# Why Exchange Fragmentation Is Your Greatest Untapped Asset ▴ Guide

**Published:** 2025-08-06
**Categories:** Guide

---

![Abstract intersecting geometric forms, deep blue and light beige, represent advanced RFQ protocols for institutional digital asset derivatives. These forms signify multi-leg execution strategies, principal liquidity aggregation, and high-fidelity algorithmic pricing against a textured global market sphere, reflecting robust market microstructure and intelligence layer](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-multi-leg-execution-algorithmic-pricing-global-liquidity-principal-trading-systemic-integration-high-fidelity-execution.jpg)

![A central core represents a Prime RFQ engine, facilitating high-fidelity execution. Transparent, layered structures denote aggregated liquidity pools and multi-leg spread strategies](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-engine-for-institutional-digital-asset-derivatives-execution.jpg)

## The New Geography of Liquidity

Modern financial markets are a universe of interconnected venues. A single asset often trades across numerous exchanges and platforms simultaneously, creating a complex and fragmented liquidity landscape. This distribution of trading interest across multiple pools of capital is a defining feature of the contemporary market structure. For the ambitious trader, understanding this environment is the first step toward transforming it into a strategic advantage.

The core dynamic at work is the distribution of order flow, which directly influences [price discovery](https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) and execution quality across the entire system. Acknowledging this reality allows a trader to move from a passive view of the market to an active one, seeing the system not as a barrier but as a series of opportunities.

At the heart of this fragmented world lies a simple truth ▴ liquidity is no longer concentrated in a single, monolithic [order book](https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). Instead, it is a river diverted into countless streams. This phenomenon arose from regulatory shifts and technological advancements that spurred competition among trading venues. The result is a mosaic of regulated exchanges, multilateral trading facilities (MTFs), and alternative trading systems, each hosting a piece of the total liquidity for a given instrument.

The challenge for any market participant is to access this dispersed liquidity efficiently. For those executing large orders, particularly in derivatives and block trades, navigating this environment is a critical determinant of performance. The ability to source liquidity from multiple venues at once is what separates institutional-grade execution from the standard retail experience.

> A 2009 CFA Institute study noted that the market share of traditional European exchanges had fallen from over 80% to approximately 65% due to the proliferation of alternative trading venues.

This distributed liquidity system necessitates a more sophisticated method of execution. A request-for-quote (RFQ) mechanism is a direct response to this market structure. It is a communications system that allows a trader to privately solicit competitive bids or offers from a select group of [liquidity providers](https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) simultaneously. This process allows for the discovery of prices from deep, often non-displayed, pools of liquidity that are inaccessible through a [central limit order book](https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) (CLOB).

By using an [RFQ](https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite), a trader can interact with the market on their own terms, defining the parameters of the trade and inviting competition among dealers. This stands in contrast to passively placing an order on a single exchange and hoping for an optimal fill. The [RFQ process](https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) is an active, strategic tool for sourcing the best possible price from a fragmented market.

![A sleek, dark reflective sphere is precisely intersected by two flat, light-toned blades, creating an intricate cross-sectional design. This visually represents institutional digital asset derivatives' market microstructure, where RFQ protocols enable high-fidelity execution and price discovery within dark liquidity pools, ensuring capital efficiency and managing counterparty risk via advanced Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-market-microstructure.jpg)

![Abstract visualization of institutional RFQ protocol for digital asset derivatives. Translucent layers symbolize dark liquidity pools within complex market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-6.jpg)

## Commanding Liquidity on Your Terms

Viewing [exchange fragmentation](https://prime.greeks.live/area/exchange-fragmentation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) as an asset requires a shift in mindset, from passively accepting prices to actively sourcing them. The RFQ process is the primary vehicle for this strategic repositioning. It is a disciplined, professional methodology for executing large or complex trades with precision, particularly in the options and [block trading](https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) arenas. This approach centers on minimizing market impact and information leakage, two of the most significant hidden costs in trading.

By directly and privately querying a curated set of market makers, you engineer a competitive auction for your order, compelling dealers to offer their most competitive prices. This is the tactical application of market structure knowledge, turning a systemic challenge into a personal performance edge.

