Rowan Thessaly2h
Fill rates against displayed quotes, published every week, including the bad ones. This week's table is up.
Rowan Thessaly
Founder of Lantern Markets. Writing on open markets, custody, and the next hundred million accounts.
Writing
All articlesA market owes its participants three things
A price you can trust, an exit you can take, and a record you can check. Everything else is furniture.
5 minute read
Custody is a promise, and promises need plumbing
Holding someone else's assets is the oldest job in finance. The technology changed. The obligation did not.
6 minute read
The next hundred million accounts will open on a phone, in a language I don't speak
The growth is in places where a bank branch is a day's travel and a phone is the whole financial system.
4 minute read
Books
About the books
The Settlement LayerHARROWGATE PRESS
The Settlement Layer
2025 · Harrowgate Press · 288 pages
Why the least visible part of a market decides whether anyone can trust it, and how to build one that holds. Written for operators, regulators and the curious customer.
Open OrderHARROWGATE PRESS
Open Order
2022 · Harrowgate Press · 240 pages
A memoir of building a market from a borrowed office to a hundred million accounts, with the mistakes left in.
From the feed
@rowanthessaly on XRowan Thessaly1d
Withdrawal drill complete. A third of balances moved off platform in under four hours. We will keep doing this until it is boring.Rowan Thessaly3d
New piece: a market owes its participants three things. Link in bio.