id	sid	tid	token	lemma	pos
cblr-8632	1	1	microsoft	microsoft	PROPN
cblr-8632	1	2	word	word	NOUN
cblr-8632	1	3	3	3	NUM
cblr-8632	1	4	.	.	PUNCT
cblr-8632	1	5	bartlett	bartlett	PROPN
cblr-8632	1	6	(	(	PUNCT
cblr-8632	1	7	8	8	NUM
cblr-8632	1	8	-	-	SYM
cblr-8632	1	9	20	20	NUM
cblr-8632	1	10	-	-	SYM
cblr-8632	1	11	21	21	NUM
cblr-8632	1	12	6.20pm	6.20pm	NOUN
cblr-8632	1	13	)	)	PUNCT
cblr-8632	1	14	bartlett	bartlett	PROPN
cblr-8632	1	15	8/20/2021	8/20/2021	NUM
cblr-8632	1	16	6:20	6:20	NUM
cblr-8632	1	17	pm	pm	NOUN
cblr-8632	1	18	modernizing	modernize	VERB
cblr-8632	1	19	odd	odd	ADJ
cblr-8632	1	20	lot	lot	NOUN
cblr-8632	1	21	trading	trading	NOUN
cblr-8632	1	22	robert	robert	PROPN
cblr-8632	1	23	p.	p.	PROPN
cblr-8632	1	24	bartlett	bartlett	PROPN
cblr-8632	1	25	,	,	PUNCT
cblr-8632	1	26	iii	iii	PROPN
cblr-8632	1	27	*	*	ADJ
cblr-8632	1	28	traditional	traditional	ADJ
cblr-8632	1	29	odd	odd	ADJ
cblr-8632	1	30	lot	lot	NOUN
cblr-8632	1	31	trades	trade	NOUN
cblr-8632	1	32	(	(	PUNCT
cblr-8632	1	33	i.e.	i.e.	X
cblr-8632	1	34	,	,	PUNCT
cblr-8632	1	35	trades	trade	NOUN
cblr-8632	1	36	involving	involve	VERB
cblr-8632	1	37	fewer	few	ADJ
cblr-8632	1	38	than	than	ADP
cblr-8632	1	39	100	100	NUM
cblr-8632	1	40	shares	share	NOUN
cblr-8632	1	41	)	)	PUNCT
cblr-8632	1	42	now	now	ADV
cblr-8632	1	43	comprise	comprise	VERB
cblr-8632	1	44	over	over	ADP
cblr-8632	1	45	half	half	NOUN
cblr-8632	1	46	of	of	ADP
cblr-8632	1	47	all	all	DET
cblr-8632	1	48	equity	equity	NOUN
cblr-8632	1	49	trades	trade	NOUN
cblr-8632	1	50	on	on	ADP
cblr-8632	1	51	u.s	u.s	PROPN
cblr-8632	1	52	.	.	PROPN
cblr-8632	1	53	exchanges	exchange	NOUN
cblr-8632	1	54	.	.	PUNCT
cblr-8632	2	1	under	under	ADP
cblr-8632	2	2	regulation	regulation	NOUN
cblr-8632	2	3	national	national	ADJ
cblr-8632	2	4	market	market	NOUN
cblr-8632	2	5	system	system	NOUN
cblr-8632	2	6	,	,	PUNCT
cblr-8632	2	7	however	however	ADV
cblr-8632	2	8	,	,	PUNCT
cblr-8632	2	9	these	these	DET
cblr-8632	2	10	trades	trade	NOUN
cblr-8632	2	11	are	be	AUX
cblr-8632	2	12	excluded	exclude	VERB
cblr-8632	2	13	from	from	ADP
cblr-8632	2	14	a	a	DET
cblr-8632	2	15	market	market	NOUN
cblr-8632	2	16	center	center	NOUN
cblr-8632	2	17	’s	’s	PART
cblr-8632	2	18	trade	trade	NOUN
cblr-8632	2	19	execution	execution	NOUN
cblr-8632	2	20	statistics	statistic	NOUN
cblr-8632	2	21	.	.	PUNCT
cblr-8632	3	1	in	in	ADP
cblr-8632	3	2	addition	addition	NOUN
cblr-8632	3	3	,	,	PUNCT
cblr-8632	3	4	while	while	SCONJ
cblr-8632	3	5	brokers	broker	NOUN
cblr-8632	3	6	are	be	AUX
cblr-8632	3	7	required	require	VERB
cblr-8632	3	8	to	to	PART
cblr-8632	3	9	consider	consider	VERB
cblr-8632	3	10	odd	odd	ADJ
cblr-8632	3	11	lot	lot	NOUN
cblr-8632	3	12	quotes	quote	NOUN
cblr-8632	3	13	as	as	ADP
cblr-8632	3	14	part	part	NOUN
cblr-8632	3	15	of	of	ADP
cblr-8632	3	16	their	their	PRON
cblr-8632	3	17	duty	duty	NOUN
cblr-8632	3	18	of	of	ADP
cblr-8632	3	19	best	good	ADJ
cblr-8632	3	20	execution	execution	NOUN
cblr-8632	3	21	,	,	PUNCT
cblr-8632	3	22	odd	odd	ADJ
cblr-8632	3	23	lot	lot	NOUN
cblr-8632	3	24	quotes	quote	NOUN
cblr-8632	3	25	are	be	AUX
cblr-8632	3	26	formally	formally	ADV
cblr-8632	3	27	excluded	exclude	VERB
cblr-8632	3	28	from	from	ADP
cblr-8632	3	29	the	the	DET
cblr-8632	3	30	calculation	calculation	NOUN
cblr-8632	3	31	of	of	ADP
cblr-8632	3	32	the	the	DET
cblr-8632	3	33	national	national	ADJ
cblr-8632	3	34	best	well	ADV
cblr-8632	3	35	bid	bid	NOUN
cblr-8632	3	36	and	and	CCONJ
cblr-8632	3	37	offer	offer	NOUN
cblr-8632	3	38	.	.	PUNCT
cblr-8632	4	1	this	this	DET
cblr-8632	4	2	article	article	NOUN
cblr-8632	4	3	,	,	PUNCT
cblr-8632	4	4	written	write	VERB
cblr-8632	4	5	for	for	ADP
cblr-8632	4	6	a	a	DET
cblr-8632	4	7	symposium	symposium	NOUN
cblr-8632	4	8	on	on	ADP
cblr-8632	4	9	the	the	DET
cblr-8632	4	10	future	future	NOUN
cblr-8632	4	11	of	of	ADP
cblr-8632	4	12	securities	security	NOUN
cblr-8632	4	13	regulation	regulation	NOUN
cblr-8632	4	14	at	at	ADP
cblr-8632	4	15	columbia	columbia	PROPN
cblr-8632	4	16	law	law	PROPN
cblr-8632	4	17	school	school	NOUN
cblr-8632	4	18	,	,	PUNCT
cblr-8632	4	19	examines	examine	VERB
cblr-8632	4	20	whether	whether	SCONJ
cblr-8632	4	21	these	these	DET
cblr-8632	4	22	regulatory	regulatory	ADJ
cblr-8632	4	23	exclusions	exclusion	NOUN
cblr-8632	4	24	for	for	ADP
cblr-8632	4	25	odd	odd	ADJ
cblr-8632	4	26	lot	lot	NOUN
cblr-8632	4	27	trades	trade	NOUN
cblr-8632	4	28	and	and	CCONJ
cblr-8632	4	29	quotes	quote	VERB
cblr-8632	4	30	increase	increase	VERB
cblr-8632	4	31	trade	trade	NOUN
cblr-8632	4	32	execution	execution	NOUN
cblr-8632	4	33	costs	cost	NOUN
cblr-8632	4	34	for	for	ADP
cblr-8632	4	35	retail	retail	ADJ
cblr-8632	4	36	trades	trade	NOUN
cblr-8632	4	37	filled	fill	VERB
cblr-8632	4	38	in	in	ADP
cblr-8632	4	39	non	non	ADJ
cblr-8632	4	40	-	-	ADJ
cblr-8632	4	41	exchange	exchange	ADJ
cblr-8632	4	42	venues	venue	NOUN
cblr-8632	4	43	.	.	PUNCT
cblr-8632	5	1	across	across	ADP
cblr-8632	5	2	more	more	ADJ
cblr-8632	5	3	than	than	ADP
cblr-8632	5	4	3	3	NUM
cblr-8632	5	5	billion	billion	NUM
cblr-8632	5	6	trades	trade	NOUN
cblr-8632	5	7	during	during	ADP
cblr-8632	5	8	2020	2020	NUM
cblr-8632	5	9	,	,	PUNCT
cblr-8632	5	10	odd	odd	ADJ
cblr-8632	5	11	lot	lot	NOUN
cblr-8632	5	12	trades	trade	NOUN
cblr-8632	5	13	filled	fill	VERB
cblr-8632	5	14	in	in	ADP
cblr-8632	5	15	nonexchange	nonexchange	NOUN
cblr-8632	5	16	venues	venue	NOUN
cblr-8632	5	17	received	receive	VERB
cblr-8632	5	18	ten	ten	NUM
cblr-8632	5	19	percent	percent	NOUN
cblr-8632	5	20	less	less	ADJ
cblr-8632	5	21	price	price	NOUN
cblr-8632	5	22	improvement	improvement	NOUN
cblr-8632	5	23	than	than	ADP
cblr-8632	5	24	non	non	ADJ
cblr-8632	5	25	-	-	ADJ
cblr-8632	5	26	odd	odd	ADJ
cblr-8632	5	27	lot	lot	NOUN
cblr-8632	5	28	trades	trade	NOUN
cblr-8632	5	29	.	.	PUNCT
cblr-8632	6	1	in	in	ADP
cblr-8632	6	2	addition	addition	NOUN
cblr-8632	6	3	,	,	PUNCT
cblr-8632	6	4	using	use	VERB
cblr-8632	6	5	order	order	NOUN
cblr-8632	6	6	book	book	NOUN
cblr-8632	6	7	data	datum	NOUN
cblr-8632	6	8	from	from	ADP
cblr-8632	6	9	nasdaq	nasdaq	PROPN
cblr-8632	6	10	,	,	PUNCT
cblr-8632	6	11	examination	examination	NOUN
cblr-8632	6	12	of	of	ADP
cblr-8632	6	13	a	a	DET
cblr-8632	6	14	sample	sample	NOUN
cblr-8632	6	15	of	of	ADP
cblr-8632	6	16	retail	retail	ADJ
cblr-8632	6	17	,	,	PUNCT
cblr-8632	6	18	non	non	ADJ
cblr-8632	6	19	-	-	ADJ
cblr-8632	6	20	exchange	exchange	ADJ
cblr-8632	6	21	trades	trade	NOUN
cblr-8632	6	22	in	in	ADP
cblr-8632	6	23	two	two	NUM
cblr-8632	6	24	popular	popular	ADJ
cblr-8632	6	25	retail	retail	ADJ
cblr-8632	6	26	stocks	stock	NOUN
cblr-8632	6	27	—	—	PUNCT
cblr-8632	6	28	amazon	amazon	NOUN
cblr-8632	6	29	and	and	CCONJ
cblr-8632	6	30	gamestop	gamestop	NOUN
cblr-8632	6	31	—	—	PUNCT
cblr-8632	6	32	on	on	ADP
cblr-8632	6	33	january	january	PROPN
cblr-8632	6	34	27	27	NUM
cblr-8632	6	35	,	,	PUNCT
cblr-8632	6	36	2021	2021	NUM
cblr-8632	6	37	reveals	reveal	VERB
cblr-8632	6	38	that	that	SCONJ
cblr-8632	6	39	thirty	thirty	NUM
cblr-8632	6	40	-	-	PUNCT
cblr-8632	6	41	one	one	NUM
cblr-8632	6	42	to	to	PART
cblr-8632	6	43	forty	forty	NUM
cblr-8632	6	44	-	-	PUNCT
cblr-8632	6	45	six	six	NUM
cblr-8632	6	46	percent	percent	NOUN
cblr-8632	6	47	of	of	ADP
cblr-8632	6	48	odd	odd	ADJ
cblr-8632	6	49	lot	lot	NOUN
cblr-8632	6	50	trades	trade	NOUN
cblr-8632	6	51	would	would	AUX
cblr-8632	6	52	have	have	AUX
cblr-8632	6	53	received	receive	VERB
cblr-8632	6	54	better	well	ADJ
cblr-8632	6	55	pricing	pricing	NOUN
cblr-8632	6	56	had	have	AUX
cblr-8632	6	57	the	the	DET
cblr-8632	6	58	venue	venue	NOUN
cblr-8632	6	59	filled	fill	VERB
cblr-8632	6	60	the	the	DET
cblr-8632	6	61	order	order	NOUN
cblr-8632	6	62	at	at	ADP
cblr-8632	6	63	the	the	DET
cblr-8632	6	64	nasdaq	nasdaq	PROPN
cblr-8632	6	65	odd	odd	ADJ
cblr-8632	6	66	lot	lot	NOUN
cblr-8632	6	67	quote	quote	INTJ
cblr-8632	6	68	.	.	PUNCT
cblr-8632	7	1	these	these	DET
cblr-8632	7	2	results	result	NOUN
cblr-8632	7	3	suggest	suggest	VERB
cblr-8632	7	4	that	that	SCONJ
cblr-8632	7	5	the	the	DET
cblr-8632	7	6	differential	differential	ADJ
cblr-8632	7	7	treatment	treatment	NOUN
cblr-8632	7	8	of	of	ADP
cblr-8632	7	9	odd	odd	ADJ
cblr-8632	7	10	lots	lot	NOUN
cblr-8632	7	11	and	and	CCONJ
cblr-8632	7	12	round	round	ADJ
cblr-8632	7	13	lots	lot	NOUN
cblr-8632	7	14	in	in	ADP
cblr-8632	7	15	the	the	DET
cblr-8632	7	16	regulation	regulation	NOUN
cblr-8632	7	17	of	of	ADP
cblr-8632	7	18	u.s	u.s	PROPN
cblr-8632	7	19	.	.	PROPN
cblr-8632	7	20	market	market	NOUN
cblr-8632	7	21	structure	structure	NOUN
cblr-8632	7	22	may	may	AUX
cblr-8632	7	23	impair	impair	VERB
cblr-8632	7	24	the	the	DET
cblr-8632	7	25	execution	execution	NOUN
cblr-8632	7	26	quality	quality	NOUN
cblr-8632	7	27	of	of	ADP
cblr-8632	7	28	marketable	marketable	ADJ
cblr-8632	7	29	odd	odd	ADJ
cblr-8632	7	30	lot	lot	NOUN
cblr-8632	7	31	orders	order	NOUN
cblr-8632	7	32	from	from	ADP
cblr-8632	7	33	retail	retail	ADJ
cblr-8632	7	34	traders	trader	NOUN
cblr-8632	7	35	.	.	PUNCT
cblr-8632	8	1	i.	i.	PROPN
cblr-8632	8	2	introduction	introduction	NOUN
cblr-8632	8	3	...............................................................	...............................................................	PUNCT
cblr-8632	8	4	521	521	NUM
cblr-8632	8	5	ii	ii	NOUN
cblr-8632	8	6	.	.	PUNCT
cblr-8632	8	7	price	price	NOUN
cblr-8632	8	8	improvement	improvement	NOUN
cblr-8632	8	9	and	and	CCONJ
cblr-8632	8	10	odd	odd	ADJ
cblr-8632	8	11	lot	lot	NOUN
cblr-8632	8	12	trading	trading	NOUN
cblr-8632	8	13	.................	.................	PUNCT
cblr-8632	9	1	536	536	NUM
cblr-8632	9	2	iii	iii	NOUN
cblr-8632	9	3	.	.	PUNCT
cblr-8632	9	4	odd	odd	ADJ
cblr-8632	9	5	lots	lot	NOUN
cblr-8632	9	6	and	and	CCONJ
cblr-8632	9	7	the	the	DET
cblr-8632	9	8	nbbo	nbbo	NOUN
cblr-8632	9	9	............................................	............................................	PUNCT
cblr-8632	10	1	548	548	NUM
cblr-8632	10	2	*	*	PUNCT
cblr-8632	10	3	uc	uc	PROPN
cblr-8632	10	4	berkeley	berkeley	PROPN
cblr-8632	10	5	school	school	PROPN
cblr-8632	10	6	of	of	ADP
cblr-8632	10	7	law	law	NOUN
cblr-8632	10	8	.	.	PUNCT
cblr-8632	11	1	i	i	PRON
cblr-8632	11	2	thank	thank	VERB
cblr-8632	11	3	stephen	stephen	PROPN
cblr-8632	11	4	choi	choi	PROPN
cblr-8632	11	5	,	,	PUNCT
cblr-8632	11	6	onnig	onnig	PROPN
cblr-8632	11	7	dombalagian	dombalagian	PROPN
