01
Order books, liquidity and spreads
Who is on the other side of your trade?
Advanced · Module 09
Markets & Microstructure
Prices are not handed down; they are produced by a mechanism. The mechanism has consequences.
By the end of this module
You understand what actually happens to an order after you press buy.
0%0 / 3 complete
02
Market making and high-frequency trading
What is the cost of instant liquidity, and who pays it?
ReadingFree
Equity market structure literature review ↗U.S. SEC Division of Economic and Risk Analysis
03
Flash crashes and liquidity spirals
How does a market with no bad news lose 9% in minutes?
Quiz
Not written yet for this module. The lectures above are complete and the module still counts toward your progress.