The Automated Trader’s Desk Reference

"The Automated Trader’s Desk Reference: Rules, Regs, and Routing"
Automated trading doesn’t fail because a model is wrong—it fails because the workflow around it is misunderstood. This book is written for junior quants, developers, analysts, and newer traders who can code or analyze, but haven’t yet lived the day-to-day operational reality of an electronic desk. It provides a clear map of how orders move through people, systems, and venues, and why small details in process and market structure often decide outcomes.
You’ll learn how U.S. equity markets actually behave under the hood: the end-to-end order lifecycle, limit order book mechanics, order types and auctions, and the market data your router “believes.” From there, the book connects the rules to the routing logic—Reg NMS trade-through constraints, FINRA best execution expectations, and 15c3-5 pre-trade risk controls—then shows how smart order routing turns those constraints into measurable objectives, venue selection policies, and child-order patterns for lit and dark liquidity.
No heavy math is required; the emphasis is practical vocabulary, real failure modes, and production workflows. The focus on controls, reporting (605/606/CAT), surveillance, and governance makes it a desk-ready reference you can use to build, operate, and explain automated execution with confidence.