Is the Concept of a Private Transaction Relay Applicable to Traditional Options Exchanges?

The concept of a private transaction relay is not directly applicable to traditional options exchanges because they operate on a centralized, off-chain infrastructure, not a public blockchain. Traditional exchanges use internal systems to manage their order books and matching engines, which inherently provide privacy for pending orders.

The functional equivalent to a private relay is the exchange's internal routing system, which ensures orders are processed according to established market rules, preventing external actors from front-running based on public visibility.