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Smart markets replace multiple double auctions with a sophisticated combinatorial auction as the core mechanism (Phase 2.0).[n] Because double auctions simply sort bids and asks, they are only capable of bilateral order matching on two-sided order books. And since double auctions can only do bilateral order matching, multiple securities must be traded in parallel on disconnected, two-sided order books; an arrangement that fragments liquidity. In contrast, combinatorial auctions solve complex optimization problems, so they can perform multilateral order matching on a united, multi-sided, combinatorial order book. Since multilateral order matching on a combinatorial order book enables multiple securities to be traded together in the same combinatorial auction, smart markets aggregate liquidity.