The two-day gap
Trading is instant and settlement is not. Almost everything that goes wrong in a crisis lives in the space between those two facts.
2 min read
Every Sunday morning
Markets, liquidity, and the plumbing underneath.
Orderbook is a weekly letter on how markets actually work — where liquidity sits, how it moves, and what that means for the week ahead. One email. No noise.
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One email a week
Sunday morning, about eight minutes to read. Nothing between issues, ever.
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Structure over noise
Flows, spreads, venue mechanics and funding — the machinery behind the price, not a take on it.
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Written, not aggregated
Every issue is researched and written by hand. No syndicated summaries, no sponsored placements.
Recent issues
All issues →One book, fourteen venues
Fragmentation gets blamed for a lot. Most of what it is accused of is really the cost of stitching separate books back together in real time.
2 min read
What a quote actually costs
Every resting order is a free option written to the rest of the market. Understanding what that option costs explains most of what spreads do.
3 min read
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