No, I just placed an exchange order for buying BTC, it got executed, and I received BTC - without any trust to the issuer. I didn't really mind but it seems it goes around the limits.
Placing an offer to buy an IOU implicitly extends trust to hold the IOUs that result from people taking the offer. We had to do it one way or the other and neither is exactly what you want in all cases, but this is probably what you are more likely to want most of the time.