THE SUBJECT
Eight layers. Working knowledge, not slogans.
A market is a set of rules for transferring claims. Where does it trade? Who is allowed in? What is the matching rule? What is disclosed?
Dealers, asset managers, hedgers, arbitrageurs, liquidity providers. Competence begins when you can name who is likely on the other side.
Cash, futures, options, credit, FX — each a bundle of rights: when cash moves, what is deliverable, how it is margined.
Bids and offers arranged by price and time. Mid is a statistic, not a right.
Tightness, depth, immediacy, resilience. A price that cannot be exited at size is a quotation.
Market, liquidity, credit, operational — named in units a person can feel.
What would change your mind. The memo is how information becomes a decision.
Clearing, settlement, margin, collateral. Most damage starts here.
