The last several decades have seen the stock market transform from an exchange-dominated marketplace to a fragmented arena where trading is dispersed among various locales. Gone are the days where exchanges served as the primary marketplaces for order execution. Today, many orders execute at off-exchange venues. Namely, investors can choose from thirteen exchanges, several electronic communication networks, and more than forty dark pools. This Note analyzes the impact of off-exchange trading and the implementation of a trade-at rule as a remedy for the consequences associated with off-exchange trading.
Fighting for Market Share: How a Trade-at Rule Can Improve Market Efficiency,
Chi.-Kent L. Rev.
Available at: https://scholarship.kentlaw.iit.edu/cklawreview/vol91/iss1/15