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Liquidity in Fragmented Markets: How Market-Making, Spreads, and Stress Testing Work Today
Jeffrey Bardzell 16 January 2026 0 Comments

Liquidity in Fragmented Markets: How Market-Making, Spreads, and Stress Testing Work Today

Liquidity is scattered across exchanges, dark pools, and blockchains-making trading more expensive and risky. Learn how market-makers adapt, why spreads widen, and how stress testing reveals hidden dangers in fragmented markets.

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