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You're right, I guess my question is more what happens if a market order is placed without a bid ask spread already established by its participants (ie at market open). Is there a market maker that creates this spread at the beginning of the day to address that?

Forgive me if this question is naive. From what I understand about market orders, they are filled at the best available market price, and thus jump in front of limit orders in the same direction. This is all well and good in a market with high liquidity (ie when there's sure to be lots of...

Appreciate the advice. A contingent question: say I've used python to create the auction mechanism and a website where users can buy and sell shares. Where does the FPGA come into this? Sorry if the question is stupid, I'm not new to programming but new to the larger environment that this kind...

pretty much, yes. The volume would obviously be much lower due to it being within a college microcosm, so I'm currently more interested in how to make one that can robustly handle a few transactions rather than focusing on how it can handle high frequency trading

Hey folks, I'm a college student seeking to understand stock exchange and market making mechanisms at a more fundamental level. To that end, I’m trying to using Python to make a market microcosm at my university that uses the continuous double auction mechanism and that, at least preliminarily...