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Quantitative Finance · Glossary

What is Anti-gaming logic?

Definition 18.5 Microstructure and Execution · Chapter 18 — Smart Order Routing

Anti-gaming logic is the part of a router that makes its orders hard to detect and exploit: synchronised arrivals, minimum fill quantities in dark venues, randomised child sizes and timing, avoiding venues whose fills are followed by adverse moves, and not routing to venues that let other participants learn about resting orders.

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