In a fantasy league using players of one league (i.e., American or National), if a real-life player is traded between leagues, the fantasy team that has that player will be able to keep him on a roster, but will not continue to accrue stats for him.
If the player is removed from his fantasy team, he will no longer be available to the league—he will automatically be removed from the available players listing.
Additionally, any player who is traded between leagues will be introduced to their new league by being placed on waivers.