cblr-8632	11	8	,	,	PUNCT
cblr-8632	11	9	joe	joe	PROPN
cblr-8632	11	10	grundfest	grundfest	PROPN
cblr-8632	11	11	,	,	PUNCT
cblr-8632	11	12	colleen	colleen	PROPN
cblr-8632	11	13	honigsberg	honigsberg	PROPN
cblr-8632	11	14	,	,	PUNCT
cblr-8632	11	15	edwin	edwin	PROPN
cblr-8632	11	16	hu	hu	PROPN
cblr-8632	11	17	,	,	PUNCT
cblr-8632	11	18	ann	ann	PROPN
cblr-8632	11	19	lipton	lipton	PROPN
cblr-8632	11	20	,	,	PUNCT
cblr-8632	11	21	maureen	maureen	PROPN
cblr-8632	11	22	o’hara	o’hara	PROPN
cblr-8632	11	23	,	,	PUNCT
cblr-8632	11	24	frank	frank	PROPN
cblr-8632	11	25	partnoy	partnoy	PROPN
cblr-8632	11	26	,	,	PUNCT
cblr-8632	11	27	sarath	sarath	PROPN
cblr-8632	11	28	sanga	sanga	PROPN
cblr-8632	11	29	,	,	PUNCT
cblr-8632	11	30	and	and	CCONJ
cblr-8632	11	31	participants	participant	NOUN
cblr-8632	11	32	at	at	ADP
cblr-8632	11	33	the	the	DET
cblr-8632	11	34	tulane	tulane	NOUN
cblr-8632	11	35	corporate	corporate	ADJ
cblr-8632	11	36	and	and	CCONJ
cblr-8632	11	37	securities	security	NOUN
cblr-8632	11	38	law	law	NOUN
cblr-8632	11	39	roundtable	roundtable	NOUN
cblr-8632	11	40	for	for	ADP
cblr-8632	11	41	helpful	helpful	ADJ
cblr-8632	11	42	comments	comment	NOUN
cblr-8632	11	43	.	.	PUNCT
cblr-8632	12	1	special	special	ADJ
cblr-8632	12	2	thanks	thank	NOUN
cblr-8632	12	3	go	go	VERB
cblr-8632	12	4	to	to	ADP
cblr-8632	12	5	justin	justin	PROPN
cblr-8632	12	6	mccrary	mccrary	PROPN
cblr-8632	12	7	for	for	ADP
cblr-8632	12	8	comments	comment	NOUN
cblr-8632	12	9	and	and	CCONJ
cblr-8632	12	10	programming	programming	NOUN
cblr-8632	12	11	assistance	assistance	NOUN
cblr-8632	12	12	.	.	PUNCT
cblr-8632	13	1	all	all	DET
cblr-8632	13	2	errors	error	NOUN
cblr-8632	13	3	are	be	AUX
cblr-8632	13	4	my	my	PRON
cblr-8632	13	5	own	own	ADJ
cblr-8632	13	6	.	.	PUNCT
cblr-8632	14	1	bartlett	bartlett	PROPN
cblr-8632	14	2	8/20/2021	8/20/2021	NUM
cblr-8632	14	3	6:20	6:20	NUM
cblr-8632	14	4	pm	pm	NOUN
cblr-8632	14	5	no	no	INTJ
cblr-8632	14	6	.	.	PUNCT
cblr-8632	15	1	2:520	2:520	NUM
cblr-8632	15	2	]	]	X
cblr-8632	15	3	modernizing	modernize	VERB
cblr-8632	15	4	odd	odd	ADJ
cblr-8632	15	5	lot	lot	NOUN
cblr-8632	15	6	trading	trade	VERB
cblr-8632	15	7	521	521	NUM
cblr-8632	15	8	iv	iv	NOUN
cblr-8632	15	9	.	.	PUNCT
cblr-8632	16	1	fixing	fix	VERB
cblr-8632	16	2	the	the	DET
cblr-8632	16	3	odd	odd	ADJ
cblr-8632	16	4	lot	lot	NOUN
cblr-8632	16	5	problem	problem	NOUN
cblr-8632	16	6	......................................	......................................	PUNCT
cblr-8632	17	1	560	560	NUM
cblr-8632	17	2	v.	v.	ADP
cblr-8632	17	3	conclusion	conclusion	NOUN
cblr-8632	17	4	..................................................................	..................................................................	PUNCT
cblr-8632	17	5	567	567	NUM
cblr-8632	17	6	i.	i.	NOUN
cblr-8632	17	7	introduction	introduction	NOUN
cblr-8632	17	8	do	do	AUX
cblr-8632	17	9	trades	trade	NOUN
cblr-8632	17	10	for	for	ADP
cblr-8632	17	11	fewer	few	ADJ
cblr-8632	17	12	than	than	ADP
cblr-8632	17	13	100	100	NUM
cblr-8632	17	14	shares	share	NOUN
cblr-8632	17	15	in	in	ADP
cblr-8632	17	16	non	non	ADJ
cblr-8632	17	17	-	-	ADJ
cblr-8632	17	18	exchange	exchange	ADJ
cblr-8632	17	19	venues	venue	NOUN
cblr-8632	17	20	receive	receive	VERB
cblr-8632	17	21	worse	bad	ADJ
cblr-8632	17	22	pricing	pricing	NOUN
cblr-8632	17	23	than	than	ADP
cblr-8632	17	24	trades	trade	NOUN
cblr-8632	17	25	involving	involve	VERB
cblr-8632	17	26	100	100	NUM
cblr-8632	17	27	shares	share	NOUN
cblr-8632	17	28	or	or	CCONJ
cblr-8632	17	29	more	more	ADJ
cblr-8632	17	30	?	?	PUNCT
cblr-8632	18	1	and	and	CCONJ
cblr-8632	18	2	are	be	AUX
cblr-8632	18	3	these	these	DET
cblr-8632	18	4	small	small	ADJ
cblr-8632	18	5	-	-	PUNCT
cblr-8632	18	6	size	size	NOUN
cblr-8632	18	7	orders	order	NOUN
cblr-8632	18	8	filled	fill	VERB
cblr-8632	18	9	at	at	ADP
cblr-8632	18	10	prices	price	NOUN
cblr-8632	18	11	in	in	ADP
cblr-8632	18	12	non	non	ADJ
cblr-8632	18	13	-	-	ADJ
cblr-8632	18	14	exchange	exchange	ADJ
cblr-8632	18	15	venues	venue	NOUN
cblr-8632	18	16	that	that	PRON
cblr-8632	18	17	are	be	AUX
cblr-8632	18	18	inferior	inferior	ADJ
cblr-8632	18	19	to	to	ADP
cblr-8632	18	20	the	the	DET
cblr-8632	18	21	best	good	ADJ
cblr-8632	18	22	available	available	ADJ
cblr-8632	18	23	stock	stock	NOUN
cblr-8632	18	24	exchange	exchange	PROPN
cblr-8632	18	25	quote	quote	INTJ
cblr-8632	18	26	that	that	PRON
cblr-8632	18	27	could	could	AUX
cblr-8632	18	28	fill	fill	VERB
cblr-8632	18	29	the	the	DET
cblr-8632	18	30	order	order	NOUN
cblr-8632	18	31	?	?	PUNCT
cblr-8632	19	1	as	as	SCONJ
cblr-8632	19	2	i	i	PRON
cblr-8632	19	3	show	show	VERB
cblr-8632	19	4	,	,	PUNCT
cblr-8632	19	5	the	the	DET
cblr-8632	19	6	answer	answer	NOUN
cblr-8632	19	7	to	to	ADP
cblr-8632	19	8	both	both	DET
cblr-8632	19	9	questions	question	NOUN
cblr-8632	19	10	is	be	AUX
cblr-8632	19	11	yes	yes	ADV
cblr-8632	19	12	,	,	PUNCT
cblr-8632	19	13	illustrating	illustrate	VERB
cblr-8632	19	14	why	why	SCONJ
cblr-8632	19	15	u.s	u.s	PROPN
cblr-8632	19	16	.	.	PROPN
cblr-8632	19	17	equity	equity	NOUN
cblr-8632	19	18	markets	market	NOUN
cblr-8632	19	19	have	have	VERB
cblr-8632	19	20	an	an	DET
cblr-8632	19	21	odd	odd	ADJ
cblr-8632	19	22	lot	lot	NOUN
cblr-8632	19	23	problem	problem	NOUN
cblr-8632	19	24	.	.	PUNCT
cblr-8632	20	1	odd	odd	ADJ
cblr-8632	20	2	lots	lot	NOUN
cblr-8632	20	3	are	be	AUX
cblr-8632	20	4	trades	trade	NOUN
cblr-8632	20	5	and	and	CCONJ
cblr-8632	20	6	quotes	quote	NOUN
cblr-8632	20	7	for	for	ADP
cblr-8632	20	8	fewer	few	ADJ
cblr-8632	20	9	than	than	ADP
cblr-8632	20	10	a	a	DET
cblr-8632	20	11	“	"	PUNCT
cblr-8632	20	12	round	round	ADJ
cblr-8632	20	13	lot	lot	NOUN
cblr-8632	20	14	,	,	PUNCT
cblr-8632	20	15	”	"	PUNCT
cblr-8632	20	16	which	which	PRON
cblr-8632	20	17	was	be	AUX
cblr-8632	20	18	traditionally	traditionally	ADV
cblr-8632	20	19	defined	define	VERB
cblr-8632	20	20	to	to	PART
cblr-8632	20	21	be	be	AUX
cblr-8632	20	22	100	100	NUM
cblr-8632	20	23	shares.1	shares.1	NOUN
cblr-8632	20	24	for	for	ADP
cblr-8632	20	25	years	year	NOUN
cblr-8632	20	26	,	,	PUNCT
cblr-8632	20	27	the	the	DET
cblr-8632	20	28	conventional	conventional	ADJ
cblr-8632	20	29	wisdom	wisdom	NOUN
cblr-8632	20	30	was	be	AUX
cblr-8632	20	31	that	that	PRON
cblr-8632	20	32	odd	odd	ADJ
cblr-8632	20	33	lots	lot	NOUN
cblr-8632	20	34	primarily	primarily	ADV
cblr-8632	20	35	reflected	reflect	VERB
cblr-8632	20	36	small	small	ADJ
cblr-8632	20	37	retail	retail	NOUN
cblr-8632	20	38	trades.2	trades.2	ADP
cblr-8632	20	39	as	as	ADP
cblr-8632	20	40	a	a	DET
cblr-8632	20	41	result	result	NOUN
cblr-8632	20	42	,	,	PUNCT
cblr-8632	20	43	they	they	PRON
cblr-8632	20	44	were	be	AUX
cblr-8632	20	45	generally	generally	ADV
cblr-8632	20	46	considered	consider	VERB
cblr-8632	20	47	to	to	PART
cblr-8632	20	48	be	be	AUX
cblr-8632	20	49	irrelevant	irrelevant	ADJ
cblr-8632	20	50	for	for	ADP
cblr-8632	20	51	purposes	purpose	NOUN
cblr-8632	20	52	of	of	ADP
cblr-8632	20	53	evaluating	evaluate	VERB
cblr-8632	20	54	market	market	NOUN
cblr-8632	20	55	liquidity	liquidity	NOUN
cblr-8632	20	56	or	or	CCONJ
cblr-8632	20	57	prices	price	NOUN
cblr-8632	20	58	and	and	CCONJ
cblr-8632	20	59	were	be	AUX
cblr-8632	20	60	excluded	exclude	VERB
cblr-8632	20	61	from	from	ADP
cblr-8632	20	62	the	the	DET
cblr-8632	20	63	consolidated	consolidated	ADJ
cblr-8632	20	64	trade	trade	NOUN
cblr-8632	20	65	and	and	CCONJ
cblr-8632	20	66	quote	quote	INTJ
cblr-8632	20	67	system.3	system.3	NOUN
cblr-8632	20	68	today	today	NOUN
cblr-8632	20	69	,	,	PUNCT
cblr-8632	20	70	however	however	ADV
cblr-8632	20	71	,	,	PUNCT
cblr-8632	20	72	the	the	DET
cblr-8632	20	73	growing	grow	VERB
cblr-8632	20	74	1	1	NUM
cblr-8632	20	75	see	see	NOUN
cblr-8632	20	76	,	,	PUNCT
cblr-8632	20	77	e.g.	e.g.	ADV
cblr-8632	20	78	,	,	PUNCT
cblr-8632	20	79	rulebook	rulebook	ADJ
cblr-8632	20	80	§	§	PROPN
cblr-8632	20	81	4703(b	4703(b	PROPN
cblr-8632	20	82	)	)	PUNCT
cblr-8632	20	83	(	(	PUNCT
cblr-8632	20	84	the	the	DET
cblr-8632	20	85	nasdaq	nasdaq	PROPN
cblr-8632	20	86	stock	stock	PROPN
cblr-8632	20	87	mkt	mkt	PROPN
cblr-8632	20	88	.	.	PROPN
cblr-8632	20	89	2021	2021	NUM
cblr-8632	20	90	)	)	PUNCT
cblr-8632	20	91	(	(	PUNCT
cblr-8632	20	92	defining	define	VERB
cblr-8632	20	93	round	round	ADJ
cblr-8632	20	94	lot	lot	NOUN
cblr-8632	20	95	and	and	CCONJ
cblr-8632	20	96	odd	odd	ADJ
cblr-8632	20	97	lot	lot	NOUN
cblr-8632	20	98	)	)	PUNCT
cblr-8632	20	99	.	.	PUNCT
cblr-8632	21	1	as	as	SCONJ
cblr-8632	21	2	noted	note	VERB
cblr-8632	21	3	below	below	ADV
cblr-8632	21	4	,	,	PUNCT
cblr-8632	21	5	the	the	DET
cblr-8632	21	6	securities	securities	PROPN
cblr-8632	21	7	exchange	exchange	PROPN
cblr-8632	21	8	commission	commission	PROPN
cblr-8632	21	9	has	have	AUX
cblr-8632	21	10	recently	recently	ADV
cblr-8632	21	11	revised	revise	VERB
cblr-8632	21	12	the	the	DET
cblr-8632	21	13	definition	definition	NOUN
cblr-8632	21	14	of	of	ADP
cblr-8632	21	15	a	a	DET
cblr-8632	21	16	round	round	ADJ
cblr-8632	21	17	lot	lot	NOUN
cblr-8632	21	18	(	(	PUNCT
cblr-8632	21	19	and	and	CCONJ
cblr-8632	21	20	,	,	PUNCT
cblr-8632	21	21	as	as	ADP
cblr-8632	21	22	a	a	DET
cblr-8632	21	23	consequence	consequence	NOUN
cblr-8632	21	24	,	,	PUNCT
cblr-8632	21	25	an	an	DET
cblr-8632	21	26	odd	odd	ADJ
cblr-8632	21	27	lot	lot	NOUN
cblr-8632	21	28	)	)	PUNCT
cblr-8632	21	29	to	to	PART
cblr-8632	21	30	be	be	AUX
cblr-8632	21	31	less	less	ADJ
cblr-8632	21	32	than	than	ADP
cblr-8632	21	33	100	100	NUM
cblr-8632	21	34	shares	share	NOUN
cblr-8632	21	35	for	for	ADP
cblr-8632	21	36	certain	certain	ADJ
cblr-8632	21	37	high	high	ADV
cblr-8632	21	38	-	-	PUNCT
cblr-8632	21	39	priced	price	VERB
cblr-8632	21	40	securities	security	NOUN
cblr-8632	21	41	.	.	PUNCT
cblr-8632	22	1	see	see	VERB
cblr-8632	22	2	infra	infra	NOUN
cblr-8632	22	3	note	note	VERB
cblr-8632	22	4	29	29	NUM
cblr-8632	22	5	and	and	CCONJ
cblr-8632	22	6	accompanying	accompany	VERB
cblr-8632	22	7	text	text	NOUN
cblr-8632	22	8	.	.	PUNCT
cblr-8632	23	1	the	the	DET
cblr-8632	23	2	data	datum	NOUN
cblr-8632	23	3	used	use	VERB
cblr-8632	23	4	in	in	ADP
cblr-8632	23	5	this	this	DET
cblr-8632	23	6	article	article	NOUN
cblr-8632	23	7	precede	precede	VERB
cblr-8632	23	8	the	the	DET
cblr-8632	23	9	effective	effective	ADJ
cblr-8632	23	10	date	date	NOUN
cblr-8632	23	11	of	of	ADP
cblr-8632	23	12	this	this	DET
