================================================================================
                           LIMIT ORDER BOOK (CLOB)
================================================================================
  BUY SIDE (BIDS)                     |                 SELL SIDE (ASKS)
  (Liquidity Providers)               |                 (Liquidity Providers)
                                      |
  Volume   Price   Time               |   Time   Price   Volume
  ------   -----   ----               |   ----   -----   ------
   500     100.05  14:02:01.005       |   14:02:01.010  100.06   200  <-- Best Ask
   200     100.04  14:02:00.998       |   14:02:01.002  100.07   800
   1000    100.03  14:02:00.950       |   14:02:00.900  100.08   150
  ------   -----   ----               |   ----   -----   ------
   1500    100.02  14:02:00.800       |                 Mid-Price = 100.055
  (Best Bid)                          |                 Spread = 0.01
================================================================================

  Microstructure Dynamics:
  1. Market Buy Order (Volume 300) hits Best Ask -> Executes 200 @ 100.06.
  2. Remaining 100 lifts next level -> Executes 100 @ 100.07.
  3. Mid-price jumps from 100.055 to 100.065 (Price Impact / Kyle's Lambda).
  4. Market Maker updates reservation price based on new inventory q.