![A futuristic, metallic sphere, the Prime RFQ engine, anchors two intersecting blade-like structures. These symbolize multi-leg spread strategies and precise algorithmic execution for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-for-high-fidelity-rfq-execution-in-digital-asset-derivatives.jpg)

## The Anatomy of an RFQ Auction

The RFQ process is a structured dialogue between a trader and a set of liquidity providers. It is designed to maximize competition while minimizing the public broadcast of trading intentions. This is particularly valuable for sizable orders in derivatives, where signaling your intent to the broader market can cause prices to move against you before you even execute. The system functions as a private, invitation-only auction where you control the terms of engagement.

![A central control knob on a metallic platform, bisected by sharp reflective lines, embodies an institutional RFQ protocol. This depicts intricate market microstructure, enabling high-fidelity execution, precise price discovery for multi-leg options, and robust Prime RFQ deployment, optimizing latent liquidity across digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-rfq-digital-asset-derivatives-execution-engine-core-microstructure.jpg)

## Key Steps in the RFQ Process

- **Trade Specification** ▴ You begin by defining the precise parameters of your desired trade. This includes the instrument (e.g. a specific options contract or a block of stock), the quantity, and the side (buy or sell).

- **Dealer Selection** ▴ You then select a list of trusted liquidity providers from a network available on the platform. This curated approach ensures you are only engaging with market makers who have the capacity and appetite for your specific trade.

- **Private Request Broadcast** ▴ The platform sends your RFQ to the selected dealers simultaneously. Your request is not displayed on any public order book, preventing information leakage to the wider market.

- **Competitive Quoting** ▴ Dealers have a defined, typically short, window of time to respond with their best bid or offer. They are competing against each other for your business, which incentivizes them to provide tight spreads.

- **Execution Decision** ▴ You receive the quotes in real-time and can choose to execute with the dealer offering the most favorable price. You also retain the option to decline all quotes if none meet your requirements.

![A glowing, intricate blue sphere, representing the Intelligence Layer for Price Discovery and Market Microstructure, rests precisely on robust metallic supports. This visualizes a Prime RFQ enabling High-Fidelity Execution within a deep Liquidity Pool via Algorithmic Trading and RFQ protocols](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-core-intelligence-layer-for-rfq.jpg)

## Strategic Application in Options Trading

The options market, with its thousands of individual strike prices and expiration dates, is inherently fragmented. For any given contract, liquidity may be spread thin across multiple exchanges. An RFQ system is exceptionally effective in this environment. It allows traders to consolidate liquidity for [multi-leg options](https://prime.greeks.live/area/multi-leg-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite) strategies, such as spreads, collars, or butterflies, into a single, efficiently priced transaction.

Attempting to execute complex options strategies leg-by-leg on public exchanges can be costly and result in significant [slippage](https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). An RFQ allows you to receive a single, net price for the entire package, reflecting a much truer, more competitive market value.

> Research has shown that the liquidity characteristics of an underlying stock are directly transmitted to its options, meaning a fragmented stock market creates a fragmented options market that requires sophisticated execution tools.

![Interlocking modular components symbolize a unified Prime RFQ for institutional digital asset derivatives. Different colored sections represent distinct liquidity pools and RFQ protocols, enabling multi-leg spread execution](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-prime-os-market-microstructure-rfq-protocols.jpg)

## Mastering Block Trade Execution

For large block trades in equities or other assets, the primary risk is [market impact](https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite). A large order placed directly onto a central limit order book can trigger adverse price movements as other participants react to the sudden influx of supply or demand. The RFQ process is a superior mechanism for executing these trades discreetly. By negotiating directly with a small number of institutional liquidity providers, you can transfer a large block of assets at a single, agreed-upon price.

This minimizes the footprint of your trade and preserves the prevailing market price. This method is a hallmark of professional trading desks, who understand that the ultimate cost of a trade includes both the explicit commission and the implicit market impact.

