The most shocking thing about equity microstructure is how little it's evolved over the past decade. Look at the breakneck innovation in exchanges, liquidity, and market structure from 1990-2010. I would have never imagined we'd basically trade the same way in 2021 as 2009.
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The fact that changing tick sizes would be considered a huge change says it all here. On a crypto exchange this happens with 3 days notice.
