Market mechanics

Behind the
quoted price.

Explore how a market operates: the available liquidity, common reference rates and transactions driven by portfolio rules.

Start here

Build the foundation.

Understand the units before interpreting the move.

See how returns move a portfolio away from its starting mix.

Compare a best quote with an average execution price.

Explore the detail

The purpose of a common reference rate, and why a particular moment in the trading day deserves context.

An introduction to liquidity providers, market depth and the questions a visible quote leaves unanswered.

Portfolio rebalancing as a way to understand market activity that follows a mandate or schedule.

The sterling flash event shows why the sequence, trading conditions and mechanism matter more than finding a single convenient cause.

Separate the record, an interpretation and a hypothetical example.