Definition ∞ Global order books represent a centralized record of all buy and sell orders for a particular asset across various trading venues worldwide. This aggregation provides a comprehensive view of market depth and liquidity, showing the volume of assets available at different price points. They are a critical tool for price discovery and execution in traditional and digital asset markets.
Context ∞ While traditional finance heavily relies on consolidated global order books, the decentralized nature of many crypto markets presents challenges for a truly unified view. News often discusses the fragmentation of liquidity across numerous crypto exchanges and decentralized protocols, impacting price efficiency and market manipulation risks. The pursuit of more integrated global order book solutions remains a key area of development for enhancing market transparency in digital assets.
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