Research Pillar

Global Markets

One engine, many identities. This pillar covers deployment across exchanges: how auction structure, liquidity behaviour, and venue personality reshape execution risk—while preserving a single coherent system identity.

Market Structure System Architecture Infrastructure & Integrity Governance & Discipline Global Markets

What this pillar covers

Exchange microstructure identity: what changes by venue (and what must not)
Liquidity depth behaviour and spread regimes by market
Regime transitions and intraday structure across venues
Position size and capacity constraints under real depth
Preserving one engine identity while adapting constraints per venue

Core research programs

Global

Exchange personalities

Program · ASX, SGX, HKEX, US

Comparing how auction mechanics and intraday behaviour differ across venues. Focus: microstructure identity, volatility profiles, and how "the same strategy" becomes different across exchanges.

Liquidity

Liquidity depth behaviour

Program · Depth & intraday risk

How depth profiles shape intraday risk, execution, and safe position size. Focus: spread regimes, depth replenishment behaviour, and slippage sensitivity by venue.

Deployment

Multi-market identity

Program · One engine, many venues

Maintaining one coherent system identity while adapting to multiple venues. Focus: invariant behavioural rules, venue-specific constraints, and preventing "local hacks" from drifting global integrity.

Research in Global Markets

4 weeks ago · 11 min read

Global Market Identity

Exchange Behaviour: Why ASX ≠ US ≠ HKEX

Exchange Behaviour: Why Australian, US and Hong Kong Stock Exchanges Behave Differently Most global trading frameworks treat exchanges as interchangeable venues differentiated primarily by liquidity size or trading hours. This assumption collapses under institutional scrutiny. Exchange behaviour is not a cosmetic detail layered on top of markets—it is an emergent property of structure, regulation, participant...