Futures · Futures specialist topics · lesson 6 of 9 · 7 min read · David Alexander
Limit machinery, and the microstructure of the book
limits and the book
The exchange's speed governors and the book's fine structure: daily price limits with their expansion schedules, circuit breakers and velocity pauses in the financial families, and the microstructure beneath every fill - queue priority, displayed versus hidden size, and the spread book's own depth. The spec's least-read rows, and the last machinery the track owes its readers.
This lesson is part of the advanced modules.
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