I wanted to sell 1,000 board lots of my warrants and called up the liquidity provider for a quote. Why couldn’t I sell my 1,000 board lots even after I got the quote from the liquidity provider?

The quote size offered by the liquidity provider is limited by the actual liquidity of the relevant hedging vehicle (e.g. the underlying asset or the listed or OTC options linked to the underlying asset). In this case, the liquidity provider may not be able to buy all 1,000 board lots of your warrants if the liquidity provider cannot unwind such hedging vehicle for all of the 1,000 board lots of your warrants (for example, because the relevant hedging vehicle is illiquid). The minimum quote size offer that a liquidity provider is committed to quote is 20 board lots with effect from 31 October 2012.