cblr-8632	23	13	reform	reform	NOUN
cblr-8632	23	14	;	;	PUNCT
cblr-8632	23	15	therefore	therefore	ADV
cblr-8632	23	16	,	,	PUNCT
cblr-8632	23	17	this	this	DET
cblr-8632	23	18	article	article	NOUN
cblr-8632	23	19	refers	refer	VERB
cblr-8632	23	20	to	to	ADP
cblr-8632	23	21	any	any	DET
cblr-8632	23	22	quote	quote	NOUN
cblr-8632	23	23	or	or	CCONJ
cblr-8632	23	24	trade	trade	VERB
cblr-8632	23	25	for	for	ADP
cblr-8632	23	26	fewer	few	ADJ
cblr-8632	23	27	than	than	ADP
cblr-8632	23	28	100	100	NUM
cblr-8632	23	29	shares	share	NOUN
cblr-8632	23	30	as	as	ADP
cblr-8632	23	31	an	an	DET
cblr-8632	23	32	“	"	PUNCT
cblr-8632	23	33	odd	odd	ADJ
cblr-8632	23	34	lot	lot	NOUN
cblr-8632	23	35	”	"	PUNCT
cblr-8632	23	36	quote	quote	INTJ
cblr-8632	23	37	or	or	CCONJ
cblr-8632	23	38	trade	trade	NOUN
cblr-8632	23	39	.	.	PUNCT
cblr-8632	24	1	2	2	NUM
cblr-8632	24	2	maureen	maureen	PROPN
cblr-8632	24	3	o’hara	o’hara	PROPN
cblr-8632	24	4	,	,	PUNCT
cblr-8632	24	5	chen	chen	PROPN
cblr-8632	24	6	yao	yao	PROPN
cblr-8632	24	7	&	&	CCONJ
cblr-8632	24	8	mao	mao	PROPN
cblr-8632	25	1	ye	ye	INTJ
cblr-8632	25	2	,	,	PUNCT
cblr-8632	25	3	what	what	PRON
cblr-8632	25	4	’s	’	VERB
cblr-8632	25	5	not	not	PART
cblr-8632	25	6	there	there	ADV
cblr-8632	25	7	:	:	PUNCT
cblr-8632	25	8	odd	odd	ADJ
cblr-8632	25	9	lots	lot	NOUN
cblr-8632	25	10	and	and	CCONJ
cblr-8632	25	11	market	market	NOUN
cblr-8632	25	12	data	datum	NOUN
cblr-8632	25	13	,	,	PUNCT
cblr-8632	25	14	69	69	NUM
cblr-8632	25	15	j.	j.	PROPN
cblr-8632	25	16	fin	fin	PROPN
cblr-8632	25	17	.	.	PUNCT
cblr-8632	26	1	2199	2199	NUM
cblr-8632	26	2	,	,	PUNCT
cblr-8632	26	3	2199	2199	NUM
cblr-8632	26	4	(	(	PUNCT
cblr-8632	26	5	2014	2014	NUM
cblr-8632	26	6	)	)	PUNCT
cblr-8632	26	7	.	.	PUNCT
cblr-8632	27	1	as	as	SCONJ
cblr-8632	27	2	discussed	discuss	VERB
cblr-8632	27	3	below	below	ADV
cblr-8632	27	4	,	,	PUNCT
cblr-8632	27	5	those	those	DET
cblr-8632	27	6	authors	author	NOUN
cblr-8632	27	7	also	also	ADV
cblr-8632	27	8	emphasize	emphasize	VERB
cblr-8632	27	9	that	that	SCONJ
cblr-8632	27	10	in	in	ADP
cblr-8632	27	11	the	the	DET
cblr-8632	27	12	modern	modern	ADJ
cblr-8632	27	13	equities	equity	NOUN
cblr-8632	27	14	market	market	NOUN
cblr-8632	27	15	,	,	PUNCT
cblr-8632	27	16	odd	odd	ADJ
cblr-8632	27	17	lots	lot	NOUN
cblr-8632	27	18	are	be	AUX
cblr-8632	27	19	no	no	ADV
cblr-8632	27	20	longer	long	ADV
cblr-8632	27	21	necessarily	necessarily	ADV
cblr-8632	27	22	retail	retail	ADJ
cblr-8632	27	23	.	.	PUNCT
cblr-8632	28	1	see	see	VERB
cblr-8632	28	2	i	i	PRON
cblr-8632	28	3	d.	d.	PROPN
cblr-8632	28	4	at	at	ADP
cblr-8632	28	5	2200	2200	NUM
cblr-8632	28	6	.	.	PUNCT
cblr-8632	29	1	3	3	NUM
cblr-8632	29	2	o’hara	o’hara	NOUN
cblr-8632	29	3	et	et	PROPN
cblr-8632	29	4	al	al	PROPN
cblr-8632	29	5	.	.	PROPN
cblr-8632	29	6	,	,	PUNCT
cblr-8632	29	7	supra	supra	PROPN
cblr-8632	29	8	note	note	NOUN
cblr-8632	29	9	2	2	NUM
cblr-8632	29	10	,	,	PUNCT
cblr-8632	29	11	at	at	ADP
cblr-8632	29	12	2199	2199	NUM
cblr-8632	29	13	.	.	PUNCT
cblr-8632	30	1	trade	trade	NOUN
cblr-8632	30	2	reports	report	NOUN
cblr-8632	30	3	and	and	CCONJ
cblr-8632	30	4	updates	update	NOUN
cblr-8632	30	5	to	to	ADP
cblr-8632	30	6	a	a	DET
cblr-8632	30	7	trading	trading	NOUN
cblr-8632	30	8	venue	venue	NOUN
cblr-8632	30	9	’s	’s	PART
cblr-8632	30	10	best	well	ADV
cblr-8632	30	11	available	available	ADJ
cblr-8632	30	12	quotes	quote	NOUN
cblr-8632	30	13	for	for	ADP
cblr-8632	30	14	u.s	u.s	PROPN
cblr-8632	30	15	.	.	PROPN
cblr-8632	30	16	equity	equity	NOUN
cblr-8632	30	17	securities	security	NOUN
cblr-8632	30	18	listed	list	VERB
cblr-8632	30	19	on	on	ADP
cblr-8632	30	20	a	a	DET
cblr-8632	30	21	national	national	ADJ
cblr-8632	30	22	stock	stock	NOUN
cblr-8632	30	23	exchange	exchange	NOUN
cblr-8632	30	24	are	be	AUX
cblr-8632	30	25	presently	presently	ADV
cblr-8632	30	26	required	require	VERB
cblr-8632	30	27	to	to	PART
cblr-8632	30	28	be	be	AUX
cblr-8632	30	29	disseminated	disseminate	VERB
cblr-8632	30	30	in	in	ADP
cblr-8632	30	31	real	real	ADJ
cblr-8632	30	32	time	time	NOUN
cblr-8632	30	33	to	to	ADP
cblr-8632	30	34	two	two	NUM
cblr-8632	30	35	securities	security	NOUN
cblr-8632	30	36	information	information	NOUN
cblr-8632	30	37	processors	processor	NOUN
cblr-8632	30	38	(	(	PUNCT
cblr-8632	30	39	sips	sip	NOUN
cblr-8632	30	40	)	)	PUNCT
cblr-8632	30	41	for	for	ADP
cblr-8632	30	42	public	public	ADJ
cblr-8632	30	43	distribution	distribution	NOUN
cblr-8632	30	44	.	.	PUNCT
cblr-8632	31	1	robert	robert	PROPN
cblr-8632	31	2	p.	p.	PROPN
cblr-8632	31	3	bartlett	bartlett	PROPN
cblr-8632	31	4	iii	iii	PROPN
cblr-8632	31	5	&	&	CCONJ
cblr-8632	31	6	justin	justin	PROPN
cblr-8632	31	7	mccrary	mccrary	PROPN
cblr-8632	31	8	,	,	PUNCT
cblr-8632	31	9	how	how	SCONJ
cblr-8632	31	10	rigged	rig	VERB
cblr-8632	31	11	are	be	AUX
cblr-8632	31	12	stock	stock	NOUN
cblr-8632	31	13	markets	market	NOUN
cblr-8632	31	14	?	?	PUNCT
cblr-8632	32	1	evidence	evidence	NOUN
cblr-8632	32	2	from	from	ADP
cblr-8632	32	3	microsecond	microsecond	NOUN
cblr-8632	32	4	timestamps	timestamp	NOUN
cblr-8632	32	5	,	,	PUNCT
cblr-8632	32	6	45	45	NUM
cblr-8632	32	7	j.	j.	PROPN
cblr-8632	32	8	fin	fin	PROPN
cblr-8632	32	9	.	.	PUNCT
cblr-8632	33	1	mkts	mkts	NOUN
cblr-8632	33	2	.	.	PUNCT
cblr-8632	34	1	37	37	NUM
cblr-8632	34	2	,	,	PUNCT
cblr-8632	34	3	38	38	NUM
cblr-8632	34	4	(	(	PUNCT
cblr-8632	34	5	2019	2019	NUM
cblr-8632	34	6	)	)	PUNCT
cblr-8632	34	7	.	.	PUNCT
cblr-8632	35	1	the	the	DET
cblr-8632	35	2	reporting	reporting	NOUN
cblr-8632	35	3	system	system	NOUN
cblr-8632	35	4	is	be	AUX
cblr-8632	35	5	governed	govern	VERB
cblr-8632	35	6	by	by	ADP
cblr-8632	35	7	three	three	NUM
cblr-8632	35	8	u.s	u.s	PROPN
cblr-8632	35	9	.	.	PROPN
cblr-8632	35	10	national	national	ADJ
cblr-8632	35	11	market	market	NOUN
cblr-8632	35	12	plans	plan	NOUN
cblr-8632	35	13	,	,	PUNCT
cblr-8632	35	14	which	which	PRON
cblr-8632	35	15	are	be	AUX
cblr-8632	35	16	referred	refer	VERB
cblr-8632	35	17	to	to	ADP
cblr-8632	35	18	in	in	ADP
cblr-8632	35	19	this	this	DET
cblr-8632	35	20	article	article	NOUN
cblr-8632	35	21	as	as	ADP
cblr-8632	35	22	the	the	DET
cblr-8632	35	23	“	"	PUNCT
cblr-8632	35	24	consolidated	consolidated	ADJ
cblr-8632	35	25	trade	trade	NOUN
cblr-8632	35	26	and	and	CCONJ
cblr-8632	35	27	quote	quote	INTJ
cblr-8632	35	28	system	system	NOUN
cblr-8632	35	29	.	.	PUNCT
cblr-8632	35	30	”	"	PUNCT
cblr-8632	36	1	see	see	VERB
cblr-8632	36	2	i	i	PRON
cblr-8632	36	3	d.	d.	PROPN
cblr-8632	36	4	at	at	ADP
cblr-8632	36	5	41	41	NUM
cblr-8632	36	6	(	(	PUNCT
cblr-8632	36	7	describing	describe	VERB
cblr-8632	36	8	the	the	DET
cblr-8632	36	9	institutional	institutional	ADJ
cblr-8632	36	10	background	background	NOUN
cblr-8632	36	11	)	)	PUNCT
cblr-8632	36	12	.	.	PUNCT
cblr-8632	37	1	since	since	SCONJ
cblr-8632	37	2	2013	2013	NUM
cblr-8632	37	3	,	,	PUNCT
cblr-8632	37	4	market	market	NOUN
cblr-8632	37	5	centers	center	NOUN
cblr-8632	37	6	have	have	AUX
cblr-8632	37	7	been	be	AUX
cblr-8632	37	8	required	require	VERB
cblr-8632	37	9	to	to	PART
cblr-8632	37	10	report	report	VERB
cblr-8632	37	11	odd	odd	ADJ
cblr-8632	37	12	lot	lot	NOUN
cblr-8632	37	13	trades	trade	NOUN
cblr-8632	37	14	(	(	PUNCT
cblr-8632	37	15	but	but	CCONJ
cblr-8632	37	16	not	not	PART
cblr-8632	37	17	odd	odd	ADJ
cblr-8632	37	18	lot	lot	NOUN
cblr-8632	37	19	quote	quote	INTJ
cblr-8632	37	20	updates	update	VERB
cblr-8632	37	21	)	)	PUNCT
cblr-8632	37	22	to	to	ADP
cblr-8632	37	23	the	the	DET
cblr-8632	37	24	sips	sip	NOUN
cblr-8632	37	25	.	.	PUNCT
cblr-8632	38	1	see	see	VERB
cblr-8632	38	2	order	order	NOUN
cblr-8632	38	3	approving	approve	VERB
cblr-8632	38	4	amendment	amendment	NOUN
cblr-8632	38	5	no	no	PROPN
cblr-8632	38	6	.	.	PROPN
cblr-8632	38	7	30	30	NUM
cblr-8632	38	8	to	to	ADP
cblr-8632	38	9	the	the	DET
cblr-8632	38	10	joint	joint	ADJ
cblr-8632	38	11	self	self	NOUN
cblr-8632	38	12	-	-	PUNCT
cblr-8632	38	13	regulatory	regulatory	ADJ
cblr-8632	38	14	organization	organization	NOUN
cblr-8632	38	15	plan	plan	NOUN
cblr-8632	38	16	governing	govern	VERB
cblr-8632	38	17	the	the	DET
cblr-8632	38	18	collection	collection	NOUN
cblr-8632	38	19	,	,	PUNCT
cblr-8632	38	20	consolidation	consolidation	NOUN
cblr-8632	38	21	bartlett	bartlett	NOUN
cblr-8632	38	22	8/20/2021	8/20/2021	NUM
cblr-8632	38	23	6:20	6:20	NUM
cblr-8632	38	24	pm	pm	NOUN
cblr-8632	38	25	522	522	NUM
cblr-8632	38	26	columbia	columbia	PROPN
cblr-8632	38	27	business	business	NOUN
cblr-8632	38	28	law	law	NOUN
cblr-8632	38	29	review	review	NOUN
cblr-8632	38	30	[	[	X
cblr-8632	38	31	vol	vol	NOUN
cblr-8632	38	32	.	.	PUNCT
cblr-8632	38	33	2021	2021	NUM
cblr-8632	38	34	number	number	NOUN
cblr-8632	38	35	of	of	ADP
cblr-8632	38	36	heavily	heavily	ADV
cblr-8632	38	37	-	-	PUNCT
cblr-8632	38	38	traded	trade	VERB
cblr-8632	38	39	,	,	PUNCT
cblr-8632	38	40	high	high	ADV
cblr-8632	38	41	-	-	PUNCT
cblr-8632	38	42	priced	price	VERB
cblr-8632	38	43	stocks,4	stocks,4	NOUN
cblr-8632	38	44	along	along	ADP
cblr-8632	38	45	with	with	ADP
cblr-8632	38	46	algorithmic	algorithmic	ADJ
cblr-8632	38	47	trading	trading	NOUN
cblr-8632	38	48	strategies	strategy	NOUN
cblr-8632	38	49	that	that	PRON
cblr-8632	38	50	slice	slice	VERB
cblr-8632	38	51	and	and	CCONJ
cblr-8632	38	52	dice	dice	NOUN
cblr-8632	38	53	orders	order	NOUN
cblr-8632	38	54	into	into	ADP
cblr-8632	38	55	smaller	small	ADJ
cblr-8632	38	56	pieces	piece	NOUN
cblr-8632	38	57	to	to	PART
cblr-8632	38	58	minimize	minimize	VERB
cblr-8632	38	59	price	price	NOUN
cblr-8632	38	60	impact,5	impact,5	NOUN
cblr-8632	38	61	have	have	AUX
cblr-8632	38	62	made	make	VERB
cblr-8632	38	63	smallsize	smallsize	ADJ
cblr-8632	38	64	trades	trade	NOUN
cblr-8632	38	65	too	too	ADV
cblr-8632	38	66	common	common	ADJ
cblr-8632	38	67	to	to	PART
cblr-8632	38	68	ignore	ignore	VERB
cblr-8632	38	69	.	.	PUNCT
cblr-8632	39	1	figure	figure	VERB
cblr-8632	39	2	1	1	NUM
cblr-8632	39	3	presents	present	VERB
cblr-8632	39	4	the	the	DET
cblr-8632	39	5	percentage	percentage	NOUN
cblr-8632	39	6	of	of	ADP
cblr-8632	39	7	daily	daily	ADJ
cblr-8632	39	8	odd	odd	ADJ
cblr-8632	39	9	lot	lot	NOUN
cblr-8632	39	10	trades	trade	NOUN
cblr-8632	39	11	reported	report	VERB
cblr-8632	39	12	to	to	ADP
cblr-8632	39	13	the	the	DET
cblr-8632	39	14	consolidated	consolidated	ADJ
cblr-8632	39	15	tape	tape	NOUN
cblr-8632	39	16	from	from	ADP
