In one of my leagues, all trades go through as soon as they are posted. Any member of the league can start a veto process for the trade, in which half of the league members would have to vote to overturn the trade.
Usually that doesn't happen though, because there is an unwritten rule in our league to allow all trades except those that are possible collusion. No one actually intentionally colludes with another owner, but for example last year a suspect move fell one vote short of collusion: Quentin Griffin for Deuce McAllister after week 1 last year (before Deuce's injury).

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