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What is Understanding Intermarket Sweep Orders about?

This document summarizes a study examining the use of intermarket sweep orders (ISOs) on US stock exchanges. The study finds: 1) Most ISO and non-ISO orders are small ("worked orders") consistent with maintaining market liquidity. However, ISO orders have a higher information share, indicating informed traders use ISOs. 2) ISO orders have higher effective spreads but lower realized spreads than non-ISO orders, further suggesting ISOs are used by informed traders. 3) ISO orders account for a disproporti

Author

Eleanor Rigby

Language

EN