cblr-8632	39	17	2014	2014	NUM
cblr-8632	39	18	to	to	ADP
cblr-8632	39	19	2020.6	2020.6	NUM
cblr-8632	39	20	that	that	DET
cblr-8632	39	21	percentage	percentage	NOUN
cblr-8632	39	22	has	have	AUX
cblr-8632	39	23	doubled	double	VERB
cblr-8632	39	24	since	since	SCONJ
cblr-8632	39	25	2014	2014	NUM
cblr-8632	39	26	and	and	CCONJ
cblr-8632	39	27	was	be	AUX
cblr-8632	39	28	regularly	regularly	ADV
cblr-8632	39	29	over	over	ADP
cblr-8632	39	30	half	half	NOUN
cblr-8632	39	31	of	of	ADP
cblr-8632	39	32	trades	trade	NOUN
cblr-8632	39	33	by	by	ADP
cblr-8632	39	34	the	the	DET
cblr-8632	39	35	end	end	NOUN
cblr-8632	39	36	of	of	ADP
cblr-8632	39	37	2020.7	2020.7	NUM
cblr-8632	39	38	the	the	DET
cblr-8632	39	39	dollar	dollar	NOUN
cblr-8632	39	40	volume	volume	NOUN
cblr-8632	39	41	of	of	ADP
cblr-8632	39	42	odd	odd	ADJ
cblr-8632	39	43	lot	lot	NOUN
cblr-8632	39	44	trades	trade	NOUN
cblr-8632	39	45	quadrupled	quadruple	VERB
cblr-8632	39	46	during	during	ADP
cblr-8632	39	47	the	the	DET
cblr-8632	39	48	same	same	ADJ
cblr-8632	39	49	period	period	NOUN
cblr-8632	39	50	,	,	PUNCT
cblr-8632	39	51	from	from	ADP
cblr-8632	39	52	roughly	roughly	ADV
cblr-8632	39	53	five	five	NUM
cblr-8632	39	54	percent	percent	NOUN
cblr-8632	39	55	to	to	ADP
cblr-8632	39	56	nearly	nearly	ADV
cblr-8632	39	57	twenty	twenty	NUM
cblr-8632	39	58	percent.8	percent.8	NOUN
cblr-8632	39	59	and	and	CCONJ
cblr-8632	39	60	dissemination	dissemination	NOUN
cblr-8632	39	61	of	of	ADP
cblr-8632	39	62	quotation	quotation	NOUN
cblr-8632	39	63	and	and	CCONJ
cblr-8632	39	64	transaction	transaction	NOUN
cblr-8632	39	65	information	information	NOUN
cblr-8632	39	66	,	,	PUNCT
cblr-8632	39	67	78	78	NUM
cblr-8632	39	68	fed	feed	VERB
cblr-8632	39	69	.	.	PUNCT
cblr-8632	40	1	reg	reg	PROPN
cblr-8632	40	2	.	.	PROPN
cblr-8632	41	1	66,788	66,788	NUM
cblr-8632	41	2	,	,	PUNCT
cblr-8632	41	3	66,789	66,789	NUM
cblr-8632	41	4	(	(	PUNCT
cblr-8632	41	5	nov	nov	PROPN
cblr-8632	41	6	.	.	PROPN
cblr-8632	41	7	6	6	NUM
cblr-8632	41	8	,	,	PUNCT
cblr-8632	41	9	2013	2013	NUM
cblr-8632	41	10	)	)	PUNCT
cblr-8632	41	11	;	;	PUNCT
cblr-8632	41	12	order	order	VERB
cblr-8632	41	13	approving	approve	VERB
cblr-8632	41	14	the	the	DET
cblr-8632	41	15	eighteenth	eighteenth	ADJ
cblr-8632	41	16	substantive	substantive	ADJ
cblr-8632	41	17	amendment	amendment	NOUN
cblr-8632	41	18	to	to	ADP
cblr-8632	41	19	the	the	DET
cblr-8632	41	20	second	second	ADJ
cblr-8632	41	21	restatement	restatement	NOUN
cblr-8632	41	22	of	of	ADP
cblr-8632	41	23	the	the	DET
cblr-8632	41	24	cta	cta	PROPN
cblr-8632	41	25	plan	plan	NOUN
cblr-8632	41	26	,	,	PUNCT
cblr-8632	41	27	78	78	NUM
cblr-8632	41	28	fed	feed	VERB
cblr-8632	41	29	.	.	PUNCT
cblr-8632	42	1	reg	reg	PROPN
cblr-8632	42	2	.	.	PROPN
cblr-8632	42	3	66,789	66,789	NUM
cblr-8632	42	4	,	,	PUNCT
cblr-8632	42	5	66,790	66,790	NUM
cblr-8632	42	6	(	(	PUNCT
cblr-8632	42	7	nov	nov	PROPN
cblr-8632	42	8	.	.	PROPN
cblr-8632	42	9	6	6	NUM
cblr-8632	42	10	,	,	PUNCT
cblr-8632	42	11	2013	2013	NUM
cblr-8632	42	12	)	)	PUNCT
cblr-8632	42	13	.	.	PUNCT
cblr-8632	43	1	as	as	SCONJ
cblr-8632	43	2	discussed	discuss	VERB
cblr-8632	43	3	below	below	ADV
cblr-8632	43	4	,	,	PUNCT
cblr-8632	43	5	in	in	ADP
cblr-8632	43	6	december	december	PROPN
cblr-8632	43	7	2020	2020	NUM
cblr-8632	43	8	the	the	DET
cblr-8632	43	9	securities	securities	PROPN
cblr-8632	43	10	and	and	CCONJ
cblr-8632	43	11	exchange	exchange	PROPN
cblr-8632	43	12	commission	commission	PROPN
cblr-8632	43	13	adopted	adopt	VERB
cblr-8632	43	14	a	a	DET
cblr-8632	43	15	comprehensive	comprehensive	ADJ
cblr-8632	43	16	reform	reform	NOUN
cblr-8632	43	17	of	of	ADP
cblr-8632	43	18	market	market	NOUN
cblr-8632	43	19	data	datum	NOUN
cblr-8632	43	20	infrastructure	infrastructure	NOUN
cblr-8632	43	21	,	,	PUNCT
cblr-8632	43	22	in	in	ADP
cblr-8632	43	23	part	part	NOUN
cblr-8632	43	24	,	,	PUNCT
cblr-8632	43	25	aimed	aim	VERB
cblr-8632	43	26	at	at	ADP
cblr-8632	43	27	addressing	address	VERB
cblr-8632	43	28	concerns	concern	NOUN
cblr-8632	43	29	with	with	ADP
cblr-8632	43	30	the	the	DET
cblr-8632	43	31	omission	omission	NOUN
cblr-8632	43	32	of	of	ADP
cblr-8632	43	33	odd	odd	ADJ
cblr-8632	43	34	lot	lot	NOUN
cblr-8632	43	35	quotes	quote	NOUN
cblr-8632	43	36	from	from	ADP
cblr-8632	43	37	the	the	DET
cblr-8632	43	38	consolidated	consolidated	ADJ
cblr-8632	43	39	trade	trade	NOUN
cblr-8632	43	40	and	and	CCONJ
cblr-8632	43	41	quote	quote	INTJ
cblr-8632	43	42	data	datum	NOUN
cblr-8632	43	43	.	.	PUNCT
cblr-8632	44	1	see	see	VERB
cblr-8632	44	2	infra	infra	NOUN
cblr-8632	44	3	notes	note	NOUN
cblr-8632	44	4	28–29	28–29	NUM
cblr-8632	44	5	and	and	CCONJ
cblr-8632	44	6	accompanying	accompany	VERB
cblr-8632	44	7	text	text	NOUN
cblr-8632	44	8	.	.	PUNCT
cblr-8632	45	1	4	4	NUM
cblr-8632	45	2	for	for	ADP
cblr-8632	45	3	instance	instance	NOUN
cblr-8632	45	4	,	,	PUNCT
cblr-8632	45	5	analysis	analysis	NOUN
cblr-8632	45	6	of	of	ADP
cblr-8632	45	7	the	the	DET
cblr-8632	45	8	nyse	nyse	PROPN
cblr-8632	45	9	trade	trade	NOUN
cblr-8632	45	10	and	and	CCONJ
cblr-8632	45	11	quote	quote	INTJ
cblr-8632	45	12	(	(	PUNCT
cblr-8632	45	13	taq	taq	NOUN
cblr-8632	45	14	)	)	PUNCT
cblr-8632	45	15	files	file	NOUN
cblr-8632	45	16	,	,	PUNCT
cblr-8632	45	17	available	available	ADJ
cblr-8632	45	18	through	through	ADP
cblr-8632	45	19	wharton	wharton	PROPN
cblr-8632	45	20	research	research	NOUN
cblr-8632	45	21	data	datum	NOUN
cblr-8632	45	22	services	service	NOUN
cblr-8632	45	23	,	,	PUNCT
cblr-8632	45	24	wharton	wharton	PROPN
cblr-8632	45	25	rsch	rsch	PROPN
cblr-8632	45	26	.	.	PUNCT
cblr-8632	46	1	data	datum	NOUN
cblr-8632	46	2	servs	servs	PROPN
cblr-8632	46	3	.	.	PUNCT
cblr-8632	46	4	,	,	PUNCT
cblr-8632	47	1	https://wrds-www.wharton.upenn.edu/pages/about/datavendors/nyse-trade-and-quote-taq/	https://wrds-www.wharton.upenn.edu/pages/about/datavendors/nyse-trade-and-quote-taq/	PROPN
cblr-8632	47	2	[	[	X
cblr-8632	47	3	https://perma.cc/x6yc-ndf2	https://perma.cc/x6yc-ndf2	X
cblr-8632	47	4	]	]	X
cblr-8632	47	5	(	(	PUNCT
cblr-8632	47	6	last	last	ADJ
cblr-8632	47	7	visited	visit	VERB
cblr-8632	47	8	may	may	AUX
cblr-8632	47	9	24	24	NUM
cblr-8632	47	10	,	,	PUNCT
cblr-8632	47	11	2021	2021	NUM
cblr-8632	47	12	)	)	PUNCT
cblr-8632	47	13	,	,	PUNCT
cblr-8632	47	14	reveals	reveal	VERB
cblr-8632	47	15	that	that	SCONJ
cblr-8632	47	16	in	in	ADP
cblr-8632	47	17	january	january	PROPN
cblr-8632	47	18	2014	2014	NUM
cblr-8632	47	19	there	there	PRON
cblr-8632	47	20	were	be	VERB
cblr-8632	47	21	approximately	approximately	ADV
cblr-8632	47	22	fifty	fifty	NUM
cblr-8632	47	23	exchange	exchange	NOUN
cblr-8632	47	24	-	-	PUNCT
cblr-8632	47	25	traded	trade	VERB
cblr-8632	47	26	equity	equity	NOUN
cblr-8632	47	27	securities	security	NOUN
cblr-8632	47	28	having	have	VERB
cblr-8632	47	29	an	an	DET
cblr-8632	47	30	average	average	ADJ
cblr-8632	47	31	daily	daily	ADJ
cblr-8632	47	32	transaction	transaction	NOUN
cblr-8632	47	33	price	price	NOUN
cblr-8632	47	34	of	of	ADP
cblr-8632	47	35	$	$	SYM
cblr-8632	47	36	200	200	NUM
cblr-8632	47	37	or	or	CCONJ
cblr-8632	47	38	more	more	ADJ
cblr-8632	47	39	.	.	PUNCT
cblr-8632	48	1	by	by	ADP
cblr-8632	48	2	january	january	PROPN
cblr-8632	48	3	2021	2021	NUM
cblr-8632	48	4	,	,	PUNCT
cblr-8632	48	5	this	this	DET
cblr-8632	48	6	number	number	NOUN
cblr-8632	48	7	had	have	AUX
cblr-8632	48	8	grown	grow	VERB
cblr-8632	48	9	over	over	ADP
cblr-8632	48	10	five	five	NUM
cblr-8632	48	11	-	-	ADJ
cblr-8632	48	12	fold	fold	ADJ
cblr-8632	48	13	to	to	ADP
cblr-8632	48	14	nearly	nearly	ADV
cblr-8632	48	15	290	290	NUM
cblr-8632	48	16	securities	security	NOUN
cblr-8632	48	17	.	.	PUNCT
cblr-8632	49	1	the	the	DET
cblr-8632	49	2	taq	taq	PROPN
cblr-8632	49	3	data	data	PROPN
cblr-8632	49	4	capture	capture	VERB
cblr-8632	49	5	all	all	DET
cblr-8632	49	6	trades	trade	NOUN
cblr-8632	49	7	and	and	CCONJ
cblr-8632	49	8	quotes	quote	NOUN
cblr-8632	49	9	reported	report	VERB
cblr-8632	49	10	in	in	ADP
cblr-8632	49	11	the	the	DET
cblr-8632	49	12	consolidated	consolidated	ADJ
cblr-8632	49	13	trade	trade	NOUN
cblr-8632	49	14	and	and	CCONJ
cblr-8632	49	15	quote	quote	INTJ
cblr-8632	49	16	system	system	NOUN
cblr-8632	49	17	.	.	PUNCT
cblr-8632	50	1	see	see	VERB
cblr-8632	50	2	i	i	PRON
cblr-8632	50	3	d.	d.	PROPN
cblr-8632	50	4	5	5	NUM
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cblr-8632	50	6	o’hara	o’hara	NOUN
cblr-8632	50	7	et	et	PROPN
cblr-8632	50	8	al	al	PROPN
cblr-8632	50	9	.	.	PROPN
cblr-8632	50	10	,	,	PUNCT
cblr-8632	50	11	supra	supra	PROPN
cblr-8632	50	12	note	note	NOUN
cblr-8632	50	13	2	2	NUM
cblr-8632	50	14	,	,	PUNCT
cblr-8632	50	15	at	at	ADP
cblr-8632	50	16	2200	2200	NUM
cblr-8632	50	17	.	.	PUNCT
cblr-8632	51	1	6	6	NUM
cblr-8632	51	2	unless	unless	SCONJ
cblr-8632	51	3	otherwise	otherwise	ADV
cblr-8632	51	4	indicated	indicate	VERB
cblr-8632	51	5	,	,	PUNCT
cblr-8632	51	6	all	all	DET
cblr-8632	51	7	trade	trade	NOUN
cblr-8632	51	8	and	and	CCONJ
cblr-8632	51	9	quote	quote	INTJ
cblr-8632	51	10	data	datum	NOUN
cblr-8632	51	11	used	use	VERB
cblr-8632	51	12	in	in	ADP
cblr-8632	51	13	this	this	DET
cblr-8632	51	14	paper	paper	NOUN
cblr-8632	51	15	were	be	AUX
cblr-8632	51	16	obtained	obtain	VERB
cblr-8632	51	17	from	from	ADP
cblr-8632	51	18	the	the	DET
cblr-8632	51	19	taq	taq	NOUN
cblr-8632	51	20	files	file	NOUN
cblr-8632	51	21	,	,	PUNCT
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cblr-8632	51	23	supra	supra	PROPN
cblr-8632	51	24	note	note	PROPN
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cblr-8632	51	27	7	7	NUM
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cblr-8632	51	30	u.s	u.s	PROPN
cblr-8632	51	31	.	.	PROPN
cblr-8632	51	32	exchanges	exchange	NOUN
cblr-8632	51	33	odd	odd	ADJ
cblr-8632	51	34	lot	lot	NOUN
cblr-8632	51	35	rate	rate	NOUN
cblr-8632	51	36	(	(	PUNCT
cblr-8632	51	37	%	%	NOUN
cblr-8632	51	38	)	)	PUNCT
cblr-8632	51	39	,	,	PUNCT
cblr-8632	51	40	u.s	u.s	PROPN
cblr-8632	51	41	.	.	PROPN
cblr-8632	51	42	sec	sec	PROPN
cblr-8632	51	43	.	.	PROPN
cblr-8632	51	44	&	&	CCONJ
cblr-8632	51	45	exch	exch	PROPN
cblr-8632	51	46	.	.	PUNCT
cblr-8632	52	1	comm’n	comm’n	PROPN
cblr-8632	52	2	,	,	PUNCT
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cblr-8632	52	5	[	[	X
cblr-8632	52	6	https://perma.cc/g33p-9u9c	https://perma.cc/g33p-9u9c	X
cblr-8632	52	7	]	]	X
