Market microstructure is the study of how the specific rules and mechanics of a trading venue — its matching rules, tick size, fee schedule and data feeds — shape prices and behaviour. Manipulation techniques are, almost by definition, microstructure exploits.
market microstructure · updated 2026-09-08
See also
Order book— The order book is the live list of all outstanding buy and sell orders for an instrument, arranged by price, that a trading venue …
Matching engine— The matching engine is the exchange system that pairs incoming orders with resting orders according to published priority rules, u…