# The Problem Fixed-rate, fixed-term secured financing today is still largely transacted bilaterally, whether over the phone, over chat, or through RFQ workflows. This creates several recurring frictions: * **Limited counterparty choice.** Each desk negotiates one-to-one, so pricing reflects whoever is reachable at that moment rather than the best available term across the counterparties an institution has already approved. * **Opaque price discovery.** Without a shared venue, term rates are hard to compare and easy to mis-price. * **Fragmented lifecycle and manual workflow.** Trades are arranged, confirmed, settled, and reconciled across disconnected systems, raising operational and reconciliation cost and leaving room for settlement risk. * **A gap that intraday and overnight tools do not fill.** Existing on-chain repo and collateral tooling addresses intraday liquidity and the movement and settlement of collateral, but does not provide a venue for discovering and matching *fixed-rate term* demand across counterparties in both directions. The result is a market that works, but inefficiently, leaving real value on the table in the form of better pricing, more counterparty optionality, and lower operational overhead. --- # Agent Instructions: Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter: ``` GET https://docs.termprime.finance/overview/the-problem.md?ask= ``` The question should be specific, self-contained, and written in natural language. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.