AdvancedMAD Academy0:45Markets

Dozens of Venues, One Price

Trading is spread across many venues, some of them displaying no quotes at all, and rules are what tie the fragments into one market.

0:45 · 6 scenes

This lesson is part of a MAD Academy plan.

What the Lesson Covers

  1. 0:00Your stock trades on dozens of venues at once, not on one exchange.
  2. 0:05The three kinds. Exchanges display quotes, ECNs match electronically, and dark pools display nothing.
  3. 0:14Why a dark venue exists. A large order shown publicly moves the price against the person placing it.
  4. 0:23What ties them together. A consolidated best bid and offer, which every venue is required to respect.
  5. 0:32The genuine criticism. A large share of volume happening away from displayed quotes weakens price discovery.
  6. 0:40Many venues, one binding best price, and a real argument about the rest.
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Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Educational content only. MadStockAlerts provides market commentary, research, and educational content. It is not personalized investment advice, and nothing here is a recommendation to buy or sell any security. Trading and investing involve substantial risk, including loss of capital. See the Risk Disclosure and Customer Agreement.
Dozens of Venues, One Price — MAD Academy Training Video · MadStockAlerts