intermediatePremiumMarket Structure

What Is Market Structure?

A guide to the hidden plumbing of the markets: the players, how a trade really travels from your tap to settlement, what the order book and liquidity mean, lit venues versus dark pools, and why it all affects the price you get.

17 min readPublished 19 June 2026

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Cede & Co DRS Liquidity Market Maker

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intermediateMarket StructurePremium

What Is DRS?

A clear, balanced guide to the Direct Registration System: how shares are normally held in street name, what it means to register directly in your own name, the genuine benefits and real trade-offs, and how to think about it.

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