The approach seems novel but conceptually these ideas exist in other parts of the market. Conditional and contigent orders have been around for a decade+. Options exchanges have complex order books. Supply/Demand curves have been modeled in cryptocurrency smart contracts like Uniswap.
Clearly this idea is different and novel but borrows somewhat from all these concepts.
Thanks, and with you 100%. That's why we've invested heavily in a more technically challenging for us but better for the end-user approach to Expressive Bidding. It's also worth noting two failed attempts at smart(er) markets—OptiMark and POSIT4. Both were ahead of their time and a little off the mark in aligning the mechanism with trader needs, but poor usability/high degrees of user-facing complexity didn't do them any favors.
> Conditional and contigent orders have been around for a decade+.
Conditional orders are a real testament to priorities shifting away from concerns over information leakage/fairness and towards concerns about how to get liquidity in an increasingly fragmented landscape. They're a nasty bandaid solution for routing opportunity cost.
> Options exchanges have complex order books
CLOBs for options and implied order books for futures dealt with some limited forms of exposure risk and proved a big boon for both markets, but they're also a bandaid solution (pre-defined packages and in some cases HFT scale legging risk and no ability to deal with substitutability or side constraints). We're excited to see what gains the general approach (combinatorial auctions unlock).
> Supply/Demand curves have been modeled in cryptocurrency smart contracts like Uniswap.
> Clearly this idea is different and novel but borrows somewhat from all these concepts.
While I agree with you that these are not new ideas, I'd phrase that a little differently and credit the actual inventors. Milgrom, Wilson, McAfee, Cramton, Ausubel, and too many others to name pioneered the theory and practice of multiunit and combinatorial auctions and, by extension, all of these concepts. Except for conditional orders, which make mechanism designers cry. There's truly nothing that better highlights the tragedy of the commons that is market fragmentation.
The approach seems novel but conceptually these ideas exist in other parts of the market. Conditional and contigent orders have been around for a decade+. Options exchanges have complex order books. Supply/Demand curves have been modeled in cryptocurrency smart contracts like Uniswap.
Clearly this idea is different and novel but borrows somewhat from all these concepts.