![An intricate, high-precision mechanism symbolizes an Institutional Digital Asset Derivatives RFQ protocol. Its sleek off-white casing protects the core market microstructure, while the teal-edged component signifies high-fidelity execution and optimal price discovery](https://options.greeks.live/wp-content/uploads/2025/07/precision-engineered-institutional-digital-asset-derivatives-rfq-protocol-high-fidelity-market-microstructure-optimization.jpg)

![An abstract digital interface features a dark circular screen with two luminous dots, one teal and one grey, symbolizing active and pending private quotation statuses within an RFQ protocol. Below, sharp parallel lines in black, beige, and grey delineate distinct liquidity pools and execution pathways for multi-leg spread strategies, reflecting market microstructure and high-fidelity execution for institutional grade digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-displaying-multi-leg-execution-status-and-optimal-liquidity-pathways.jpg)

## The Systemic Edge in Portfolio Strategy

Mastering execution in a fragmented market is more than a trade-level optimization; it is a portfolio-level strategy. The consistent, incremental gains achieved through superior execution compound over time, contributing directly to alpha generation. By integrating a professional-grade execution methodology like the RFQ process into your core workflow, you are building a systemic advantage.

This approach elevates your entire investment operation, enabling you to deploy capital more efficiently, manage risk with greater precision, and access opportunities that are unavailable to those limited to standard, exchange-based execution. It is the final step in transforming a market inefficiency into a durable, personal edge.

![A sharp, teal blade precisely dissects a cylindrical conduit. This visualizes surgical high-fidelity execution of block trades for institutional digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-precision-execution-microstructure.jpg)

## Building a Framework for Execution Alpha

The true power of this approach is realized when it becomes an integral part of your portfolio management discipline. This means moving beyond using RFQs on an ad-hoc basis and instead developing a systematic framework for their deployment. This involves identifying the types of trades that benefit most from this execution method and establishing clear protocols for their handling.

For a portfolio manager, this could mean setting a policy that all options trades above a certain notional value, or all multi-leg strategies, are routed through an RFQ system. This institutionalizes the benefits of competitive pricing and reduced information leakage, making them a consistent source of value.

![A dark, articulated multi-leg spread structure crosses a simpler underlying asset bar on a teal Prime RFQ platform. This visualizes institutional digital asset derivatives execution, leveraging high-fidelity RFQ protocols for optimal capital efficiency and precise price discovery](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocols-prime-os-execution.jpg)

## Advanced Risk Management Applications

The certainty of execution provided by RFQs is a powerful tool for advanced risk management. Consider a scenario where a portfolio is facing a sudden increase in volatility. A manager may need to execute a complex, multi-leg options hedge quickly and at a reliable price. Attempting to piece together such a hedge on the open market during a period of stress can be fraught with execution risk and slippage.

An RFQ allows the manager to solicit a firm price for the entire hedging package from specialized dealers, ensuring the portfolio is protected at a known cost. This transforms a reactive, often chaotic process into a controlled, strategic maneuver.

![A metallic cylindrical component, suggesting robust Prime RFQ infrastructure, interacts with a luminous teal-blue disc representing a dynamic liquidity pool for digital asset derivatives. A precise golden bar diagonally traverses, symbolizing an RFQ-driven block trade path, enabling high-fidelity execution and atomic settlement within complex market microstructure for institutional grade operations](https://options.greeks.live/wp-content/uploads/2025/07/precision-execution-protocols-navigating-digital-asset-derivatives-market-microstructure-for-optimal-block-trade-liquidity.jpg)

## Unlocking New Strategic Possibilities

A deep understanding of market fragmentation and the tools to navigate it opens new avenues for strategy development. The ability to source liquidity efficiently allows for the consideration of strategies that might otherwise be impractical. For instance, a quantitative strategy that relies on capturing small pricing discrepancies across a wide range of related instruments becomes more viable when execution costs are minimized.

Similarly, a global macro strategy that requires taking positions in less liquid assets can be implemented more effectively when you have a direct line to dealers who specialize in those markets. By mastering the geography of modern liquidity, you are not just improving your existing strategies; you are expanding the universe of strategies you can successfully deploy.

![An abstract, multi-layered spherical system with a dark central disk and control button. This visualizes a Prime RFQ for institutional digital asset derivatives, embodying an RFQ engine optimizing market microstructure for high-fidelity execution and best execution, ensuring capital efficiency in block trades and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-engine-prime-os-4.jpg)

## The Trader as System Architect

You have moved beyond the simple act of placing orders and have begun to conduct them. The market’s complex structure is no longer a source of friction but a landscape of opportunity, waiting for a clear and decisive strategy to unlock its potential. This is the foundation of a new operational discipline, where every execution is an expression of intent and every interaction with the market is designed to achieve a specific, measurable outcome.

