Definition ∞ Exchange design refers to the architectural and functional specifications of a trading platform. It dictates how assets are listed, how orders are matched, and how user accounts are managed. This encompasses the underlying technology, user interface, and the rules governing market operations. Effective exchange design is critical for ensuring liquidity, security, and a fair trading environment.
Context ∞ The current discourse on exchange design is heavily influenced by the need for enhanced security against sophisticated cyber threats and the imperative to comply with evolving global regulations. Significant attention is being paid to the development of more resilient and efficient matching engines, as well as the implementation of advanced risk management systems. Future developments are anticipated to focus on decentralization elements and novel incentive structures to attract and retain market participants.
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