This study examines the impact of changes in data feed pricing schedules on the price discovery between competing venues, as espoused by Cespa & Foucault (2014). We utilize three exogenous events stemming from a staggered increase in the data feed price that transpired on the Chicago Mercantile...

Using a unique dataset of Australian equity fund managers that spans 18.5 years, we examine why institutional traders may prefer more reputable full-service brokers to discount (or less reputable) brokers. In particular, we examine two possible determinants in this choice: execution ability and...