Market Structures
Dealer markets, order-driven auctions, crossing systems, and hybrid venues assign price formation and immediacy to different mechanisms.
Central questions
- Who supplies executable prices?
- When are orders exposed to one another?
- Which mechanism handles thin liquidity or concentrated information best?
Planned model
Run identical participant arrivals through bilateral search, dealer quotes, call auctions, and continuous limit-order trading, then compare outcomes and information leakage.