jmn·14 anni fa·discussOne market structure alternative that is gaining some traction in US equities is PDQ: http://www.pdqenterprises.com/faq.htmlBasically, liquidity providers upload their market making algo to the matching engine. Every time an order comes in, there is a 20ms 'mini auction' in which market making algos compete on intelligence and not on speed.
Basically, liquidity providers upload their market making algo to the matching engine. Every time an order comes in, there is a 20ms 'mini auction' in which market making algos compete on intelligence and not on speed.