Before changes to Regulation ATS in 2018, brokers were not required to disclose information regarding the operations of their private trading venues known as dark pools. As a result, most institutional investors relied on broker representations when deciding whether or not to send orders to...

We present evidence that in May 2022 several retail brokers who do not charge wholesalers for their marketable orders routed most of their marketable orders to wholesalers for order handling and execution. Using proprietary marketable order flow data from one or more wholesaler(s) for May 2022,...