We examine the information content of retail order flow relative to dark institutional and lit markets. We use multiple sources of retail order identification and account for the fact that market opacity affects order routing choices of both institutions and the brokers who sell retail orders....

We evaluate the information structure of US markets after the implementation of the SEC tick pilot program. We find significant changes in the information structure of the market conditioned on the market fee structure. Maker-taker market volume flow increases in informational efficiency while...

We examine the information content of retail order flow relative to dark institutional and lit market order flow. After controlling for volume effects, we find that retail order flow is more informed than dark institutional order flow. The majority of price discovery on dark markets comes from...