{"record_type":"pith_number_record","schema_url":"https://pith.science/schemas/pith-number/v1.json","pith_number":"pith:2025:XPZEZQNZE7IT2KIUEMBSKRQHBZ","short_pith_number":"pith:XPZEZQNZ","schema_version":"1.0","canonical_sha256":"bbf24cc1b927d13d291423032546070e615b352c6fe954ecf6a6d8dbfa9caec9","source":{"kind":"arxiv","id":"2509.10094","version":1},"attestation_state":"computed","paper":{"title":"Competition and Incentives in a Shared Order Book","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.TR","authors_text":"Mathieu Rosenbaum, Philippe Bergault, Ren\\'e A\\\"id","submitted_at":"2025-09-12T09:36:45Z","abstract_excerpt":"Recent regulation on intraday electricity markets has led to the development of shared order books with the intention to foster competition and increase market liquidity. In this paper, we address the question of the efficiency of such regulations by analysing the situation of two exchanges sharing a single limit order book, i.e. a quote by a market maker can be hit by a trade arriving on the other exchange. We develop a Principal-Agent model where each exchange acts as the Principal of her own market maker acting as her Agent. Exchanges and market makers have all CARA utility functions with p"},"verification_status":{"content_addressed":true,"pith_receipt":true,"author_attested":false,"weak_author_claims":0,"strong_author_claims":0,"externally_anchored":false,"storage_verified":false,"citation_signatures":0,"replication_records":0,"graph_snapshot":true,"references_resolved":false,"formal_links_present":false},"canonical_record":{"source":{"id":"2509.10094","kind":"arxiv","version":1},"metadata":{"license":"http://creativecommons.org/licenses/by/4.0/","primary_cat":"q-fin.TR","submitted_at":"2025-09-12T09:36:45Z","cross_cats_sorted":[],"title_canon_sha256":"4de962f16a7b1cb3ebf911e3d3cfb7495eb55a9a147ebc8309a939b720b426c1","abstract_canon_sha256":"6abffa8f1343565801fe193f64f977581ea6f6f7610f03392f5e59bb611368b8"},"schema_version":"1.0"},"receipt":{"kind":"pith_receipt","key_id":"pith-v1-2026-05","algorithm":"ed25519","signed_at":"2026-07-05T12:11:02.240746Z","signature_b64":"ZogRvkabIQi5qfubSoom7SymK0oDCvxuHs3ScOLMoCUEkoxVFIhCmH6RYyP/J3JG8JDzLbZlTfMmTFjfor5ADA==","signed_message":"canonical_sha256_bytes","builder_version":"pith-number-builder-2026-05-17-v1","receipt_version":"0.3","canonical_sha256":"bbf24cc1b927d13d291423032546070e615b352c6fe954ecf6a6d8dbfa9caec9","last_reissued_at":"2026-07-05T12:11:02.240194Z","signature_status":"signed_v1","first_computed_at":"2026-07-05T12:11:02.240194Z","public_key_fingerprint":"8d4b5ee74e4693bcd1df2446408b0d54"},"graph_snapshot":{"paper":{"title":"Competition and Incentives in a Shared Order Book","license":"http://creativecommons.org/licenses/by/4.0/","headline":"","cross_cats":[],"primary_cat":"q-fin.TR","authors_text":"Mathieu Rosenbaum, Philippe Bergault, Ren\\'e A\\\"id","submitted_at":"2025-09-12T09:36:45Z","abstract_excerpt":"Recent regulation on intraday electricity markets has led to the development of shared order books with the intention to foster competition and increase market liquidity. In this paper, we address the question of the efficiency of such regulations by analysing the situation of two exchanges sharing a single limit order book, i.e. a quote by a market maker can be hit by a trade arriving on the other exchange. We develop a Principal-Agent model where each exchange