Every trade you place travels through 13 layers before it becomes profit or loss. Most traders see two. Tap any level to open it.
Capital flows downward from macro drivers through institutions, exchanges and brokers until it reaches individual traders. Orders flow upward through the same infrastructure.
Level 9 — Algorithms. It serves Level 8 (Participants) through Level 7 (Retail Brokers): institutional sophistication, without institutional friction.
Each level has specialized functions and competitive advantages. Knowing where you sit determines your edge, your risk, and your execution constraints.