{
  "slug": "market-microstructure",
  "name": "Market Microstructure",
  "description": "How markets actually work at the level of orders, queues, and liquidity provision — auctions, order books, price formation, market making, and execution costs.",
  "key_concepts": [
    "order book",
    "bid-ask spread",
    "adverse selection",
    "market impact",
    "implementation shortfall",
    "tick size"
  ],
  "core_questions": [
    "How does a CLOB price form?",
    "What is the Kyle lambda and why does it matter?",
    "How is implementation shortfall decomposed?"
  ],
  "related_categories": [
    "trading-execution",
    "quantitative-finance"
  ],
  "term_count": 88,
  "key_terms": [
    "accommodation-trading",
    "algorithmic-trading",
    "alternative-trading-system",
    "anonymous-bidding",
    "artificial-price",
    "banging-the-close",
    "best-execution",
    "bid-ask-spread",
    "blind-auction",
    "board-of-trade",
    "bucketing",
    "central-counterparty",
    "central-limit-order-book",
    "circuit-breaker",
    "clearing",
    "co-location",
    "daily-price-limit",
    "dark-liquidity",
    "dark-pool",
    "dutch-auction"
  ]
}