[Neil]

Thanks. I’ve watched everything!

I’m asking about the actual mechanics, ie. price ladder level. Do they actually enter the market, add or remove layers of limits. Or are they actually inside the auction algorithm, can they influence, or control, the price auctioning mechanism?

I’m wondering what level of price fixing are we dealing with. Can they just tsunami orders into the market, or do they own the market mechanism. I know you can buy your way to the front of the queue on CME for example. Or is the market responding, arbitrage, to something they do elsewhere?

I understand things better if I can work up from the micro level, I haven’t a clue how they do it.

I remember GeorgeAUS saying ‘they are the liquidity’! Never understood what this means though.

Happy Crimbo 🙂