cblr-8632	52	8	(	(	PUNCT
cblr-8632	52	9	last	last	ADJ
cblr-8632	52	10	visited	visit	VERB
cblr-8632	52	11	may	may	AUX
cblr-8632	52	12	25	25	NUM
cblr-8632	52	13	,	,	PUNCT
cblr-8632	52	14	2021	2021	NUM
cblr-8632	52	15	)	)	PUNCT
cblr-8632	52	16	(	(	PUNCT
cblr-8632	52	17	giving	give	VERB
cblr-8632	52	18	the	the	DET
cblr-8632	52	19	most	most	ADV
cblr-8632	52	20	recent	recent	ADJ
cblr-8632	52	21	data	datum	NOUN
cblr-8632	52	22	)	)	PUNCT
cblr-8632	52	23	;	;	PUNCT
cblr-8632	52	24	alexander	alexander	PROPN
cblr-8632	52	25	osipovich	osipovich	PROPN
cblr-8632	52	26	,	,	PUNCT
cblr-8632	52	27	tiny	tiny	ADJ
cblr-8632	52	28	‘	'	PUNCT
cblr-8632	52	29	odd	odd	ADJ
cblr-8632	52	30	lot	lot	NOUN
cblr-8632	52	31	’	'	PUNCT
cblr-8632	52	32	trades	trade	NOUN
cblr-8632	52	33	reach	reach	VERB
cblr-8632	52	34	record	record	NOUN
cblr-8632	52	35	share	share	NOUN
cblr-8632	52	36	of	of	ADP
cblr-8632	52	37	u.s	u.s	PROPN
cblr-8632	52	38	.	.	PROPN
cblr-8632	52	39	stock	stock	NOUN
cblr-8632	52	40	market	market	NOUN
cblr-8632	52	41	,	,	PUNCT
cblr-8632	52	42	wall	wall	PROPN
cblr-8632	52	43	st	st	PROPN
cblr-8632	52	44	.	.	PROPN
cblr-8632	52	45	j.	j.	PROPN
cblr-8632	53	1	(	(	PUNCT
cblr-8632	53	2	on	on	ADP
cblr-8632	53	3	file	file	NOUN
cblr-8632	53	4	with	with	ADP
cblr-8632	53	5	the	the	DET
cblr-8632	53	6	columbia	columbia	PROPN
cblr-8632	53	7	business	business	PROPN
cblr-8632	53	8	law	law	PROPN
cblr-8632	53	9	review	review	PROPN
cblr-8632	53	10	)	)	PUNCT
cblr-8632	53	11	,	,	PUNCT
cblr-8632	53	12	https://www.wsj.com/articles/tinyodd-lot-trades-reach-record-share-of-u-s-stock-market-11571745600	https://www.wsj.com/articles/tinyodd-lot-trades-reach-record-share-of-u-s-stock-market-11571745600	INTJ
cblr-8632	53	13	(	(	PUNCT
cblr-8632	53	14	last	last	ADJ
cblr-8632	53	15	updated	update	VERB
cblr-8632	53	16	oct	oct	PROPN
cblr-8632	53	17	.	.	PROPN
cblr-8632	53	18	23	23	NUM
cblr-8632	53	19	,	,	PUNCT
cblr-8632	53	20	2019	2019	NUM
cblr-8632	53	21	,	,	PUNCT
cblr-8632	53	22	6:32	6:32	NUM
cblr-8632	53	23	pm	pm	NOUN
cblr-8632	53	24	)	)	PUNCT
cblr-8632	53	25	(	(	PUNCT
cblr-8632	53	26	discussing	discuss	VERB
cblr-8632	53	27	the	the	DET
cblr-8632	53	28	rise	rise	NOUN
cblr-8632	53	29	of	of	ADP
cblr-8632	53	30	odd	odd	ADJ
cblr-8632	53	31	lot	lot	NOUN
cblr-8632	53	32	trades	trade	NOUN
cblr-8632	53	33	as	as	ADP
cblr-8632	53	34	of	of	ADP
cblr-8632	53	35	2019	2019	NUM
cblr-8632	53	36	)	)	PUNCT
cblr-8632	53	37	.	.	PUNCT
cblr-8632	54	1	8	8	NUM
cblr-8632	54	2	see	see	VERB
cblr-8632	54	3	also	also	ADV
cblr-8632	54	4	u.s	u.s	PROPN
cblr-8632	54	5	.	.	PROPN
cblr-8632	54	6	exchanges	exchange	NOUN
cblr-8632	54	7	odd	odd	ADJ
cblr-8632	54	8	lot	lot	NOUN
cblr-8632	54	9	volume	volume	NOUN
cblr-8632	54	10	(	(	PUNCT
cblr-8632	54	11	%	%	INTJ
cblr-8632	54	12	)	)	PUNCT
cblr-8632	54	13	,	,	PUNCT
cblr-8632	54	14	u.s	u.s	PROPN
cblr-8632	54	15	.	.	PROPN
cblr-8632	54	16	sec	sec	PROPN
cblr-8632	54	17	.	.	PROPN
cblr-8632	54	18	&	&	CCONJ
cblr-8632	54	19	exch	exch	PROPN
cblr-8632	54	20	.	.	PUNCT
cblr-8632	55	1	comm’n	comm’n	X
cblr-8632	55	2	,	,	PUNCT
cblr-8632	55	3	https://www.sec.gov/marketstructure/datavis/ma_exchange_oddlotvolume	https://www.sec.gov/marketstructure/datavis/ma_exchange_oddlotvolume	PROPN
cblr-8632	55	4	.	.	PUNCT
cblr-8632	55	5	bartlett	bartlett	PROPN
cblr-8632	55	6	8/20/2021	8/20/2021	NUM
cblr-8632	55	7	6:20	6:20	NUM
cblr-8632	55	8	pm	pm	NOUN
cblr-8632	55	9	no	no	INTJ
cblr-8632	55	10	.	.	PUNCT
cblr-8632	56	1	2:520	2:520	NUM
cblr-8632	56	2	]	]	X
cblr-8632	56	3	modernizing	modernize	VERB
cblr-8632	56	4	odd	odd	ADJ
cblr-8632	56	5	lot	lot	NOUN
cblr-8632	56	6	trading	trade	VERB
cblr-8632	56	7	523	523	NUM
cblr-8632	56	8	figure	figure	NOUN
cblr-8632	56	9	1	1	NUM
cblr-8632	56	10	.	.	NOUN
cblr-8632	56	11	odd	odd	ADJ
cblr-8632	56	12	lot	lot	NOUN
cblr-8632	56	13	trading	trading	NOUN
cblr-8632	56	14	,	,	PUNCT
cblr-8632	56	15	2014–20	2014–20	NOUN
cblr-8632	56	16	given	give	VERB
cblr-8632	56	17	the	the	DET
cblr-8632	56	18	dramatic	dramatic	ADJ
cblr-8632	56	19	growth	growth	NOUN
cblr-8632	56	20	of	of	ADP
cblr-8632	56	21	odd	odd	ADJ
cblr-8632	56	22	lot	lot	NOUN
cblr-8632	56	23	trades	trade	NOUN
cblr-8632	56	24	,	,	PUNCT
cblr-8632	56	25	questions	question	NOUN
cblr-8632	56	26	about	about	ADP
cblr-8632	56	27	deficient	deficient	ADJ
cblr-8632	56	28	trade	trade	NOUN
cblr-8632	56	29	execution	execution	NOUN
cblr-8632	56	30	of	of	ADP
cblr-8632	56	31	marketable	marketable	ADJ
cblr-8632	56	32	odd	odd	ADJ
cblr-8632	56	33	lot	lot	NOUN
cblr-8632	56	34	orders9	orders9	NOUN
cblr-8632	57	1	html#.yk1nj6hkhpy	html#.yk1nj6hkhpy	ADJ
cblr-8632	57	2	[	[	X
cblr-8632	57	3	https://perma.cc/zrz2-t6cl	https://perma.cc/zrz2-t6cl	X
cblr-8632	57	4	]	]	X
cblr-8632	57	5	(	(	PUNCT
cblr-8632	57	6	last	last	ADJ
cblr-8632	57	7	visited	visit	VERB
cblr-8632	57	8	may	may	AUX
cblr-8632	57	9	25	25	NUM
cblr-8632	57	10	,	,	PUNCT
cblr-8632	57	11	2021	2021	NUM
cblr-8632	57	12	)	)	PUNCT
cblr-8632	57	13	(	(	PUNCT
cblr-8632	57	14	giving	give	VERB
cblr-8632	57	15	the	the	DET
cblr-8632	57	16	most	most	ADV
cblr-8632	57	17	recent	recent	ADJ
cblr-8632	57	18	data	datum	NOUN
cblr-8632	57	19	)	)	PUNCT
cblr-8632	57	20	;	;	PUNCT
cblr-8632	58	1	phil	phil	PROPN
cblr-8632	58	2	mackintosh	mackintosh	PROPN
cblr-8632	58	3	,	,	PUNCT
cblr-8632	58	4	odd	odd	ADJ
cblr-8632	58	5	facts	fact	NOUN
cblr-8632	58	6	about	about	ADP
cblr-8632	58	7	odd	odd	ADJ
cblr-8632	58	8	lots	lot	NOUN
cblr-8632	58	9	,	,	PUNCT
cblr-8632	58	10	nasdaq	nasdaq	PROPN
cblr-8632	58	11	(	(	PUNCT
cblr-8632	58	12	apr	apr	PROPN
cblr-8632	58	13	.	.	PROPN
cblr-8632	58	14	22	22	NUM
cblr-8632	58	15	,	,	PUNCT
cblr-8632	58	16	2021	2021	NUM
cblr-8632	58	17	,	,	PUNCT
cblr-8632	58	18	10:23	10:23	NUM
cblr-8632	58	19	am	am	NOUN
cblr-8632	58	20	)	)	PUNCT
cblr-8632	58	21	,	,	PUNCT
cblr-8632	58	22	https://www.nasdaq.com/articles/odd-facts-about-odd-lots-2021-04-22	https://www.nasdaq.com/articles/odd-facts-about-odd-lots-2021-04-22	PROPN
cblr-8632	58	23	[	[	X
cblr-8632	58	24	https://perma.cc/y5rg-xbaf	https://perma.cc/y5rg-xbaf	X
cblr-8632	58	25	]	]	X
cblr-8632	58	26	(	(	PUNCT
cblr-8632	58	27	discussing	discuss	VERB
cblr-8632	58	28	trends	trend	NOUN
cblr-8632	58	29	in	in	ADP
cblr-8632	58	30	odd	odd	ADJ
cblr-8632	58	31	lot	lot	NOUN
cblr-8632	58	32	trades	trade	NOUN
cblr-8632	58	33	)	)	PUNCT
cblr-8632	58	34	.	.	PUNCT
cblr-8632	59	1	9	9	NUM
cblr-8632	59	2	a	a	DET
cblr-8632	59	3	marketable	marketable	ADJ
cblr-8632	59	4	order	order	NOUN
cblr-8632	59	5	is	be	AUX
cblr-8632	59	6	an	an	DET
cblr-8632	59	7	order	order	NOUN
cblr-8632	59	8	to	to	PART
cblr-8632	59	9	buy	buy	VERB
cblr-8632	59	10	or	or	CCONJ
cblr-8632	59	11	sell	sell	VERB
cblr-8632	59	12	at	at	ADP
cblr-8632	59	13	the	the	DET
cblr-8632	59	14	prevailing	prevail	VERB
cblr-8632	59	15	“	"	PUNCT
cblr-8632	59	16	market	market	NOUN
cblr-8632	59	17	price	price	NOUN
cblr-8632	59	18	,	,	PUNCT
cblr-8632	59	19	”	"	PUNCT
cblr-8632	59	20	and	and	CCONJ
cblr-8632	59	21	a	a	DET
cblr-8632	59	22	broker	broker	NOUN
cblr-8632	59	23	-	-	PUNCT
cblr-8632	59	24	dealer	dealer	NOUN
cblr-8632	59	25	“	"	PUNCT
cblr-8632	59	26	has	have	VERB
cblr-8632	59	27	a	a	DET
cblr-8632	59	28	legal	legal	ADJ
cblr-8632	59	29	duty	duty	NOUN
cblr-8632	59	30	to	to	PART
cblr-8632	59	31	seek	seek	VERB
cblr-8632	59	32	best	good	ADJ
cblr-8632	59	33	execution	execution	NOUN
cblr-8632	59	34	of	of	ADP
cblr-8632	59	35	”	"	PUNCT
cblr-8632	59	36	a	a	DET
cblr-8632	59	37	customer	customer	NOUN
cblr-8632	59	38	’s	’s	PART
cblr-8632	59	39	marketable	marketable	ADJ
cblr-8632	59	40	orders	order	NOUN
cblr-8632	59	41	.	.	PUNCT
cblr-8632	60	1	see	see	VERB
cblr-8632	60	2	i	i	PRON
cblr-8632	60	3	d.	d.	PROPN
cblr-8632	60	4	at	at	ADP
cblr-8632	60	5	18,605	18,605	NUM
cblr-8632	60	6	(	(	PUNCT
cblr-8632	60	7	citing	cite	VERB
cblr-8632	60	8	regulation	regulation	NOUN
cblr-8632	60	9	nms	nms	NOUN
cblr-8632	60	10	,	,	PUNCT
cblr-8632	60	11	70	70	NUM
cblr-8632	60	12	fed	feed	VERB
cblr-8632	60	13	.	.	PUNCT
cblr-8632	61	1	reg	reg	PROPN
cblr-8632	61	2	.	.	PROPN
cblr-8632	61	3	37,496	37,496	NUM
cblr-8632	61	4	,	,	PUNCT
cblr-8632	61	5	37,537	37,537	NUM
cblr-8632	61	6	(	(	PUNCT
cblr-8632	61	7	june	june	PROPN
cblr-8632	61	8	29	29	NUM
cblr-8632	61	9	,	,	PUNCT
cblr-8632	61	10	2005	2005	NUM
cblr-8632	61	11	)	)	PUNCT
cblr-8632	61	12	(	(	PUNCT
cblr-8632	61	13	codified	codify	VERB
cblr-8632	61	14	as	as	SCONJ
cblr-8632	61	15	amended	amend	VERB
cblr-8632	61	16	in	in	ADP
cblr-8632	61	17	scattered	scattered	ADJ
cblr-8632	61	18	parts	part	NOUN
cblr-8632	61	19	of	of	ADP
cblr-8632	61	20	17	17	NUM
cblr-8632	61	21	c.f.r	c.f.r	NOUN
cblr-8632	61	22	.	.	PUNCT
cblr-8632	61	23	)	)	PUNCT
cblr-8632	61	24	)	)	PUNCT
cblr-8632	61	25	.	.	PUNCT
cblr-8632	62	1	this	this	DET
cblr-8632	62	2	duty	duty	NOUN
cblr-8632	62	3	stems	stem	VERB
cblr-8632	62	4	“	"	PUNCT
cblr-8632	62	5	from	from	ADP
cblr-8632	62	6	common	common	ADJ
cblr-8632	62	7	law	law	NOUN
cblr-8632	62	8	agency	agency	NOUN
cblr-8632	62	9	principles	principle	NOUN
cblr-8632	62	10	and	and	CCONJ
cblr-8632	62	11	fiduciary	fiduciary	ADJ
cblr-8632	62	12	obligations	obligation	NOUN
cblr-8632	62	13	,	,	PUNCT
cblr-8632	62	14	”	"	PUNCT
cblr-8632	62	15	see	see	VERB
cblr-8632	62	16	i	i	PROPN
cblr-8632	62	17	d.	d.	PROPN
cblr-8632	62	18	(	(	PUNCT
cblr-8632	62	19	citing	cite	VERB
cblr-8632	62	20	regulation	regulation	NOUN
cblr-8632	62	21	nms	nms	NOUN
cblr-8632	62	22	,	,	PUNCT
cblr-8632	62	23	70	70	NUM
cblr-8632	62	24	fed	feed	VERB
cblr-8632	62	25	.	.	PUNCT
cblr-8632	63	1	reg	reg	PROPN
cblr-8632	63	2	.	.	PUNCT
cblr-8632	64	1	at	at	ADP
cblr-8632	64	2	37,538	37,538	NUM
cblr-8632	64	3	)	)	PUNCT
cblr-8632	64	4	,	,	PUNCT
cblr-8632	64	5	and	and	CCONJ
cblr-8632	64	6	the	the	DET
cblr-8632	64	7	rules	rule	NOUN
cblr-8632	64	8	of	of	ADP
cblr-8632	64	9	the	the	DET
cblr-8632	64	10	financial	financial	ADJ
cblr-8632	64	11	industry	industry	NOUN
cblr-8632	64	12	regulatory	regulatory	ADJ
cblr-8632	64	13	authority	authority	NOUN
cblr-8632	64	14	(	(	PUNCT
cblr-8632	64	15	finra)—the	finra)—the	DET
cblr-8632	64	16	self	self	NOUN
cblr-8632	64	17	-	-	PUNCT
cblr-8632	64	18	regulatory	regulatory	ADJ
cblr-8632	64	19	organization	organization	NOUN
cblr-8632	64	20	for	for	ADP
cblr-8632	64	21	broker	broker	NOUN
cblr-8632	64	22	-	-	PUNCT
cblr-8632	64	23	dealers	dealer	NOUN
