If you focus only on price discovery happening in a specific market center, sure. However, because it’s 2022 and we have the internet and all I’m not sure it r

If you focus only on price discovery happening in a specific market center, sure. However, because it’s 2022 and we have the internet and all I’m not sure it really makes sense to focus on specific market centers instead of the market as a whole. Of course HFT makes this far more complicated so it’s difficult to come up with a clear answer in either direction. The Clean sweep study (https://zero.sci-hub.ru/5176/a262ebfad2436662b8fb5d7362ff2975/chakravarty2012.pdf?download=true https://zero.sci-hub.ru/5176/a262ebfad2436662b8fb5d7362ff297...) seems to suggest that ISOs have a greater impact on prices and add more information to markets than “regular” orders.