The trade lifecycle, taken apart and made legible
Essays on market structure, surveillance, and regulation
Lead essay — surveillance
Trade surveillance systems generate far more alerts than there is abuse to find. Most of those alerts are false positives, and the same design choices that produce them can also let genuine abuse pass unexamined. Both outcomes come from how the system is calibrated, not from whether it works.
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
Market-abuse surveillance shares a reference frame built in Brussels and Washington, but five Asian markets each write their own rulebook. Where India, Korea, Australia, Singapore, and Hong Kong diverge, and why reconstruction multiplies across borders.
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.