Aaron KehoeKehoe said liquidity fragmentation has forced institutional investors to make increasingly complex decisions around where and how to route orders in order to achieve best execution. “Liquidity is fragmented across dozens of venues, forcing institutional investors to determine where and how to route each order to achieve the best execution,” he said. “Fast execution and best execution don’t necessarily equal each other, but they seem to have become interchangeable in the current market structure,” he said. “Fast execution and best execution don’t necessarily equal each other, but they seem to have become interchangeable in the current market structure.” “That approach has the potential to improve price discovery, reduce information leakage, and ultimately deliver better execution outcomes for institutional investors,” he concluded.