[xxbondsxx]

For those who want a rough programming analogy here -- this sounds like support for multi-row transactions in a SQL database where only single row edits were allowed before.

Now you can describe "buy goods A and B at $10 maximum, commit" and have the transaction either succeed or fail. Before you had to edit those rows individually and there's risk that you end up in a weird partial state, hence having to lower your bid to cover your risk.

Really exciting tech and it'll be great for these costs in market-making to be eliminated!

[lpage]

Love that analogy—thanks! Combinatorial auctions are in large part about ensuring atomicity. Traders call it legging risk. Auction theorists call it exposure risk.

[sjbase]

Thanks! :) good analogy and spot on about the market-making costs - hedging atomically as an EMM could unlock quite a lot in the way of liquidity.

[oars]

Fantastic analogy, thanks.

[spoonjim]

Thanks for the TLDR I was never going to make it through their Bastille of text