We examine the information content of retail order flow relative to dark institutional and lit markets. We use multiple sources of retail order identification and account for the fact that market opacity affects order routing choices of both institutions and the brokers who sell retail orders....

We examine the information content of retail order flow relative to dark institutional and lit market order flow. After controlling for volume effects, we find that retail order flow is more informed than dark institutional order flow. The majority of price discovery on dark markets comes from...

We explore the relation between limit order price clustering and price efficiency. We find that executed sell limit orders cluster more frequently on round increments than buy limit orders and that this asymmetry in clustering is consistent with the well documented asymmetry in price response to...