cblr-8632	64	24	—	—	PUNCT
cblr-8632	64	25	likewise	likewise	ADV
cblr-8632	64	26	require	require	VERB
cblr-8632	64	27	a	a	DET
cblr-8632	64	28	broker	broker	NOUN
cblr-8632	64	29	-	-	PUNCT
cblr-8632	64	30	dealer	dealer	NOUN
cblr-8632	64	31	to	to	PART
cblr-8632	64	32	“	"	PUNCT
cblr-8632	64	33	use	use	VERB
cblr-8632	64	34	reasonable	reasonable	ADJ
cblr-8632	64	35	diligence	diligence	NOUN
cblr-8632	64	36	to	to	PART
cblr-8632	64	37	ascertain	ascertain	VERB
cblr-8632	64	38	the	the	DET
cblr-8632	64	39	best	good	ADJ
cblr-8632	64	40	market	market	NOUN
cblr-8632	64	41	for	for	ADP
cblr-8632	64	42	the	the	DET
cblr-8632	64	43	subject	subject	ADJ
cblr-8632	64	44	security	security	NOUN
cblr-8632	64	45	and	and	CCONJ
cblr-8632	64	46	buy	buy	VERB
cblr-8632	64	47	or	or	CCONJ
cblr-8632	64	48	sell	sell	VERB
cblr-8632	64	49	in	in	ADP
cblr-8632	64	50	such	such	ADJ
cblr-8632	64	51	market	market	NOUN
cblr-8632	64	52	so	so	SCONJ
cblr-8632	64	53	that	that	SCONJ
cblr-8632	64	54	the	the	DET
cblr-8632	64	55	resultant	resultant	NOUN
cblr-8632	64	56	price	price	NOUN
cblr-8632	64	57	to	to	ADP
cblr-8632	64	58	the	the	DET
cblr-8632	64	59	customer	customer	NOUN
cblr-8632	64	60	is	be	AUX
cblr-8632	64	61	as	as	ADV
cblr-8632	64	62	favorable	favorable	ADJ
cblr-8632	64	63	as	as	ADP
cblr-8632	64	64	possible	possible	ADJ
cblr-8632	64	65	under	under	ADP
cblr-8632	64	66	prevailing	prevail	VERB
cblr-8632	64	67	market	market	NOUN
cblr-8632	64	68	conditions	condition	NOUN
cblr-8632	64	69	.	.	PUNCT
cblr-8632	64	70	”	"	PUNCT
cblr-8632	65	1	finra	finra	PROPN
cblr-8632	65	2	r.	r.	PROPN
cblr-8632	65	3	5310	5310	NUM
cblr-8632	65	4	(	(	PUNCT
cblr-8632	66	1	fin	fin	PROPN
cblr-8632	66	2	.	.	PUNCT
cblr-8632	66	3	indus	indus	PROPN
cblr-8632	66	4	.	.	PUNCT
cblr-8632	67	1	regul	regul	NOUN
cblr-8632	67	2	.	.	PUNCT
cblr-8632	68	1	auth	auth	PROPN
cblr-8632	68	2	.	.	PUNCT
cblr-8632	68	3	2021	2021	NUM
cblr-8632	68	4	)	)	PUNCT
cblr-8632	68	5	.	.	PUNCT
cblr-8632	69	1	“	"	PUNCT
cblr-8632	69	2	in	in	ADP
cblr-8632	69	3	addition	addition	NOUN
cblr-8632	69	4	to	to	ADP
cblr-8632	69	5	the	the	DET
cblr-8632	69	6	best	good	ADJ
cblr-8632	69	7	price	price	NOUN
cblr-8632	69	8	reasonably	reasonably	ADV
cblr-8632	69	9	available	available	ADJ
cblr-8632	69	10	,	,	PUNCT
cblr-8632	69	11	speed	speed	NOUN
cblr-8632	69	12	of	of	ADP
cblr-8632	69	13	execution	execution	NOUN
cblr-8632	69	14	and	and	CCONJ
cblr-8632	69	15	available	available	ADJ
cblr-8632	69	16	liquidity	liquidity	NOUN
cblr-8632	69	17	,	,	PUNCT
cblr-8632	69	18	the	the	DET
cblr-8632	69	19	[	[	X
cblr-8632	69	20	sec	sec	X
cblr-8632	69	21	]	]	X
cblr-8632	69	22	has	have	AUX
cblr-8632	69	23	articulated	articulate	VERB
cblr-8632	69	24	a	a	DET
cblr-8632	69	25	non	non	ADJ
cblr-8632	69	26	-	-	ADJ
cblr-8632	69	27	exhaustive	exhaustive	ADJ
cblr-8632	69	28	list	list	NOUN
cblr-8632	69	29	of	of	ADP
cblr-8632	69	30	factors	factor	NOUN
cblr-8632	69	31	that	that	PRON
cblr-8632	69	32	may	may	AUX
cblr-8632	69	33	be	be	AUX
cblr-8632	69	34	relevant	relevant	ADJ
cblr-8632	69	35	to	to	ADP
cblr-8632	69	36	[	[	PUNCT
cblr-8632	69	37	a	a	DET
cblr-8632	69	38	broker	broker	NOUN
cblr-8632	69	39	’s	’s	PART
cblr-8632	69	40	]	]	X
cblr-8632	69	41	best	good	ADJ
cblr-8632	69	42	execution	execution	NOUN
cblr-8632	69	43	analysis	analysis	NOUN
cblr-8632	69	44	,	,	PUNCT
cblr-8632	69	45	”	"	PUNCT
cblr-8632	69	46	including	include	VERB
cblr-8632	69	47	“	"	PUNCT
cblr-8632	69	48	the	the	DET
cblr-8632	69	49	size	size	NOUN
cblr-8632	69	50	of	of	ADP
cblr-8632	69	51	the	the	DET
cblr-8632	69	52	order	order	NOUN
cblr-8632	69	53	.	.	PUNCT
cblr-8632	69	54	.	.	PUNCT
cblr-8632	69	55	.	.	PUNCT
cblr-8632	70	1	[	[	X
cblr-8632	70	2	,	,	PUNCT
cblr-8632	70	3	]	]	PUNCT
cblr-8632	70	4	the	the	DET
cblr-8632	70	5	trading	trading	NOUN
cblr-8632	70	6	characteristics	characteristic	NOUN
cblr-8632	70	7	of	of	ADP
cblr-8632	70	8	the	the	DET
cblr-8632	70	9	security	security	NOUN
cblr-8632	70	10	involved	involve	VERB
cblr-8632	70	11	,	,	PUNCT
cblr-8632	70	12	”	"	PUNCT
cblr-8632	70	13	20	20	NUM
cblr-8632	70	14	%	%	NOUN
cblr-8632	70	15	40	40	NUM
cblr-8632	70	16	%	%	NOUN
cblr-8632	70	17	60	60	NUM
cblr-8632	70	18	%	%	NOUN
cblr-8632	70	19	80	80	NUM
cblr-8632	70	20	%	%	NOUN
cblr-8632	70	21	p	p	PROPN
cblr-8632	70	22	er	er	INTJ
cblr-8632	70	23	ce	ce	PROPN
cblr-8632	70	24	n	n	ADV
cblr-8632	70	25	ta	ta	X
cblr-8632	71	1	ge	ge	PROPN
cblr-8632	72	1	o	o	X
cblr-8632	73	1	f	f	PROPN
cblr-8632	74	1	d	d	NOUN
cblr-8632	74	2	ai	ai	VERB
cblr-8632	74	3	ly	ly	ADP
cblr-8632	74	4	t	t	PROPN
cblr-8632	74	5	ra	ra	PROPN
cblr-8632	74	6	de	de	PROPN
cblr-8632	74	7	s	s	PROPN
cblr-8632	74	8	01/01/2014	01/01/2014	NOUN
cblr-8632	74	9	01/01/2015	01/01/2015	NUM
cblr-8632	74	10	01/01/2016	01/01/2016	NUM
cblr-8632	74	11	01/01/2017	01/01/2017	NUM
cblr-8632	74	12	01/01/2018	01/01/2018	NUM
cblr-8632	74	13	01/01/2019	01/01/2019	NUM
cblr-8632	74	14	01/01/2020	01/01/2020	NUM
cblr-8632	74	15	01/01/2021	01/01/2021	NUM
cblr-8632	74	16	odd	odd	ADJ
cblr-8632	74	17	lots	lot	NOUN
cblr-8632	74	18	non	non	ADJ
cblr-8632	74	19	-	-	ADJ
cblr-8632	74	20	odd	odd	ADJ
cblr-8632	74	21	lots	lot	NOUN
cblr-8632	74	22	bartlett	bartlett	PROPN
cblr-8632	74	23	8/20/2021	8/20/2021	NUM
cblr-8632	74	24	6:20	6:20	NUM
cblr-8632	74	25	pm	pm	NOUN
cblr-8632	74	26	524	524	NUM
cblr-8632	74	27	columbia	columbia	PROPN
cblr-8632	74	28	business	business	NOUN
cblr-8632	74	29	law	law	PROPN
cblr-8632	74	30	review	review	NOUN
cblr-8632	74	31	[	[	X
cblr-8632	74	32	vol	vol	NOUN
cblr-8632	74	33	.	.	PUNCT
cblr-8632	74	34	2021	2021	NUM
cblr-8632	74	35	have	have	AUX
cblr-8632	74	36	become	become	VERB
cblr-8632	74	37	more	more	ADV
cblr-8632	74	38	important	important	ADJ
cblr-8632	74	39	,	,	PUNCT
cblr-8632	74	40	especially	especially	ADV
cblr-8632	74	41	for	for	ADP
cblr-8632	74	42	retail	retail	ADJ
cblr-8632	74	43	trades	trade	NOUN
cblr-8632	74	44	,	,	PUNCT
cblr-8632	74	45	where	where	SCONJ
cblr-8632	74	46	best	good	ADJ
cblr-8632	74	47	execution	execution	NOUN
cblr-8632	74	48	is	be	AUX
cblr-8632	74	49	typically	typically	ADV
cblr-8632	74	50	defined	define	VERB
cblr-8632	74	51	as	as	ADP
cblr-8632	74	52	receiving	receive	VERB
cblr-8632	74	53	the	the	DET
cblr-8632	74	54	best	good	ADJ
cblr-8632	74	55	price	price	NOUN
cblr-8632	74	56	available	available	ADJ
cblr-8632	74	57	across	across	ADP
cblr-8632	74	58	different	different	ADJ
cblr-8632	74	59	market	market	NOUN
cblr-8632	74	60	centers.10	centers.10	NOUN
cblr-8632	74	61	consider	consider	VERB
cblr-8632	74	62	the	the	DET
cblr-8632	74	63	lifecycle	lifecycle	NOUN
cblr-8632	74	64	of	of	ADP
cblr-8632	74	65	a	a	DET
cblr-8632	74	66	typical	typical	ADJ
cblr-8632	74	67	marketable	marketable	ADJ
cblr-8632	74	68	retail	retail	ADJ
cblr-8632	74	69	order	order	NOUN
cblr-8632	74	70	,	,	PUNCT
cblr-8632	74	71	as	as	SCONJ
cblr-8632	74	72	depicted	depict	VERB
cblr-8632	74	73	in	in	ADP
cblr-8632	74	74	figure	figure	NOUN
cblr-8632	74	75	2	2	NUM
cblr-8632	74	76	.	.	PUNCT
cblr-8632	75	1	and	and	CCONJ
cblr-8632	75	2	the	the	DET
cblr-8632	75	3	difficulty	difficulty	NOUN
cblr-8632	75	4	of	of	ADP
cblr-8632	75	5	achieving	achieve	VERB
cblr-8632	75	6	an	an	DET
cblr-8632	75	7	execution	execution	NOUN
cblr-8632	75	8	in	in	ADP
cblr-8632	75	9	a	a	DET
cblr-8632	75	10	particular	particular	ADJ
cblr-8632	75	11	market	market	NOUN
cblr-8632	75	12	.	.	PUNCT
cblr-8632	76	1	see	see	VERB
cblr-8632	76	2	market	market	NOUN
cblr-8632	76	3	data	datum	NOUN
cblr-8632	76	4	infrastructure	infrastructure	NOUN
cblr-8632	76	5	,	,	PUNCT
cblr-8632	76	6	86	86	NUM
cblr-8632	76	7	fed	fed	PROPN
cblr-8632	76	8	.	.	PUNCT
cblr-8632	77	1	reg	reg	PROPN
cblr-8632	77	2	.	.	PUNCT
cblr-8632	78	1	at	at	ADP
cblr-8632	78	2	18,605	18,605	NUM
cblr-8632	78	3	(	(	PUNCT
cblr-8632	78	4	citing	cite	VERB
cblr-8632	78	5	kurz	kurz	PROPN
cblr-8632	78	6	v.	v.	PROPN
cblr-8632	78	7	fidelity	fidelity	PROPN
cblr-8632	78	8	mgmt	mgmt	PROPN
cblr-8632	78	9	.	.	PROPN
cblr-8632	78	10	&	&	CCONJ
cblr-8632	78	11	rsch	rsch	PROPN
cblr-8632	78	12	.	.	PUNCT
cblr-8632	79	1	co.	co.	PROPN
cblr-8632	79	2	,	,	PUNCT
cblr-8632	79	3	556	556	NUM
cblr-8632	79	4	f.3d	f.3d	NUM
cblr-8632	79	5	639	639	NUM
cblr-8632	79	6	,	,	PUNCT
cblr-8632	79	7	640	640	NUM
cblr-8632	79	8	(	(	PUNCT
cblr-8632	79	9	7th	7th	ADJ
cblr-8632	79	10	cir	cir	NOUN
cblr-8632	79	11	.	.	PUNCT
cblr-8632	79	12	2009	2009	NUM
cblr-8632	79	13	)	)	PUNCT
cblr-8632	79	14	)	)	PUNCT
cblr-8632	80	1	(	(	PUNCT
cblr-8632	80	2	quoting	quote	VERB
cblr-8632	80	3	disclosure	disclosure	NOUN
cblr-8632	80	4	of	of	ADP
cblr-8632	80	5	order	order	NOUN
cblr-8632	80	6	execution	execution	NOUN
cblr-8632	80	7	and	and	CCONJ
cblr-8632	80	8	routing	routing	NOUN
cblr-8632	80	9	practices	practice	NOUN
cblr-8632	80	10	,	,	PUNCT
cblr-8632	80	11	65	65	NUM
cblr-8632	80	12	fed	feed	VERB
cblr-8632	80	13	.	.	PUNCT
cblr-8632	81	1	reg	reg	PROPN
cblr-8632	81	2	.	.	PUNCT
cblr-8632	82	1	75,414	75,414	NUM
cblr-8632	82	2	,	,	PUNCT
cblr-8632	82	3	75,418	75,418	NUM
cblr-8632	82	4	(	(	PUNCT
cblr-8632	82	5	dec	dec	PROPN
cblr-8632	82	6	.	.	PROPN
cblr-8632	82	7	1	1	NUM
cblr-8632	82	8	,	,	PUNCT
cblr-8632	82	9	2000	2000	NUM
cblr-8632	82	10	)	)	PUNCT
cblr-8632	82	11	(	(	PUNCT
cblr-8632	82	12	codified	codify	VERB
cblr-8632	82	13	as	as	SCONJ
cblr-8632	82	14	amended	amend	VERB
cblr-8632	82	15	at	at	ADP
cblr-8632	82	16	17	17	NUM
cblr-8632	82	17	c.f.r	c.f.r	NOUN
cblr-8632	82	18	.	.	PUNCT
cblr-8632	83	1	pt	pt	PROPN
cblr-8632	83	2	.	.	PROPN
cblr-8632	83	3	242	242	NUM
cblr-8632	83	4	)	)	PUNCT
cblr-8632	83	5	)	)	PUNCT
cblr-8632	83	6	.	.	PUNCT
cblr-8632	84	1	10	10	NUM
cblr-8632	84	2	see	see	VERB
cblr-8632	84	3	,	,	PUNCT
cblr-8632	84	4	e.g.	e.g.	ADV
cblr-8632	84	5	,	,	PUNCT
cblr-8632	84	6	morris	morris	PROPN
cblr-8632	84	7	mendelson	mendelson	PROPN
cblr-8632	84	8	&	&	CCONJ
cblr-8632	84	9	junius	junius	PROPN
cblr-8632	84	10	w.	w.	PROPN
cblr-8632	84	11	peake	peake	PROPN
cblr-8632	84	12	,	,	PUNCT
cblr-8632	84	13	intermediaries	intermediary	NOUN
cblr-8632	84	14	’	'	PUNCT
cblr-8632	84	15	or	or	CCONJ
cblr-8632	84	16	investors	investor	NOUN
cblr-8632	84	17	’	'	PUNCT
cblr-8632	84	18	:	:	PUNCT
cblr-8632	84	19	whose	whose	DET
cblr-8632	84	20	market	market	NOUN
cblr-8632	84	21	is	be	AUX
cblr-8632	84	22	it	it	PRON
cblr-8632	84	23	anyway	anyway	ADV
cblr-8632	84	24	?	?	PUNCT
