NO.PZ2021101401000028
问题如下：
They discuss the increasing impact of market fragmentation on available liquidity for the company's trading strategies. Lee makes the following comments regarding market fragmentation:
Comment 1: Liquidity aggregation and smart order routing assist traders in managing the challenges and opportunities that come with fragmentation.
Comment 2: As market fragmentation increases, traders who execute large orders now look for liquidity across various venues and time periods to minimize market impact.
Which of Lee’s comments related to market fragmentation is accurate?
选项：
A.
Only Comment 1
B.
Only Comment 2
C.
Both Comment 1 and Comment 2
解释：
C is correct. Both of comments are correct. Electronic algorithmic trading techniques, such as liquidity aggregation and smart order routing, help traders manage the challenges and opportunities presented by fragmentation.
Liquidity aggregators create “super books” that present liquidity across markets for a given instrument. These tools offer global views of market depth (available liquidity) for each instrument regardless of the trading venue that offers the liquidity. Smart order-routing algorithms send orders to the markets that display the best quoted prices and sizes. Additionally, with increasing market fragmentation, traders filling large orders adapt their trading strategies to search for liquidity across multiple venues and across time to control the market impacts of their trades.
comment 1具体是如何实现的？
