1. The Parallel Between Exchanges and Databases Let's think about the scale of exchanges for a moment: thousands of orders hitting the system every millisecond, yet every participant, from HFT firms in New York to pension funds in Singapore, sees the exact same sequence of events. This is distributed systems engineering at its finest, operating under one of the most demanding real-time constraints in computing. High-frequency chaos must be transformed into a single deterministic timeline. How do...