Abstract: A trading system for the trading of fixed-value contracts employs a novel form of contract that has a fixed face value and two sides that respectively represent mutually exclusive outcomes. Traders submit bids specifying a selected “side” of the contract, a price, and a contract quantity specification, for matching with complementary bids submitted for the opposing “side” of the contract, thereupon occasioning “filled” trades. Upon the termination of the contract in accordance with pre-established criteria, resulting in the determination of a prevailing side of the contract, holders of filled contracts whose bid specified the prevailing “side” of the contract receive the face value of the contract.