cblr-8632	84	25	,	,	PUNCT
cblr-8632	84	26	19	19	NUM
cblr-8632	84	27	j.	j.	PROPN
cblr-8632	84	28	corp	corp	PROPN
cblr-8632	84	29	.	.	PROPN
cblr-8632	84	30	l.	l.	PROPN
cblr-8632	84	31	443	443	NUM
cblr-8632	84	32	,	,	PUNCT
cblr-8632	84	33	480	480	NUM
cblr-8632	84	34	(	(	PUNCT
cblr-8632	84	35	1994	1994	NUM
cblr-8632	84	36	)	)	PUNCT
cblr-8632	84	37	.	.	PUNCT
cblr-8632	85	1	(	(	PUNCT
cblr-8632	85	2	“	"	PUNCT
cblr-8632	85	3	what	what	PRON
cblr-8632	85	4	most	most	ADJ
cblr-8632	85	5	observers	observer	NOUN
cblr-8632	85	6	believe	believe	VERB
cblr-8632	85	7	‘	'	PUNCT
cblr-8632	85	8	best	good	ADJ
cblr-8632	85	9	execution	execution	NOUN
cblr-8632	85	10	’	'	PUNCT
cblr-8632	85	11	means	mean	NOUN
cblr-8632	85	12	—	—	PUNCT
cblr-8632	85	13	including	include	VERB
cblr-8632	85	14	every	every	DET
cblr-8632	85	15	institutional	institutional	ADJ
cblr-8632	85	16	and	and	CCONJ
cblr-8632	85	17	individual	individual	ADJ
cblr-8632	85	18	customer	customer	NOUN
cblr-8632	85	19	we	we	PRON
cblr-8632	85	20	have	have	AUX
cblr-8632	85	21	ever	ever	ADV
cblr-8632	85	22	met	meet	VERB
cblr-8632	85	23	—	—	PUNCT
cblr-8632	85	24	is	be	AUX
cblr-8632	85	25	that	that	SCONJ
cblr-8632	85	26	at	at	ADP
cblr-8632	85	27	the	the	DET
cblr-8632	85	28	moment	moment	NOUN
cblr-8632	85	29	of	of	ADP
cblr-8632	85	30	the	the	DET
cblr-8632	85	31	execution	execution	NOUN
cblr-8632	85	32	the	the	DET
cblr-8632	85	33	net	net	ADJ
cblr-8632	85	34	price	price	NOUN
cblr-8632	85	35	paid	pay	VERB
cblr-8632	85	36	is	be	AUX
cblr-8632	85	37	the	the	DET
cblr-8632	85	38	lowest	low	ADJ
cblr-8632	85	39	available	available	ADJ
cblr-8632	85	40	or	or	CCONJ
cblr-8632	85	41	the	the	DET
cblr-8632	85	42	net	net	ADJ
cblr-8632	85	43	price	price	NOUN
cblr-8632	85	44	received	receive	VERB
cblr-8632	85	45	is	be	AUX
cblr-8632	85	46	the	the	DET
cblr-8632	85	47	highest	high	ADJ
cblr-8632	85	48	available	available	ADJ
cblr-8632	85	49	.	.	PUNCT
cblr-8632	85	50	”	"	PUNCT
cblr-8632	85	51	)	)	PUNCT
cblr-8632	85	52	;	;	PUNCT
cblr-8632	85	53	francis	francis	PROPN
cblr-8632	85	54	j.	j.	PROPN
cblr-8632	85	55	facciolo	facciolo	PROPN
cblr-8632	85	56	,	,	PUNCT
cblr-8632	85	57	a	a	DET
cblr-8632	85	58	broker	broker	NOUN
cblr-8632	85	59	’s	’s	PART
cblr-8632	85	60	duty	duty	NOUN
cblr-8632	85	61	of	of	ADP
cblr-8632	85	62	best	good	ADJ
cblr-8632	85	63	execution	execution	NOUN
cblr-8632	85	64	in	in	ADP
cblr-8632	85	65	the	the	DET
cblr-8632	85	66	nineteenth	nineteenth	ADJ
cblr-8632	85	67	and	and	CCONJ
cblr-8632	85	68	early	early	ADJ
cblr-8632	85	69	twentieth	twentieth	ADJ
cblr-8632	85	70	centuries	century	NOUN
cblr-8632	85	71	,	,	PUNCT
cblr-8632	85	72	26	26	NUM
cblr-8632	85	73	pace	pace	NOUN
cblr-8632	85	74	l.	l.	PROPN
cblr-8632	85	75	rev	rev	PROPN
cblr-8632	85	76	.	.	PROPN
cblr-8632	85	77	155	155	NUM
cblr-8632	85	78	,	,	PUNCT
cblr-8632	85	79	156	156	NUM
cblr-8632	85	80	(	(	PUNCT
cblr-8632	85	81	2005	2005	NUM
cblr-8632	85	82	)	)	PUNCT
cblr-8632	85	83	(	(	PUNCT
cblr-8632	85	84	“	"	PUNCT
cblr-8632	85	85	[	[	X
cblr-8632	85	86	u]ninformed	u]ninformed	ADJ
cblr-8632	85	87	small	small	ADJ
cblr-8632	85	88	traders	trader	NOUN
cblr-8632	85	89	will	will	AUX
cblr-8632	85	90	care	care	VERB
cblr-8632	85	91	above	above	ADP
cblr-8632	85	92	all	all	PRON
cblr-8632	85	93	else	else	ADV
cblr-8632	85	94	about	about	ADP
cblr-8632	85	95	the	the	DET
cblr-8632	85	96	price	price	NOUN
cblr-8632	85	97	they	they	PRON
cblr-8632	85	98	receive	receive	VERB
cblr-8632	85	99	or	or	CCONJ
cblr-8632	85	100	pay	pay	VERB
cblr-8632	85	101	.	.	PUNCT
cblr-8632	85	102	”	"	PUNCT
cblr-8632	85	103	)	)	PUNCT
cblr-8632	85	104	;	;	PUNCT
cblr-8632	85	105	stavros	stavros	PROPN
cblr-8632	85	106	gadinis	gadinis	PROPN
cblr-8632	85	107	,	,	PUNCT
cblr-8632	85	108	market	market	NOUN
cblr-8632	85	109	structure	structure	NOUN
cblr-8632	85	110	for	for	ADP
cblr-8632	85	111	institutional	institutional	ADJ
cblr-8632	85	112	investors	investor	NOUN
cblr-8632	85	113	:	:	PUNCT
cblr-8632	85	114	comparing	compare	VERB
cblr-8632	85	115	the	the	DET
cblr-8632	85	116	u.s	u.s	PROPN
cblr-8632	85	117	.	.	PROPN
cblr-8632	85	118	and	and	CCONJ
cblr-8632	85	119	e.u	e.u	PROPN
cblr-8632	85	120	.	.	PROPN
cblr-8632	85	121	regimes	regimes	PROPN
cblr-8632	85	122	,	,	PUNCT
cblr-8632	85	123	3	3	NUM
cblr-8632	85	124	va	va	NOUN
cblr-8632	85	125	.	.	PUNCT
cblr-8632	85	126	l.	l.	PROPN
cblr-8632	85	127	&	&	CCONJ
cblr-8632	85	128	bus	bus	PROPN
cblr-8632	85	129	.	.	PUNCT
cblr-8632	86	1	rev	rev	PROPN
cblr-8632	86	2	.	.	PROPN
cblr-8632	86	3	311	311	NUM
cblr-8632	86	4	,	,	PUNCT
cblr-8632	86	5	345	345	NUM
cblr-8632	86	6	(	(	PUNCT
cblr-8632	86	7	2008	2008	NUM
cblr-8632	86	8	)	)	PUNCT
cblr-8632	87	1	(	(	PUNCT
cblr-8632	87	2	“	"	PUNCT
cblr-8632	87	3	for	for	ADP
cblr-8632	87	4	retail	retail	ADJ
cblr-8632	87	5	investors	investor	NOUN
cblr-8632	87	6	trading	trade	VERB
cblr-8632	87	7	in	in	ADP
cblr-8632	87	8	small	small	ADJ
cblr-8632	87	9	increments	increment	NOUN
cblr-8632	87	10	,	,	PUNCT
cblr-8632	87	11	however	however	ADV
cblr-8632	87	12	,	,	PUNCT
cblr-8632	87	13	best	good	ADJ
cblr-8632	87	14	execution	execution	NOUN
cblr-8632	87	15	will	will	AUX
cblr-8632	87	16	typically	typically	ADV
cblr-8632	87	17	consist	consist	VERB
cblr-8632	87	18	of	of	ADP
cblr-8632	87	19	obtaining	obtain	VERB
cblr-8632	87	20	the	the	DET
cblr-8632	87	21	best	good	ADJ
cblr-8632	87	22	possible	possible	ADJ
cblr-8632	87	23	price	price	NOUN
cblr-8632	87	24	for	for	ADP
cblr-8632	87	25	their	their	PRON
cblr-8632	87	26	order	order	NOUN
cblr-8632	87	27	.	.	PUNCT
cblr-8632	87	28	”	"	PUNCT
cblr-8632	87	29	)	)	PUNCT
cblr-8632	87	30	indeed	indeed	ADV
cblr-8632	87	31	,	,	PUNCT
cblr-8632	87	32	several	several	ADJ
cblr-8632	87	33	courts	court	NOUN
cblr-8632	87	34	have	have	AUX
cblr-8632	87	35	held	hold	VERB
cblr-8632	87	36	that	that	SCONJ
cblr-8632	87	37	it	it	PRON
cblr-8632	87	38	would	would	AUX
cblr-8632	87	39	be	be	AUX
cblr-8632	87	40	a	a	DET
cblr-8632	87	41	violation	violation	NOUN
cblr-8632	87	42	of	of	ADP
cblr-8632	87	43	a	a	DET
cblr-8632	87	44	broker	broker	NOUN
cblr-8632	87	45	-	-	PUNCT
cblr-8632	87	46	dealer	dealer	NOUN
cblr-8632	87	47	’s	’s	PART
cblr-8632	87	48	duty	duty	NOUN
cblr-8632	87	49	of	of	ADP
cblr-8632	87	50	best	good	ADJ
cblr-8632	87	51	execution	execution	NOUN
cblr-8632	87	52	to	to	PART
cblr-8632	87	53	fill	fill	VERB
cblr-8632	87	54	a	a	DET
cblr-8632	87	55	retail	retail	ADJ
cblr-8632	87	56	customer	customer	NOUN
cblr-8632	87	57	’s	’s	PART
cblr-8632	87	58	marketable	marketable	ADJ
cblr-8632	87	59	order	order	NOUN
cblr-8632	87	60	at	at	ADP
cblr-8632	87	61	a	a	DET
cblr-8632	87	62	price	price	NOUN
cblr-8632	87	63	that	that	PRON
cblr-8632	87	64	is	be	AUX
cblr-8632	87	65	inferior	inferior	ADJ
cblr-8632	87	66	to	to	ADP
cblr-8632	87	67	the	the	DET
cblr-8632	87	68	price	price	NOUN
cblr-8632	87	69	that	that	PRON
cblr-8632	87	70	is	be	AUX
cblr-8632	87	71	available	available	ADJ
cblr-8632	87	72	in	in	ADP
cblr-8632	87	73	a	a	DET
cblr-8632	87	74	different	different	ADJ
cblr-8632	87	75	trading	trading	NOUN
cblr-8632	87	76	venue	venue	NOUN
cblr-8632	87	77	.	.	PUNCT
cblr-8632	88	1	see	see	VERB
cblr-8632	88	2	,	,	PUNCT
cblr-8632	88	3	e.g.	e.g.	ADV
cblr-8632	88	4	,	,	PUNCT
cblr-8632	88	5	newton	newton	PROPN
cblr-8632	88	6	v.	v.	PROPN
cblr-8632	88	7	merrill	merrill	PROPN
cblr-8632	88	8	,	,	PUNCT
cblr-8632	88	9	lynch	lynch	PROPN
cblr-8632	88	10	,	,	PUNCT
cblr-8632	88	11	pierce	pierce	PROPN
cblr-8632	88	12	,	,	PUNCT
cblr-8632	88	13	fenner	fenner	PROPN
cblr-8632	88	14	&	&	CCONJ
cblr-8632	88	15	smith	smith	PROPN
cblr-8632	88	16	,	,	PUNCT
cblr-8632	88	17	inc	inc	PROPN
cblr-8632	88	18	.	.	PROPN
cblr-8632	88	19	,	,	PUNCT
cblr-8632	88	20	135	135	NUM
cblr-8632	88	21	f.3d	f.3d	NUM
cblr-8632	88	22	266	266	NUM
cblr-8632	88	23	,	,	PUNCT
cblr-8632	88	24	271–72	271–72	NUM
cblr-8632	88	25	(	(	PUNCT
cblr-8632	88	26	1998	1998	NUM
cblr-8632	88	27	)	)	PUNCT
cblr-8632	88	28	(	(	PUNCT
cblr-8632	88	29	en	en	X
cblr-8632	88	30	banc	banc	PROPN
cblr-8632	88	31	)	)	PUNCT
cblr-8632	88	32	(	(	PUNCT
cblr-8632	88	33	holding	hold	VERB
cblr-8632	88	34	that	that	PRON
cblr-8632	88	35	,	,	PUNCT
cblr-8632	88	36	in	in	ADP
cblr-8632	88	37	an	an	DET
cblr-8632	88	38	action	action	NOUN
cblr-8632	88	39	for	for	ADP
cblr-8632	88	40	breach	breach	NOUN
cblr-8632	88	41	of	of	ADP
cblr-8632	88	42	duty	duty	NOUN
cblr-8632	88	43	of	of	ADP
cblr-8632	88	44	best	good	ADJ
cblr-8632	88	45	execution	execution	NOUN
cblr-8632	88	46	against	against	ADP
cblr-8632	88	47	a	a	DET
cblr-8632	88	48	retail	retail	ADJ
cblr-8632	88	49	brokerage	brokerage	NOUN
cblr-8632	88	50	firm	firm	NOUN
cblr-8632	88	51	that	that	PRON
cblr-8632	88	52	filled	fill	VERB
cblr-8632	88	53	market	market	NOUN
cblr-8632	88	54	orders	order	NOUN
cblr-8632	88	55	at	at	ADP
cblr-8632	88	56	the	the	DET
cblr-8632	88	57	nbbo	nbbo	NOUN
cblr-8632	88	58	,	,	PUNCT
cblr-8632	88	59	there	there	PRON
cblr-8632	88	60	was	be	VERB
cblr-8632	88	61	an	an	DET
cblr-8632	88	62	issue	issue	NOUN
cblr-8632	88	63	of	of	ADP
cblr-8632	88	64	material	material	ADJ
cblr-8632	88	65	fact	fact	NOUN
cblr-8632	88	66	as	as	ADP
cblr-8632	88	67	“	"	PUNCT
cblr-8632	88	68	to	to	ADP
cblr-8632	88	69	whether	whether	SCONJ
cblr-8632	88	70	prices	price	NOUN
cblr-8632	88	71	quoted	quote	VERB
cblr-8632	88	72	on	on	ADP
cblr-8632	88	73	private	private	ADJ
cblr-8632	88	74	on	on	ADP
cblr-8632	88	75	-	-	PUNCT
cblr-8632	88	76	line	line	NOUN
cblr-8632	88	77	services	service	NOUN
cblr-8632	88	78	like	like	ADP
cblr-8632	88	79	selectnet	selectnet	NOUN
cblr-8632	88	80	and	and	CCONJ
cblr-8632	88	81	instinet	instinet	NOUN
cblr-8632	88	82	were	be	AUX
cblr-8632	88	83	reasonably	reasonably	ADV
cblr-8632	88	84	available	available	ADJ
cblr-8632	88	85	during	during	ADP
cblr-8632	88	86	the	the	DET
cblr-8632	88	87	class	class	NOUN
cblr-8632	88	88	period	period	NOUN
cblr-8632	88	89	and	and	CCONJ
cblr-8632	88	90	whether	whether	SCONJ
cblr-8632	88	91	those	those	DET
cblr-8632	88	92	prices	price	NOUN
cblr-8632	88	93	were	be	AUX
cblr-8632	88	94	more	more	ADV
cblr-8632	88	95	favorable	favorable	ADJ
cblr-8632	88	96	than	than	ADP
cblr-8632	88	97	the	the	DET
cblr-8632	88	98	nbbo	nbbo	NOUN
cblr-8632	88	99	when	when	SCONJ
cblr-8632	88	100	plaintiffs	plaintiff	NOUN
cblr-8632	88	101	’	'	PUNCT
cblr-8632	88	102	orders	order	NOUN
cblr-8632	88	103	were	be	AUX
