Market Structures: Quote-Driven vs Order-Driven Markets (Chapter 5)
Not all markets work the same way. The rules, the systems, and the structure of a market determine who can trade, what information they can see, and who actually makes money. Chapter 5 of “Trading and Exchanges” lays out a framework for understanding market structures. And once you understand this framework, you can look at any market in the world and quickly figure out how it works.