Specialization Takes Command

What you see is no longer what you get, so prediction is the name of the game. Historic, transparent pools like exchanges have become more uncertain, as low-latency robotraders erode our confidence in displayed prices. Dark pools of liquidity have also emerged, turning order books into mere probability spectra. Even reported trades may have been unreachable, locked away in structured deals. Consequently, learning curves for traders are steeper than ever.

Consider four topics that currently

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