Research preview

The recent discovery of dozens of human remains in a remote camp in southeastern Nigeria highlights how hidden, rapid “races” can have devastating outcomes when participants are unseen. In financial markets a similar invisible race occurs every microsecond, where firms scramble to exploit fleeting price differences. Understanding that micro‑race can help quantitative traders assess hidden costs and design more robust strategies. The Invisible Competition Behind Every Tick Message streams from exchanges contain every attempted order, even those that fail or are cancelled instantly. Unlike the visible limit‑order book, these messages reveal who tried to trade, who succeeded, and who lost the race....