Lecture, three hours. Examination of financial market infrastructure and mechanism of price formation and discovery. Through lends of market frictions, development of different perspectives on critical phenomena such as bubbles and crashes, short squeezes, and mutual fund runs. Case studies of FinTech unicorns demonstrate how those firms profit from resolving market frictions and how recent technology changes landscape of trading. Discussion of new implications of these technological advancements in stock market (i.e., high-frequency trading) and alternative markets (i.e., bond market and cryptocurrency market). Letter grading.