The trade lifecycle, taken apart and made legible
Essays on market structure, surveillance, and regulation
Lead essay — market structure
The proposal to rescind the trade-through rule would remove the mechanical test at the center of equity routing. What remains is best execution — and the benchmarks and records that have to prove it.
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Essay — best execution
European regulators have repealed the reports firms once used to disclose best execution. This traces what replaced them, how the American and British models compare, and whether the duty itself has actually grown more subjective.
From the Primer
Lesson 01 · order
Tracing the order from the decision to trade to the point it reaches the market, and the data it creates along the way.
Lesson 02 · order
The identifiers that name an order — firm, instrument, order, and decision — and the reporting that depends on them.