A reference glossary for the mechanics of modern electronic markets, covering 102 terms across order types, market data protocols (ITCH, OUCH, FIX, SBE, CME MDP 3.0, T7 EOBI), the latency stack, US and European regulation, venue mechanics and auctions, microstructure metrics, execution algorithms, surveillance, clearing, and cryptocurrency market structure. Every entry follows the same shape: a one-sentence definition, the operational mechanics, contrast with the nearest neighbouring concept, a worked example, and a list of related terms.