![An abstract, precisely engineered construct of interlocking grey and cream panels, featuring a teal display and control. This represents an institutional-grade Crypto Derivatives OS for RFQ protocols, enabling high-fidelity execution, liquidity aggregation, and market microstructure optimization within a Principal's operational framework for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/08/integrated-principal-trading-system-modules-for-institutional-digital-asset-derivatives-rfq-execution-and-optimized-market-microstructure.jpg)

## Glossary

<a href="https://prime.greeks.live/area/price-discovery/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A central, blue-illuminated, crystalline structure symbolizes an institutional grade Crypto Derivatives OS facilitating RFQ protocol execution. Diagonal gradients represent aggregated liquidity and market microstructure converging for high-fidelity price discovery, optimizing multi-leg spread trading for digital asset options](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-execution-engine-11.jpg)

## Price Discovery

Meaning ▴ Price discovery is the continuous, dynamic process by which the market determines the fair value of an asset through the collective interaction of supply and demand. </a><a href="https://prime.greeks.live/area/order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract visual representing an advanced RFQ system for institutional digital asset derivatives. It depicts a central principal platform orchestrating algorithmic execution across diverse liquidity pools, facilitating precise market microstructure interactions for best execution and potential atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-platform-institutional-digital-asset-derivatives-ecosystem.jpg)

## Order Book

Meaning ▴ An Order Book is a real-time electronic ledger detailing all outstanding buy and sell orders for a specific financial instrument, organized by price level and sorted by time priority within each level. </a><a href="https://prime.greeks.live/area/central-limit-order-book/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Institutional-grade infrastructure supports a translucent circular interface, displaying real-time market microstructure for digital asset derivatives price discovery. Geometric forms symbolize precise RFQ protocol execution, enabling high-fidelity multi-leg spread trading, optimizing capital efficiency and mitigating systemic risk](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-request-for-quote-protocol-high-fidelity-execution-market-microstructure-intelligence-layer.jpg)

## Central Limit Order Book

Meaning ▴ A Central Limit Order Book is a digital repository that aggregates all outstanding buy and sell orders for a specific financial instrument, organized by price level and time of entry. </a><a href="https://prime.greeks.live/area/liquidity-providers/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A beige probe precisely connects to a dark blue metallic port, symbolizing high-fidelity execution of Digital Asset Derivatives via an RFQ protocol. Alphanumeric markings denote specific multi-leg spread parameters, highlighting granular market microstructure](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-protocol-system-execution-hub.jpg)

## Liquidity Providers

Meaning ▴ Liquidity Providers are market participants, typically institutional entities or sophisticated trading firms, that facilitate efficient market operations by continuously quoting bid and offer prices for financial instruments. </a><a href="https://prime.greeks.live/area/rfq-process/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sleek, dark, metallic system component features a central circular mechanism with a radiating arm, symbolizing precision in High-Fidelity Execution. This intricate design suggests Atomic Settlement capabilities and Liquidity Aggregation via an advanced RFQ Protocol, optimizing Price Discovery within complex Market Microstructure and Order Book Dynamics on a Prime RFQ](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-prime-os-high-fidelity-execution-protocol-liquidity-market-microstructure.jpg)

## Rfq Process

Meaning ▴ The RFQ Process, or Request for Quote Process, is a formalized electronic protocol utilized by institutional participants to solicit executable price quotations for a specific financial instrument and quantity from a select group of liquidity providers. </a><a href="https://prime.greeks.live/area/rfq/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A precise stack of multi-layered circular components visually representing a sophisticated Principal Digital Asset RFQ framework. Each distinct layer signifies a critical component within market microstructure for high-fidelity execution of institutional digital asset derivatives, embodying liquidity aggregation across dark pools, enabling private quotation and atomic settlement](https://options.greeks.live/wp-content/uploads/2025/07/principal-digital-asset-rfq-protocol-layers-for-high-fidelity-execution.jpg)

## Rfq

Meaning ▴ Request for Quote (RFQ) is a structured communication protocol enabling a market participant to solicit executable price quotations for a specific instrument and quantity from a selected group of liquidity providers. </a><a href="https://prime.greeks.live/area/exchange-fragmentation/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A glowing blue module with a metallic core and extending probe is set into a pristine white surface. This symbolizes an active institutional RFQ protocol, enabling precise price discovery and high-fidelity execution for digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-rfq-protocol-driving-institutional-digital-asset-derivatives-high-fidelity-execution-precise-price-discovery-for-block-trades-and-capital-efficiency.jpg)

