The purpose of this document is to provide an overview of the US equity trading landscape. It started as an onboarding document to help new hires who aren't as well versed in market structure. It can be read start to finish in order, or you can jump around. The visual Life Cycle of an Order also provides a handy view of the various events and entities involved in the process of a trade - from conception to completion. For those with little to no prior knowledge, the three core sections on market...