Yes. Two of the more straightforward ones involve market impact and spreads. Short term market impact results from supply and demand imbalance. As such, multi

Yes. Two of the more straightforward ones involve market impact and spreads. Short term market impact results from supply and demand imbalance. As such, multi unit blocks are either an asset or a liability, depending on how you're positioned. Block venues are largely predicated on natural crosses, which are somewhat rare, given correlation across the street. Some market makers will quote block size for conditional orders, or against individual clients, but due to the limitations posed by double auction (mainly the inability to ensure atomicity between getting a hedge off and the outright), it's not done on a firm, multi dealer basis. Combinatorial auctions allow for multilateral block market making on a firm venue, which solves a ton of agency problems and improves liquidity. Similarly, spreads on anything except for the most liquid financial products are generally superadditive when viewed from the taker's standpoint, given that you you'll need to either cross spreads or accept legging risk to execute.