tight number while the board is empty is par by invitation. That club is a charter. Publish the width or do not trade.
02
No emergency print
A gap in discounts is not a reason to mint. A thin seigniorage book is not a reason to open a second window. The floor still pays from surplus already titled.
03
No frozen official rate
Holding last week's discount because this week's book is thin is par by another name. The live number can be ugly. An official number that ignores the book is a lie.
Across the layers
01
Market
The market deck shows the desk price beside a listing when one exists. A missing listing is a width, not a failure.