RT Journal Article SR Electronic T1 Trading Strategies Around Earnings Announcements JF The Journal of Trading FD Institutional Investor Journals SP 21 OP 36 DO 10.3905/jot.2014.10.1.021 VO 10 IS 1 A1 Padma Kadiyala YR 2014 UL https://pm-research.com/content/10/1/21.abstract AB This article examines how investors exploit differences in the speed of execution, market depth, and level of anonymity offered by various trading venues and order types to devise trading strategies around an earnings announcement. The author finds that large orders for 1,000 shares or more are submitted to an electronic communication network (ECN) as a regular order. Small orders for fewer than 1,000 shares are submitted as intermarket sweep orders (ISOs) to the Nasdaq. Collectively, the evidence underscores the importance of the trade-off between anonymity and liquidity that underlies investors’ choice of venue and order type.TOPICS: Security analysis and valuation, exchanges/markets/clearinghouses