"Exchanges are a place where you can submit an order to buy something, letting everyone know about the price you want and notifying you when your order gets filled. They serve as financial infrastructure, providing up-to-date prices and facilitating trades."
"The potential losses we risk are multiple orders of magnitude more than any revenue we might get from any transaction. We focus so much on reliability that people in financial markets effectively outsource their reliability to the exchange."
"As financial infrastructure, exchanges must be correct and fair. We are not only keeping state and ensuring everything is correct for ourselves, but also doing that for all of our clients."
Exchanges function as financial infrastructure, allowing users to submit orders and receive price updates. They are trusted third parties that manage trade executions. Reliability is paramount, as failures can lead to significant losses. The focus on correctness and fairness is essential, as exchanges not only maintain their own state but also ensure the integrity of client transactions. The potential risks involved in operating exchanges are substantial, necessitating a strong emphasis on operational reliability.
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