Cross-platform divergence
Is the same question priced differently on another platform, and for how long?
In plain English
The same question is priced differently on another platform. A persistent gap can signal information reaching one platform first, or simply thin liquidity; the size of the gap decides the concern.
What the record supports
- The size of the gap between platforms on comparable markets.
- How long the gap persists, which is what separates a signal from ordinary noise.
- Which platform moved first.
Why this indicator is qualified
- Whether the gap reflects information reaching one platform first, or simply thin liquidity on one side.
- Comparability itself, where a platform publishes no question text for its markets. Two markets cannot be compared until we can establish they ask the same thing, and this indicator stays quiet rather than guessing.
Obligation
Why it matters.
A persistent, one-directional gap is a sign that information is arriving somewhere first. It is also the measurement that only an observer watching several platforms at once can make: no single operator can see it from inside their own book.
We describe what was detected and which duty it engages. Whether any obligation has been breached is a judgement for the operator's compliance and legal function, not for an instrument.
See the rest of the set.
Twelve indicators across three obligation families, each with its coverage stated as plainly as its capability.