US Equity Market Structure Primer: A Quick Guide
2025-01-11
This primer provides a concise overview of the US equity trading landscape. Initially created as an onboarding document for new hires, it covers the lifecycle of an order, market participants, communication mechanisms between them, and a high-level view of overall market activity. The guide can be read sequentially or selectively, with a visual representation of the order lifecycle offering a clear picture of the process. Even with limited prior knowledge, the sections on market participants, communication, and overall market activity provide a functional understanding of US equities trading. Future updates will delve deeper into market structure history and inherent conflicts of interest.