How markets are structured, including exchanges, participants, and trading sessions.
This scope is designed to help you build a practical understanding of Market Structure. Lessons move from core definitions to real-world context and common failure points.
Reading in order is recommended, but each lesson stands on its own.
A clear, non-promotional explanation of dark pools as off-exchange trading venues. The article covers why they exist, how they match and price orders, the regulatory framework, and how they affect real-world trade execution and management without proposing strategies.
A clear, practice-oriented explanation of how liquidity is supplied in modern markets through order books, market makers, auctions, and alternative venues, and why these mechanisms matter for real-world trade execution and management. No strategies or recommendations.
An in-depth explanation of structural risks in modern markets, why they arise from market design and infrastructure, and how they shape real-world trade execution and position management across venues and asset classes. No strategies or recommendations, only mechanisms and practical context.
A detailed explanation of exchange fragmentation, why it arises, how it shapes order handling and execution quality, and what it means for day-to-day trading operations in modern markets. The article covers definitions, mechanisms, regulatory context, and practical examples without recommending strategies.
Market structure describes how orders are matched, prices are discovered, and trades are cleared. Understanding it helps traders anticipate execution costs, manage operational risks, and interpret how liquidity and volatility affect real-world fills.
