From pits to matching engines
Open outcry concentrated human negotiation; electronic matching concentrated latency and code. The economic job stayed similar: discover a price and transfer risk under rules.
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Clearing, trust, and speed — the long arc that leads to your chart.
Open outcry concentrated human negotiation; electronic matching concentrated latency and code. The economic job stayed similar: discover a price and transfer risk under rules.
Circuit breakers, margin calls, and exchange halts are modern expressions of old lessons: markets need brakes. Operators who treat every tick as destiny forget that infrastructure is political and technical.