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05 Market Ecosystem Analysis


Learning outcomes

In this advanced course you will learn about market microstructure and in particular:

  • how the investment process and order execution benchmarks of institutions drive their trading decisions,
  • how market makers and HFTs possibly detect and react to institutional order flow, and
  • where you stand as an individual among other opportunistic traders in today’s algo-driven futures and equities markets.


  • Hands-on exercises emulating order execution algorithms will reinforce your learning process and understanding of the market’s microstructure from the perspective of institutional trader types.
  • Unit quizzes and the course exam reinforce knowledge retention and your understanding of the presented material.

Recommended reading

  • selected industry resources intended for buy-side institutions and
  • research on how HFT activity affects market liquidity and the intra-day profitability of different trader types.


The findings of this course module are the foundation for developing a framework for exploiting the constraints of other market participants in 06 Algo Order Strategies.

Course Curriculum

050 Market Ecosystem – Introduction 00:05:00
Who are the players in the game?
051 General Market Framework 00:08:00
052 Long-Term Fundamental Traders 00:00:00
052 Assignment — Institutional algo simulation 10, 00:00
053 High Frequency Traders and Market Makers 00:00:00
054 Opportunistic Traders 00:00:00
055 Exchanges and Alternative Trading Venues 00:00:00
Course module exam
056 Module exam 01:00:00
  • Price Options +
  • 60 Days



CEED.trading’s mission is to help traders feed their intuition based on understanding market microstructure and the constraints of order execution algorithms.

We believe in human traders and that increased systematic trading actually presents an opportunity for hybrid-discretionary traders.

Our office is located in the heart of Central Europe in Budapest, Hungary.


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CFTC Rule 4.41

Hypothetical or simulated performance results have certain limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, because the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs, in general, are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown. Testimonials appearing may not be representative of other clients or customers and are not a guarantee of future performance or success.
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