The trade lifecycle, taken apart and made legible
Essays on market structure, surveillance, and regulation
Lead essay — surveillance
Across the European Union, insider dealing is the most reported market-abuse offense and the least sanctioned. Manipulation is proven by reconstructing the trade; insider dealing can be proven only by reconstructing the information around the trader, and that evidence is scattered, perishable, and often never captured. This traces where it leaks, and the moves that can seal it.
Read the essay →Prior essays
Essay — surveillance
The metrics that flag market manipulation describe behavior, not intent: each has a legitimate twin that produces the same signature. Why the number surfaces a suspect but only reconstruction proves a case, traced through US and UK enforcement.
Essay — surveillance
Most surveillance alerts are false positives, and the same calibration choices that produce them can let genuine abuse pass unexamined. A plain account of why, drawn from the regulators of the United States, Europe, and Singapore.
An introduction to the Primer
The Primer takes the order–trade–fulfillment lifecycle apart, one record at a time. Each lesson traces a single stage — what the record captures, what names it, and how it moves — so a newcomer can follow the mechanics and a practitioner can check the detail.