We show how current market practices relating to odd lot quotes result in a large “inside” market where for many stocks better prices routinely exist relative to the National Best Bid or Offer (NBBO). We provide strong evidence that being able to see these odd lot quotes provides valuable...

This paper investigates fractional share trading. We develop a methodology for identifying fractional share trades in the Consolidated Transaction Reporting System. Our approach uses a latency-based digital footprint to estimate fractional share trades executed by Robinhood and Drivewealth, the...

Beginning in early 2021, surging volume in Berkshire Hathaway A (BRK.A) has captured the attention of market watchers. Averaging volume of just 375 shares a day over the previous decade, the market’s most expensive stock routinely traded additional volume equivalent to more than a billion...