Recent posts: Lighting up the Dark: Hidden Trends In Off-Exchange Trading

[ajacobson]

ASAD BHATTI
Lighting up the Dark: Hidden Trends In Off-Exchange Trading
The fragmentation of equity markets has caused market centers to evolve in recent years, each with their own distinct characteristics. With 13 live public exchanges (soon to be 16), over 30 Alternative Trading Systems (ATS) — electronic trading venues that match buyers and sellers without displaying a public quote —...
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[comagnum]

Good article - I am always looking at the avg trade sizes & the relation to the B-A spreads.

What is interesting are the avg trade size, over the years & decades it is significantly smaller than it was over 20 years ago.

The commission free era has more brokers matching trades in ATS (unlit exchange) they control.