Understanding Hybrid Trading Systems in Stock Exchanges

Understand the complexities of stock exchanges and their regulatory frameworks. Consider a major stock exchange that utilizes a hybrid trading system, where both electronic trading and floor trading coexist. This system is designed to enhance liquidity and improve price discovery. As part of this system, the exchange relies on defined regulations to ensure fair treatment of all market participants, including retail and institutional investors. Reflecting on these aspects, answer the following question regarding the implications of hybrid systems on market efficiency and investor access.