[Jaxxvain]

correct

in online leagues, only the commish can process trades. Generally a league will have a message board where an owner posts a trade, and the other owner confirms.

usually it is done at the end of the sim, so the owners can place the players where they want them.

sometimes the league commish allows owners to email, post or PM instructions for the trade.

some leagues also have an escape clause in case of injury to talent drop during the sim (if the trade is not to be processed at the end of the sim.