acts as the Principal of her own market maker acting as her Agent. Exchanges and market makers have all CARA utility functions with p"},"claims":{"count":0,"items":[],"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"source":{"id":"2509.10094","kind":"arxiv","version":1},"verdict":{"id":null,"model_set":{},"created_at":null,"strongest_claim":"","one_line_summary":"","pipeline_version":null,"weakest_assumption":"","pith_extraction_headline":""},"integrity":{"clean":true,"summary":{"advisory":0,"critical":0,"by_detector":{},"informational":0},"endpoint":"/pith/2509.10094/integrity.json","findings":[],"available":true,"detectors_run":[],"snapshot_sha256":"c28c3603d3b5d939e8dc4c7e95fa8dfce3d595e45f758748cecf8e644a296938"},"references":{"count":0,"sample":[],"resolved_work":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57","internal_anchors":0},"formal_canon":{"evidence_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"author_claims":{"count":0,"strong_count":0,"snapshot_sha256":"258153158e38e3291e3d48162225fcdb2d5a3ed65a07baac614ab91432fd4f57"},"builder_version":"pith-number-builder-2026-05-17-v1"},"aliases":[{"alias_kind":"arxiv","alias_value":"2509.10094","created_at":"2026-07-05T12:11:02.240254+00:00"},{"alias_kind":"arxiv_version","alias_value":"2509.10094v1","created_at":"2026-07-05T12:11:02.240254+00:00"},{"alias_kind":"doi","alias_value":"10.48550/arxiv.2509.10094","created_at":"2026-07-05T12:11:02.240254+00:00"},{"alias_kind":"pith_short_12","alias_value":"XPZEZQNZE7IT","created_at":"2026-07-05T12:11:02.240254+00:00"},{"alias_kind":"pith_short_16","alias_value":"XPZEZQNZE7IT2KIU","created_at":"2026-07-05T12:11:02.240254+00:00"},{"alias_kind":"pith_short_8","alias_value":"XPZEZQNZ","created_at":"2026-07-05T12:11:02.240254+00:00"}],"events":[],"event_summary":{},"paper_claims":[],"inbound_citations":{"count":0,"internal_anchor_count":0,"sample":[]},"formal_canon":{"evidence_count":0,"sample":[],"anchors":[]},"links":{"html":"https://pith.science/pith/XPZEZQNZE7IT2KIUEMBSKRQHBZ","json":"https://pith.science/pith/XPZEZQNZE7IT2KIUEMBSKRQHBZ.json","graph_json":"https://pith.science/api/pith-number/XPZEZQNZE7IT2KIUEMBSKRQHBZ/graph.json","events_json":"https://pith.science/api/pith-number/XPZEZQNZE7IT2KIUEMBSKRQHBZ/events.json","paper":"https://pith.science/paper/XPZEZQNZ"},"agent_actions":{"view_html":"https://pith.science/pith/XPZEZQNZE7IT2KIUEMBSKRQHBZ","download_json":"https://pith.science/pith/XPZEZQNZE7IT2KIUEMBSKRQHBZ.json","view_paper":"https://pith.science/paper/XPZEZQNZ","resolve_alias":"https://pith.science/api/pith-number/resolve?arxiv=2509.10094&json=true","fetch_graph":"https://pith.science/api/pith-number/XPZEZQNZE7IT2KIUEMBSKRQHBZ/graph.json","fetch_events":"https://pith.science/api/pith-number/XPZEZQNZE7IT2KIUEMBSKRQHBZ/events.json","actions":{"anchor_timestamp":"https://pith.science/pith/XPZEZQNZE7IT2KIUEMBSKRQHBZ/action/timestamp_anchor","attest_storage":"https://pith.science/pith/XPZEZQNZE7IT2KIUEMBSKRQHBZ/action/storage_attestation","attest_author":"https://pith.science/pith/XPZEZQNZE7IT2KIUEMBSKRQHBZ/action/author_attestation","sign_citation":"https://pith.science/pith/XPZEZQNZE7IT2KIUEMBSKRQHBZ/action/citation_signature","submit_replication":"https://pith.science/pith/XPZEZQNZE7IT2KIUEMBSKRQHBZ/action/replication_record"}},"created_at":"2026-07-05T12:11:02.240254+00:00","updated_at":"2026-07-05T12:11:02.240254+00:00"}