-bearing constraints and weakens when investor demand is stronger or more elastic. More importantly, net order flow dominates in explaining …

This paper uses regulatory data to assess the value of retail order flow in the German equity market. To this end, we … volume, for access to retail order flow. The profitability of retail market making is rooted in reduced exposure to adverse …

This paper uses regulatory data to assess the value of retail order flow in the German equity market. To this end, we … volume, for access to retail order flow. The profitability of retail market making is rooted in reduced exposure to adverse …