New equity trading protocols want traders to show their hand
A new generation of trading venues has emerged with the goal of unlocking liquidity and improving the efficiency of trades.
Nobel laureate Friedrich von Hayek made waves in 1945 when he characterized markets as information systems, allowing those in the know to help less informed people make economic decisions. Since then, stock markets have been flooded with information.
Trading volumes have exploded, venues have been largely electronified, and the value of data has skyrocketed. But one thing has not changed: the traditional double auction mechanism—matching buyers and sellers according to their respective asking
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