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Trading · Advanced

Market microstructure

What happens between pressing buy and owning the asset — order books, liquidity, and who is on the other side.

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12 lessons · ~129 min

The order book: how a price is actually formed

11 min readFree preview

Market makers, spreads and the cost of immediacy

10 min readFree preview

Order types and what each one gives away

10 min readFree account

Liquidity: measuring it and losing it

9 min readFree account

Slippage, impact and trading larger size

11 min readFree account

Exchanges, dark pools and where your order actually goes

11 min readFree account

Payment for order flow and the conflicts in retail routing

10 min readFree account

High frequency trading: what it does and what it does not

10 min readFree account

Auctions, opens and closes

10 min readFree account

Circuit breakers, halts and disorderly markets

12 min readFree account

Short selling and the mechanics of borrowing stock

13 min readFree account

Settlement, custody and counterparty risk

12 min readFree account

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