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Office of Financial Research - The OFR Blog
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Does Off-Exchange Trading Affect Prices and Liquidity on Exchanges?
https://www.financialresearch.gov/the-ofr-blog/2025/06/05/does-off-exchange-trading-affect-prices-and-liquidity-on-exchanges/
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An OFR researcher examines how off-exchange trading influences a type of exchange liquidity called odd lots, which are orders for less than 100 shares.
