Complete Text   I. Causes   II. Effects   III. Further Research   IV. Recommendations  

Exchange Routing

In the video orders come in from outside the circle represented by triangles. The color of the triangle matches the reporting exchange it came from. Each box on the outer edge is a different reporting exchange. The bigger triangle represent quotes at the National Best Bid Offer, NBBO. An order comes into an exchange, is processed internally and then sent out to all other exchanges and CQS.

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