We study a unique data set of all client trades that the six largest Canadian dealers sent to U.S. equity markets in 2014-2015. Contrary to the public perception, Canadian dealers use U.S. markets only lightly and send less than 5% of their $-volume to the U.S.; on 60% of security-day...

Many investors rely on brokers to route their orders to exchanges. Exchanges charge fees to the broker who routes the order, rather than to the investor. Brokers have an incentive to route based on the fees, instead of the execution quality experienced by their clients. This conflict of interest...

This paper reviews the up-to-date theoretical, empirical, and experimental literature related to the trading venue choice in the context of the fragmented equity markets. We provide a brief background on the history of trading fragmentation in the equity market and its determinants. We discuss...