Every post tagged Financial Architecture.
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Plutarc's journey from 82,000 lines of code to nearly 160,000 reveals hard-won lessons about trading platform development, as it transitions toward a public release focused on real-world usability with a single exchange while navigating regulatory constraints and enhancing its features.
Market makers are often described as neutral referees — silent guardians of liquidity. But neutrality is an illusion. This essay explores spreads, inventory balancing, OTC desks, adverse selection, and hedging to show how dealers shape price through vested interest. To see the hidden hand is the first step in no longer being led by it.
