We identify retail brokers that seemingly route orders to maximize order flow payments, by
selling market orders and sending limit orders to venues paying large liquidity rebates …

Using detailed order handling data, we find that institutional brokers who route more orders
to affiliated alternative trading systems (ATSs) are associated with lower execution quality …

We use a novel data set to examine the impact of exposing institutional orders to electronic
liquidity providers (ELPs). We present empirical evidence that marketable pieces of large …

We present a formulation of the transaction cost analysis (TCA) in the Bayesian framework
for the primary purpose of comparing broker algorithms using standardized benchmarks …