Liquidity Types

The liquidity landscape: how prices are sourced, aggregated, and delivered to traders, and what it means for execution quality.

How brokers aggregate prices from multiple liquidity providers into a single composite feed, and the implications for spread and execution.

Trading directly with a single liquidity provider: relationship models, credit, and when direct access makes sense.

Two fundamental pricing models: Request for Quote (on-demand) vs continuous streaming prices, and their trade-offs.

The controversial practice where LPs can reject or delay trades after receiving an order: mechanics, rationale, and impact.