A trade consists of one manager exchanging a player or players with another manager in the same league.
To propose a trade, go to your team page and select "Propose Trade," which allows you to select the team and players you want to trade. An email is sent to the other manager offering your proposed trade. That manager can then go to their team page to view the proposal, accept it, decline it or make a counter offer. There must be consent from both managers for a trade to be completed. If no action is taken in 10 days, the offer is automatically canceled.
If your trade is rejected, you receive an email notifying you of that result.
If a counter offer is made, you receive an email detailing the new proposal.
If the offer is accepted, the entire league is notified and managers/commissioners can review the deal. In a Public League, an objection of four or more managers within two days vetoes the trade. In a Custom League, the commissioner has veto power for the length of time chosen during configuration. While other managers can weigh in on a particular trade, only the league commissioner can approve or reject the deal.
Click the "Details" link for the trade on your team page to vote on a trade or to accept/reject it as the league commissioner.
During the review period, trades are marked as pending. When the trade has been accepted and the waiting period has finished, the trade is processed (this can take up to 24 hours) and its results reflected on each team's roster and shown in the transaction log.