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Unified Order Book

Definition ∞ A unified order book combines trading orders from multiple sources or exchanges into a single, consolidated view. This aggregation provides a more comprehensive picture of market depth and liquidity for a particular asset. It allows traders to access broader market data and potentially achieve better execution prices.
Context ∞ In the digital asset landscape, the concept of a unified order book is particularly relevant for decentralized exchanges (DEXs) seeking to compete with centralized platforms by aggregating liquidity across various protocols. News often reports on initiatives to build such unified systems, aiming to reduce market fragmentation and improve price discovery. Challenges include technical interoperability and the synchronization of real-time data across disparate sources.

A close-up reveals intricate blue and silver metallic components forming a sophisticated decentralized ledger technology DLT framework. The precise interlocking panels and concentric cryptographic primitives suggest a robust node architecture crucial for Web3 ecosystem operations. This visual metaphor embodies smart contract execution and consensus mechanism integrity within a distributed network. The modular design hints at layer 2 scaling solutions and interoperability protocols, representing foundational digital asset infrastructure for secure block propagation and immutable records.

→Market Modernization

→CUSIP Standard

→Asset Fungibility

Nasdaq Proposes Tokenized Equities Trading Integrated with DTCC Settlement Infrastructure

This strategic integration of DLT into the national market system maintains regulatory compliance while establishing the architectural foundation for T+0 settlement and enhanced capital efficiency.