Liquidity Provider Rankings by Price Improvement

Under most circumstances, talk of price improvement is no different than gaslighting. That's because in the context of retail order flows, "price improvement" ultimately benefits wholesale market makers and not retail investors. It's only in the context of institutional order flows that price improvement benefits both the investor and the market maker. In this Feed post, Alphacution updates modeling on a selection of 22 leading market centers - including wholesalers (like Citadel Securities and Jane Street Capital), exchanges (like NASDAQ and IEX Group), brokers (like Interactive Brokers and Goldman Sachs), and other liquidity providers (like XTX Execution Services and GTS Securities) - to illustrate where "price improvement" metrics are useful and where they're not...