HFT CORE SYSTEMS

L1, L2, and L3 limit-order-book design

Lesson 73 of 96Phase 07: Electronic trading systems
Video lesson coming soon

The written objectives and hands-on lab are available now.

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Learning objectives

What you should understand

  1. Distinguish top-of-book, aggregated depth and order-level state
  2. Apply add, modify, execute and cancel events
  3. Define invariants for each book model

Lab

Hands-on exercise

Implement L2 state and derive L1 after every event.

Deliverable

Evidence of completion

A book engine with invariant checks and deterministic event fixtures.

Prerequisite
EP 72

Phase 07

Electronic trading systems

Full curriculum