He looks at trades that didn't happen. He is looking at traders who bet on a future asset trade, and finds the sellers of assets who did not get their bid were tightly distributes, relative to the buyers of assets who failed.
My claim here, is that we have the natural evolution of economies of scale. The tight variance, are producers and there is a hidden flow; from larger at lower rates to smaller at higher. If there is an economy going on, it does so with quantized flow, the fundamental assumption thing.
So those distribution of un met beliefs resemble the quantization we expect in finite distribution. The traders saying, if you want this flow, then these quantizations levels must be met. Those quantization levels determined by the inventory risks that represents something like a 15% reserve.
We ae back to the hidden map.
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