Trade Execution Coordinator (TEC)

The Trade Execution Coordinator (TEC) is a mechanism utilized by exchange platforms, whether centralized or decentralized, to decouple trade execution from liquidity aggregation. A well-designed TEC system aims to achieve the following objectives:

– Ensure trades are executed with priority given to price and time, maintaining the correct order.

– Serve multiple exchange relayers concurrently, catering to their individual needs.

– Operate in a secure and transparent manner, ensuring the integrity of the process.

– Function with high availability and resistance to censorship, minimizing the risk of griefing.