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1\documentclass[12pt]{article}2\usepackage[margin=1in]{geometry}3\begin{document}4\section*{Highlights}5\begin{itemize}6\item 7.7 billion one-minute bars, full U.S. cross-section incl.\ delistings, 1992--20267\item Isolated $6\sigma$ shocks show zero market-wide propagation vs matched placebos8\item Propagation is network-concentrated and tripled from the 1990s to the 2020s9\item Epps effect vanished: one-minute cross-correlations rose from 0.00 to 0.3010\item Extreme minutes fell $\sim$56-fold, but synchronized co-jumps spike in crises11\end{itemize}12\end{document}13