Market Structure Primer
5 comments
·January 8, 2025paphillips
The svg infographic on page 'Life Cycle of an Order' > 'Overview' is outstanding. Source indicates Adobe Illustrator as the generator.
Oddly, the direct hyperlink to this page doesn't seem to work properly though: https://primer.prooftrading.com/lifecycle-of-order/
HolyLampshade
As often as these things are wildly incorrect or out of date, I need to applaud this effort. Seems pretty damn spot on as a description of US Equities. My compliments to the team that put this together.
bboygravity
It's a nice description of how things should work, not how they actually work.
No mention of FTDs, the DRS/transfer agents, SEC scandals, the possibility of waving of margin requirements at the whim of 1 person at the FTC (making margin requirements essentially meaningless for some participants), etc.
OnlineGladiator
Are you able to succinctly explain how it works, with meaningful references (not posts in a controversial subreddit)? Because if you can't do that, you're never going to convince anyone and it seems you care more about being "right" than having a conversation.
You can also find a [PDF] export of this document, a bit more recent (2022) than most of the webpages (2019). From page 67 onwards, there seem to be various notes for future expansion. I hope they also update the website as the document improves.
[PDF] https://primer.prooftrading.com/assets/pdf/Proof-Market-Stru...