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Trade Review allows a league to set up a process whereby all trades can be reviewed by the other teams in the league. This League Setting is set up before the draft.
Keeper leagues and Reserved Leagues by default have no trade Review. Public Leagues have Trade Review by default, but this can be turned off if the league agrees.
How a trade is processed depends on your League Trade Review rule:
You can Review Trades from the link on your League page. Remember, if you object to a trade, and email is sent to all league members noting your objection. It is a good idea to present a clear reason why you think a trade might be unfair. Commissioner Rich Pagliaro will review all trades that are opposed, and his decision will be final.
Rich will poll both trading partners to see if the deal makes sense in the context it was made. If Rich determines that it was a fair trade, objections will be removed and the trade will get processed that night. If he believes that it was unfair, then it will be removed by the next night.
Note also that if Rich receives many complaints about unfair trades in a league without Trade Review, he can decide to impose it as a League Setting to prevent trade abuse.