Learning objectives
What you should understand
- Understand venues, participants, matching and price-time priority
- Distinguish orders, trades, quotes and market state
- Connect microstructure events to system requirements
Lab
Hands-on exercise
Simulate a small price-time-priority matching sequence by hand and code.
Deliverable
Evidence of completion
An event-to-state glossary and matching-engine walkthrough.
- Prerequisite
- EP 68