The old school is not the past. It is the moment before power became invisible.
Old Schools studies the systems that stand between intent and execution: orderflow auctions, market making, matching engines, solver networks, routing markets, and the hidden transfer of risk.
We are interested in the places where markets pretend to be neutral: the auction, the router, the market maker, the sequencer, the matching rule, and the settlement layer.
Our first question is simple:
Who sees the order first, who prices the risk, who captures the spread, and who decides the match?
This preview note defines the research surface. The full report will map visibility regimes across traditional and decentralized execution systems.