## Exchange Fragmentation

Meaning ▴ Exchange Fragmentation denotes the dispersion of an asset's total trading volume and available liquidity across a multiplicity of independent execution venues. </a><a href="https://prime.greeks.live/area/block-trading/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric forms depict a sophisticated Principal's operational framework for institutional digital asset derivatives. Sharp lines and a control sphere symbolize high-fidelity execution, algorithmic precision, and private quotation within an advanced RFQ protocol](https://options.greeks.live/wp-content/uploads/2025/07/prime-os-architecture-for-optimized-digital-asset-derivatives-rfq-protocols.jpg)

## Block Trading

Meaning ▴ Block Trading denotes the execution of a substantial volume of securities or digital assets as a single transaction, often negotiated privately and executed off-exchange to minimize market impact. </a><a href="https://prime.greeks.live/area/multi-leg-options/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A polished metallic control knob with a deep blue, reflective digital surface, embodying high-fidelity execution within an institutional grade Crypto Derivatives OS. This interface facilitates RFQ Request for Quote initiation for block trades, optimizing price discovery and capital efficiency in digital asset derivatives](https://options.greeks.live/wp-content/uploads/2025/07/institutional-digital-asset-derivatives-rfq-execution-control-system-interface.jpg)

## Multi-Leg Options

Meaning ▴ Multi-Leg Options refers to a derivative trading strategy involving the simultaneous purchase and/or sale of two or more individual options contracts. </a><a href="https://prime.greeks.live/area/slippage/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![Abstract geometric planes delineate distinct institutional digital asset derivatives liquidity pools. Stark contrast signifies market microstructure shift via advanced RFQ protocols, ensuring high-fidelity execution](https://options.greeks.live/wp-content/uploads/2025/07/digital-asset-derivatives-execution-protocol-integrating-rfq-liquidity-and-advanced-market-microstructure.jpg)

## Slippage

Meaning ▴ Slippage denotes the variance between an order's expected execution price and its actual execution price. </a><a href="https://prime.greeks.live/area/market-impact/?utm_source=options.greeks.live&utm_medium=referral&utm_campaign=satellite" class="glossary-item-box">
![A sophisticated, modular mechanical assembly illustrates an RFQ protocol for institutional digital asset derivatives. Reflective elements and distinct quadrants symbolize dynamic liquidity aggregation and high-fidelity execution for Bitcoin options](https://options.greeks.live/wp-content/uploads/2025/08/institutional-digital-asset-derivatives-rfq-protocol-architecture.jpg)

## Market Impact

Meaning ▴ Market Impact refers to the observed change in an asset's price resulting from the execution of a trading order, primarily influenced by the order's size relative to available liquidity and prevailing market conditions. </a>

**Tags:** [Algorithmic Trading](https://options.greeks.live/area/algorithmic-trading/), [Options Liquidity](https://options.greeks.live/area/options-liquidity/), [Block Trading](https://options.greeks.live/area/block-trading/), [RFQ](https://options.greeks.live/area/rfq/), [Price Discovery](https://options.greeks.live/area/price-discovery/), [Liquidity Sourcing](https://options.greeks.live/area/liquidity-sourcing/)	

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- 
### [Mastering Block Trades and RFQ for a Superior Trading Edge](https://options.greeks.live/guide/mastering-block-trades-and-rfq-for-a-superior-trading-edge/)
![A gold-hued precision instrument with a dark, sharp interface engages a complex circuit board, symbolizing high-fidelity execution within institutional market microstructure. This visual metaphor represents a sophisticated RFQ protocol facilitating private quotation and atomic settlement for digital asset derivatives, optimizing capital efficiency and mitigating counterparty risk.](https://options.greeks.live/wp-content/uploads/2025/08/institutional-grade-precision-execution-engine-optimizing-digital-asset-derivatives-rfq-protocols-within-market-microstructure.jpg)

Mastering RFQ protocols and block trades gives you the power to command liquidity and execute with a professional-grade edge.

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---

**Original URL:** https://options.greeks.live/guide/why-exchange-fragmentation-is-your-greatest-untapped-asset/
