[vamega]

I won't pretend to understand all of this. Despite having worked in systematic equities trading group, I don't have a deep understanding of market micro-structure.

I do appreciate your responding to my question.

I find the technology and ideas you're bringing to market incredibly fascinating. I can't wait to see what comes of this!

[lpage]

Thanks! I'll say that a key design goal of ours is to make it so that PMs/asset managers/execution traders running complex books don't have to think about microstructure. Today's markets and the algorithmic trading stacks surrounding them are enormously complex. Smart Markets and multiunit auctions trade external complexity and internal simplicity (the existing double auction world) for external simplicity/usability and internal complexity (the computational challenges of combinatorial auctions).