Stable Price Formation in Continuous Markets with OneChronos ATS

As we approach our FX launch, one thing we’ve been consistent about is that market design matters. It started with a simple question in US equities: what happens when you optimize for economic outcome instead of speed? This analysis looks at that question under the most intense competitive conditions, S&P 500 stocks.

10 Best Vantage Markets Alternatives for High Leverage Traders The Best Vantage Markets Alternatives for High Leverage Traders will be covered in this article. Brokers like Pepperstone, IC Markets, Eightcap, and easyMarkets are great substitutes for traders looking for large leverage options, competitive spreads, and quick execution. These platforms offer adaptable accounts, strong tools, and trustworthy regulation for trading techniques that maximize profits, regardless of your level of experience or ambition as a retail trader....

How much does your execution strategy really cost? The 'at-touch spread' is the most commonly cited measure of trading cost, but for French large caps, it captures only 12% of the true cost of a trade measured over five minutes. The rest is implicit, and largely invisible without the right tools. In our latest Liquidity Matters piece, we break down the mark-out framework, the closest thing to an MRI scan of a trade, and show how observing mid price movements before and after execution reveals what spread metrics simply cannot. A few numbers that put it in perspective: - The lit book mid price moves 1.47 bps within one millisecond of a trade in the most liquid French names - After five minutes, that rises to 16.39 bps - On a €50mn basket, that's a potential cost or saving of up to €81,950 — depending on your positioning versus price trend We also look at how liquidity pool selection matters: dark pools and periodic auctions reduce short-term price impact at the one millisecond mark, though their advantages evolve differently over time. If you're serious about execution quality, understanding mark-outs is no longer optional. 👉 Read the full piece here - https://lnkd.in/ecPPB-qV #ExecutionQuality #TradingCosts #BestExecution #LiquidityMatters

True measurement of implicit trading cost demands accurate market data, multi-dimensional analysis, and clear visual output that drives fast decisions. xyt TCA gives trading desks exactly that — a precise breakdown of where costs arise across market impact, adverse selection, effective spreads, and algorithm decisions on direction, timing and venue selection. Consider these questions: Are your pre- and post-trade mark-outs revealing the true cost of each execution? Are you quantifying the advantages of periodic auctions and dark pools versus the lit order book? Are you benchmarking performance against the addressable volume relevant to your desk — not just the market? If your current TCA solution can't answer these clearly, you're making execution decisions with an incomplete picture. xyt TCA is built to close that gap. #TCA #ExecutionQuality #TradingCosts #BestExecution #LiquidityMatters #MarketStructure

We've been following prediction markets since their initial rise over a decade ago with InTrade and others. Being deeply familiar with the space, their reemergence have surely caught our attention, especially in ways that the prior cycle never managed to do: prop trading firms are now moving into prediction markets and unlocking new revenue lines and trading strategies. Their long-term goals are simple: source top event contract traders and give them capital if they can prove it. This convergence is accelerating across prop trading's evolution, from classic institutional to modern retail simulated models: 1. Institutional: What makes this cycle different is that some of the largest trading desks on Earth have taken stakes in Kalshi and Polymarket, delivering pro market-making for institutional-grade liquidity depth that prior cycles never had. 2. Retail & Simulated Prop Trading: Firms like MyFundedFutures now enable funded capital on event contracts and Devexperts is building technical solutions with white-label capabilities allowing any retail prop firm to integrate prediction markets easily. Prediction markets aren't just hype, they're a new trading frontier for hedging, research, and prop firm expansion. In the coming days, we'll be releasing our official Prop Firm research report. Stay tuned.

In our latest Liquidity Matters piece, we extend the mark-out framework to compare the 5 main types of intraday liquidity pool - Lit Order Books, Dark Order Books, Periodic Auctions and Off Order Book, bilateral Negotiated Trades and Systematic Internalisers. The data is revealing: - Negotiated trades incur the lowest implicit costs at 4.72 bps over a five minute window - compared with 14.74 bps on a Lit Order Book - Systematic internalisations comes in second with 9.98 bps - Periodic auctions are the best performing of the multilateral intraday electronic trading venues at 13.48 bps - Trailing in last is the Dark Order Books, which at 16.14 bps are 9.5% more expensive than the Lit Order Books. Implicit trading costs matter because they explain the performance distribution of the fills that make up aggregate benchmark slippage. While the supporting mark-out dataset is complex to create it is an essential input to both post trade performance measurement, strategy and tactics optimisation and accurate pre trade estimates. If you're serious about execution quality, understanding mark-outs is no longer optional. 👉 https://lnkd.in/edMUqMTu #ExecutionQuality #TradingCosts #BestExecution #LiquidityMatters

