Wholesaler Execution Quality

The authors received no outside funding for this study and have no conflicts of interests related to this study. The authors thank Thierry Foucault, Andriy Shkilko, three anonymous referees, an associate editor, the editor, and participants in the University of Maryland’s finance seminar series? The paper was presented there in 2022, the Microstructure Workshop, and the 2023 Truist Beach Conference for their comments on earlier drafts. The authors also thank one or more wholesalers for providing the proprietary data used in this analysis. An earlier version of this paper was circulated under the title “Why Do Brokers Who Do Not Charge Payment for Order Flow Route Marketable Orders to Wholesalers?”