Every asset has a bid and an ask 📊 Equities have one order book. Buyers and sellers meet, and price emerges from that interaction. Prediction markets use the same mechanics — but across outcomes. To get started in the brand-new world of prediction markets, there’s a simple identity worth understanding 🧠 Instead of a single bid–ask pair, each market has two: - Yes bid / ask - No bid / ask These may look like separate markets, but they’re really two views into the same underlying order book 🔄 At settlement, exactly one outcome pays $1. Holding Yes + No is equivalent to holding $1 risk-free. For the market to be arbitrage-free, prices must satisfy: - Yes bid + No ask = 1 - Yes ask + No bid = 1 If this didn’t hold, the trade would be obvious: buy both sides below $1, collect $1 at resolution, and lock in profit 🚀 Arbitrage enforces this linkage automatically ⚖️ The result is shared liquidity across outcomes. Demand for Yes tightens pricing on No. A bid on one side implicitly constrains the other. Beyond single markets, cross-market arbitrage also matters. For example, the probability of a company hitting a specific quarterly revenue target should never exceed the probability of that company reporting revenue at all. Prediction markets don’t invent new dynamics — they make them explicit. Once you see these, you can’t unsee them.

Where does liquidity on new pairs come from on Hyperliquid? The problem with most DEXs: you open a new market — and the order book is empty. Formally it exists, but in reality you can’t trade: wide spreads, few orders, every price move hurts. Hyperliquid solved this in two ways: 1) HLP — protocol liquidity (not an AMM) It’s a shared pool run by the protocol and professional market makers that: — places orders in the book from day one, — provides base market depth, — participates in liquidations and keeps markets “in shape”. Result: the market doesn’t start from zero. It’s tradable from day one. 2) Direct access for professional market makers (no public pools) Large MMs can trade directly via API: — quote tight markets, — make money on spread and speed, — improve execution for everyone. They don’t run public pools. They trade their own strategies and take their own risk. What this means for traders: — tighter spreads, — less slippage, — ability to enter and exit with size, — and this works not only for BTC/ETH, but for new markets too. That’s the real advantage of Hyperliquid: markets are tradable immediately, not “someday later”. Full Hyperliquid analysis: https://lnkd.in/dTy69S2h

While electronic trading has reshaped much of fixed income markets, executing large block trades remains one of the industry’s biggest growth opportunities. MarketAxess and The DESK recently hosted a roundtable discussion with buy-side traders and market participants to debate what it will take to further electronify block trading. Read the full discussion: https://okt.to/7yu43D #FixedIncome #BlockTrading #ElectronicTrading #BondMarkets

How to Choose a Trading Company Based on Your Style Why It Matters Different traders have different approaches—scalping, day trading, swing trading, or long-term investing. Choosing a broker aligned with your style ensures better execution, appropriate tools, and suitable conditions How to Match a Broker to Your Trading Style Assess Your Trading Frequency: Scalpers need low spreads and fast execution, while long-term traders prioritize stability and low fees Check Available Instruments: Ensure the broker offers the markets you trade—forex, stocks, crypto, or commodities Evaluate Leverage Options: High leverage suits short-term traders, while conservative traders may prefer lower risk Review Platform Features: Advanced charting and order types are essential for active strategies Test with a Demo Account: Confirm that the broker’s platform, execution, and support fit your workflow Example Sophia (Paris) preferred swing trading. Brokers focused on high-frequency scalping caused frustration with execution and spreads. Switching to a broker optimized for her style improved her efficiency and results Conclusion Matching your broker to your trading style enhances performance, reduces stress, and ensures that your strategy is executed effectively Trader’s Wisdom — Linda Bradford Raschke “Your broker should be a tool, not a limitation. Choose one that empowers your strategy” From the trading giant's blog. https://lnkd.in/dbd_bz6d