cblr-8632	88	104	executed	execute	VERB
cblr-8632	88	105	”	"	PUNCT
cblr-8632	88	106	)	)	PUNCT
cblr-8632	88	107	;	;	PUNCT
cblr-8632	89	1	klein	klein	PROPN
cblr-8632	89	2	v.	v.	PROPN
cblr-8632	89	3	td	td	PROPN
cblr-8632	89	4	ameritrade	ameritrade	PROPN
cblr-8632	89	5	holding	holding	PROPN
cblr-8632	89	6	corp	corp	PROPN
cblr-8632	89	7	.	.	PROPN
cblr-8632	89	8	,	,	PUNCT
cblr-8632	89	9	327	327	NUM
cblr-8632	89	10	f.r.d	f.r.d	NOUN
cblr-8632	89	11	.	.	PROPN
cblr-8632	89	12	283	283	NUM
cblr-8632	89	13	,	,	PUNCT
cblr-8632	89	14	295	295	NUM
cblr-8632	89	15	(	(	PUNCT
cblr-8632	89	16	2018	2018	NUM
cblr-8632	89	17	)	)	PUNCT
cblr-8632	89	18	(	(	PUNCT
cblr-8632	89	19	holding	hold	VERB
cblr-8632	89	20	that	that	PRON
cblr-8632	89	21	in	in	ADP
cblr-8632	89	22	a	a	DET
cblr-8632	89	23	securities	security	NOUN
cblr-8632	89	24	fraud	fraud	NOUN
cblr-8632	89	25	action	action	NOUN
cblr-8632	89	26	for	for	ADP
cblr-8632	89	27	breach	breach	NOUN
cblr-8632	89	28	of	of	ADP
cblr-8632	89	29	the	the	DET
cblr-8632	89	30	duty	duty	NOUN
cblr-8632	89	31	of	of	ADP
cblr-8632	89	32	best	good	ADJ
cblr-8632	89	33	execution	execution	NOUN
cblr-8632	89	34	,	,	PUNCT
cblr-8632	89	35	the	the	DET
cblr-8632	89	36	economic	economic	ADJ
cblr-8632	89	37	loss	loss	NOUN
cblr-8632	89	38	that	that	PRON
cblr-8632	89	39	plaintiffs	plaintiff	NOUN
cblr-8632	89	40	could	could	AUX
cblr-8632	89	41	claim	claim	VERB
cblr-8632	89	42	“	"	PUNCT
cblr-8632	89	43	would	would	AUX
cblr-8632	89	44	be	be	AUX
cblr-8632	89	45	the	the	DET
cblr-8632	89	46	difference	difference	NOUN
cblr-8632	89	47	between	between	ADP
cblr-8632	89	48	the	the	DET
cblr-8632	89	49	price	price	NOUN
cblr-8632	89	50	at	at	ADP
cblr-8632	89	51	which	which	PRON
cblr-8632	89	52	their	their	PRON
cblr-8632	89	53	trades	trade	NOUN
cblr-8632	89	54	were	be	AUX
cblr-8632	89	55	executed	execute	VERB
cblr-8632	89	56	and	and	CCONJ
cblr-8632	89	57	the	the	DET
cblr-8632	89	58	better	well	ADJ
cblr-8632	89	59	price	price	NOUN
cblr-8632	89	60	allegedly	allegedly	ADV
cblr-8632	89	61	available	available	ADJ
cblr-8632	89	62	from	from	ADP
cblr-8632	89	63	an	an	DET
cblr-8632	89	64	alternative	alternative	ADJ
cblr-8632	89	65	trading	trading	NOUN
cblr-8632	89	66	source	source	NOUN
cblr-8632	89	67	”	"	PUNCT
cblr-8632	89	68	(	(	PUNCT
cblr-8632	89	69	internal	internal	ADJ
cblr-8632	89	70	quotation	quotation	NOUN
cblr-8632	89	71	marks	mark	NOUN
cblr-8632	89	72	omitted	omit	VERB
cblr-8632	89	73	)	)	PUNCT
cblr-8632	89	74	(	(	PUNCT
cblr-8632	89	75	quoting	quote	VERB
cblr-8632	89	76	newton	newton	PROPN
cblr-8632	89	77	v.	v.	ADP
cblr-8632	89	78	merrill	merrill	PROPN
cblr-8632	89	79	,	,	PUNCT
cblr-8632	89	80	lynch	lynch	PROPN
cblr-8632	89	81	,	,	PUNCT
cblr-8632	89	82	pierce	pierce	PROPN
cblr-8632	89	83	,	,	PUNCT
cblr-8632	89	84	fenner	fenner	PROPN
cblr-8632	89	85	&	&	CCONJ
cblr-8632	89	86	smith	smith	PROPN
cblr-8632	89	87	,	,	PUNCT
cblr-8632	89	88	inc	inc	PROPN
cblr-8632	89	89	.	.	PROPN
cblr-8632	89	90	,	,	PUNCT
cblr-8632	89	91	259	259	NUM
cblr-8632	89	92	f.3d	f.3d	NUM
cblr-8632	89	93	154	154	NUM
cblr-8632	89	94	(	(	PUNCT
cblr-8632	89	95	3d	3d	PROPN
cblr-8632	89	96	cir	cir	NOUN
cblr-8632	89	97	.	.	PROPN
cblr-8632	89	98	2001	2001	NUM
cblr-8632	89	99	)	)	PUNCT
cblr-8632	89	100	)	)	PUNCT
cblr-8632	89	101	)	)	PUNCT
cblr-8632	89	102	,	,	PUNCT
cblr-8632	89	103	rev’d	rev’d	NOUN
cblr-8632	89	104	and	and	CCONJ
cblr-8632	89	105	remanded	remand	VERB
cblr-8632	89	106	on	on	ADP
cblr-8632	89	107	other	other	ADJ
cblr-8632	89	108	grounds	ground	NOUN
cblr-8632	89	109	sub	sub	X
cblr-8632	89	110	nom	nom	PROPN
cblr-8632	89	111	.	.	PROPN
cblr-8632	89	112	ford	ford	PROPN
cblr-8632	89	113	v.	v.	ADP
cblr-8632	89	114	td	td	PROPN
cblr-8632	89	115	ameritrade	ameritrade	PROPN
cblr-8632	89	116	holding	holding	PROPN
cblr-8632	89	117	corp	corp	PROPN
cblr-8632	89	118	.	.	PROPN
cblr-8632	89	119	,	,	PUNCT
cblr-8632	89	120	995	995	NUM
cblr-8632	89	121	f.3d	f.3d	NUM
cblr-8632	89	122	616	616	NUM
cblr-8632	89	123	(	(	PUNCT
cblr-8632	89	124	8th	8th	ADJ
cblr-8632	89	125	cir	cir	NOUN
cblr-8632	89	126	.	.	PROPN
cblr-8632	89	127	2021	2021	NUM
cblr-8632	89	128	)	)	PUNCT
cblr-8632	89	129	.	.	PUNCT
cblr-8632	90	1	bartlett	bartlett	PROPN
cblr-8632	90	2	8/20/2021	8/20/2021	NUM
cblr-8632	90	3	6:20	6:20	NUM
cblr-8632	90	4	pm	pm	NOUN
cblr-8632	90	5	no	no	INTJ
cblr-8632	90	6	.	.	PUNCT
cblr-8632	91	1	2:520	2:520	NUM
cblr-8632	91	2	]	]	X
cblr-8632	91	3	modernizing	modernize	VERB
cblr-8632	91	4	odd	odd	ADJ
cblr-8632	91	5	lot	lot	NOUN
cblr-8632	91	6	trading	trade	VERB
cblr-8632	91	7	525	525	NUM
cblr-8632	91	8	figure	figure	NOUN
cblr-8632	91	9	2	2	NUM
cblr-8632	91	10	.	.	X
cblr-8632	91	11	lifecycle	lifecycle	NOUN
cblr-8632	91	12	of	of	ADP
cblr-8632	91	13	an	an	DET
cblr-8632	91	14	order	order	NOUN
cblr-8632	91	15	first	first	ADV
cblr-8632	91	16	,	,	PUNCT
cblr-8632	91	17	a	a	DET
cblr-8632	91	18	retail	retail	ADJ
cblr-8632	91	19	trader	trader	NOUN
cblr-8632	91	20	places	place	VERB
cblr-8632	91	21	a	a	DET
cblr-8632	91	22	marketable	marketable	ADJ
cblr-8632	91	23	order	order	NOUN
cblr-8632	91	24	to	to	PART
cblr-8632	91	25	buy	buy	VERB
cblr-8632	91	26	one	one	NUM
cblr-8632	91	27	share	share	NOUN
cblr-8632	91	28	of	of	ADP
cblr-8632	91	29	abc	abc	PROPN
cblr-8632	91	30	with	with	ADP
cblr-8632	91	31	a	a	DET
cblr-8632	91	32	retail	retail	ADJ
cblr-8632	91	33	brokerage	brokerage	NOUN
cblr-8632	91	34	firm	firm	NOUN
cblr-8632	91	35	.	.	PUNCT
cblr-8632	92	1	second	second	ADJ
cblr-8632	92	2	,	,	PUNCT
cblr-8632	92	3	the	the	DET
cblr-8632	92	4	broker	broker	NOUN
cblr-8632	92	5	sells	sell	VERB
cblr-8632	92	6	the	the	DET
cblr-8632	92	7	order	order	NOUN
cblr-8632	92	8	to	to	ADP
cblr-8632	92	9	a	a	DET
cblr-8632	92	10	wholesale	wholesale	ADJ
cblr-8632	92	11	market	market	NOUN
cblr-8632	92	12	maker	maker	NOUN
cblr-8632	92	13	(	(	PUNCT
cblr-8632	92	14	known	know	VERB
cblr-8632	92	15	as	as	ADP
cblr-8632	92	16	an	an	DET
cblr-8632	92	17	“	"	PUNCT
cblr-8632	92	18	internalizer	internalizer	NOUN
cblr-8632	92	19	”	"	PUNCT
cblr-8632	92	20	)	)	PUNCT
cblr-8632	92	21	who	who	PRON
cblr-8632	92	22	has	have	AUX
cblr-8632	92	23	agreed	agree	VERB
cblr-8632	92	24	with	with	ADP
cblr-8632	92	25	the	the	DET
cblr-8632	92	26	broker	broker	NOUN
cblr-8632	92	27	to	to	PART
cblr-8632	92	28	fill	fill	VERB
cblr-8632	92	29	retail	retail	ADJ
cblr-8632	92	30	market	market	NOUN
cblr-8632	92	31	orders	order	NOUN
cblr-8632	92	32	at	at	ADP
cblr-8632	92	33	a	a	DET
cblr-8632	92	34	price	price	NOUN
cblr-8632	92	35	that	that	PRON
cblr-8632	92	36	is	be	AUX
cblr-8632	92	37	at	at	ADP
cblr-8632	92	38	or	or	CCONJ
cblr-8632	92	39	better	well	ADJ
cblr-8632	92	40	than	than	ADP
cblr-8632	92	41	the	the	DET
cblr-8632	92	42	national	national	ADJ
cblr-8632	92	43	best	well	ADV
cblr-8632	92	44	bid	bid	NOUN
cblr-8632	92	45	or	or	CCONJ
cblr-8632	92	46	offer	offer	NOUN
cblr-8632	92	47	(	(	PUNCT
cblr-8632	92	48	nbbo	nbbo	NOUN
cblr-8632	92	49	)	)	PUNCT
cblr-8632	92	50	displayed	display	VERB
cblr-8632	92	51	across	across	ADP
cblr-8632	92	52	all	all	DET
cblr-8632	92	53	exchanges.11	exchanges.11	NOUN
cblr-8632	92	54	to	to	PART
cblr-8632	92	55	determine	determine	VERB
cblr-8632	92	56	the	the	DET
cblr-8632	92	57	nbbo	nbbo	NOUN
cblr-8632	92	58	,	,	PUNCT
cblr-8632	92	59	the	the	DET
cblr-8632	92	60	internalizer	internalizer	NOUN
cblr-8632	92	61	either	either	CCONJ
cblr-8632	92	62	subscribes	subscribe	VERB
cblr-8632	92	63	to	to	ADP
cblr-8632	92	64	real	real	ADJ
cblr-8632	92	65	-	-	PUNCT
cblr-8632	92	66	time	time	NOUN
cblr-8632	92	67	proprietary	proprietary	ADJ
cblr-8632	92	68	data	datum	NOUN
cblr-8632	92	69	feeds	feed	NOUN
cblr-8632	92	70	offered	offer	VERB
cblr-8632	92	71	by	by	ADP
cblr-8632	92	72	all	all	DET
cblr-8632	92	73	sixteen	sixteen	NUM
cblr-8632	92	74	u.s	u.s	PROPN
cblr-8632	92	75	.	.	PROPN
cblr-8632	92	76	stock	stock	NOUN
cblr-8632	92	77	exchanges	exchange	NOUN
cblr-8632	92	78	or	or	CCONJ
cblr-8632	92	79	it	it	PRON
cblr-8632	92	80	relies	rely	VERB
cblr-8632	92	81	on	on	ADP
cblr-8632	92	82	the	the	DET
cblr-8632	92	83	(	(	PUNCT
cblr-8632	92	84	slightly	slightly	ADV
cblr-8632	92	85	slower	slow	ADJ
cblr-8632	92	86	)	)	PUNCT
cblr-8632	92	87	consolidated	consolidated	ADJ
cblr-8632	92	88	quotations	quotation	NOUN
cblr-8632	92	89	published	publish	VERB
cblr-8632	92	90	by	by	ADP
cblr-8632	92	91	two	two	NUM
cblr-8632	92	92	securities	security	NOUN
cblr-8632	92	93	information	information	NOUN
cblr-8632	92	94	processors	processor	NOUN
cblr-8632	92	95	(	(	PUNCT
cblr-8632	92	96	sips	sip	NOUN
cblr-8632	92	97	)	)	PUNCT
cblr-8632	92	98	responsible	responsible	ADJ
cblr-8632	92	99	for	for	ADP
cblr-8632	92	100	administering	administer	VERB
cblr-8632	92	101	11	11	NUM
cblr-8632	92	102	see	see	NOUN
cblr-8632	92	103	robert	robert	PROPN
cblr-8632	92	104	p.	p.	PROPN
cblr-8632	92	105	bartlett	bartlett	PROPN
cblr-8632	92	106	,	,	PUNCT
cblr-8632	92	107	iii	iii	PROPN
cblr-8632	92	108	&	&	CCONJ
cblr-8632	92	109	justin	justin	PROPN
cblr-8632	92	110	mccrary	mccrary	PROPN
cblr-8632	92	111	,	,	PUNCT
cblr-8632	92	112	dark	dark	ADJ
cblr-8632	92	113	trading	trading	NOUN
cblr-8632	92	114	at	at	ADP
cblr-8632	92	115	the	the	DET
cblr-8632	92	116	midpoint	midpoint	NOUN
cblr-8632	92	117	:	:	PUNCT
cblr-8632	92	118	does	do	AUX
cblr-8632	92	119	sec	sec	PROPN
cblr-8632	92	120	enforcement	enforcement	NOUN
cblr-8632	92	121	policy	policy	NOUN
cblr-8632	92	122	encourage	encourage	VERB
cblr-8632	92	123	direct	direct	ADJ
cblr-8632	92	124	feed	feed	NOUN
cblr-8632	92	125	arbitrage	arbitrage	NOUN
cblr-8632	92	126	?	?	PUNCT
cblr-8632	92	127	,	,	PUNCT
cblr-8632	92	128	4	4	NUM
cblr-8632	92	129	j.l	j.l	PROPN
cblr-8632	92	130	.	.	PROPN
cblr-8632	92	131	fin	fin	PROPN
cblr-8632	92	132	.	.	PUNCT
cblr-8632	92	133	&	&	CCONJ
cblr-8632	92	134	acct	acct	PROPN
cblr-8632	92	135	.	.	PUNCT
cblr-8632	93	1	291	291	NUM
cblr-8632	93	2	,	,	PUNCT
cblr-8632	93	3	300	300	NUM
cblr-8632	93	4	&	&	CCONJ
cblr-8632	93	5	n.9	n.9	X
cblr-8632	93	6	(	(	PUNCT
cblr-8632	93	7	2019	2019	NUM
cblr-8632	93	8	)	)	PUNCT
cblr-8632	93	9	.	.	PUNCT
cblr-8632	94	1	bartlett	bartlett	PROPN
cblr-8632	94	2	8/20/2021	8/20/2021	NUM
cblr-8632	94	3	6:20	6:20	NUM
cblr-8632	94	4	pm	pm	NOUN
cblr-8632	94	5	526	526	NUM
cblr-8632	94	6	columbia	columbia	PROPN
cblr-8632	94	7	business	business	NOUN
cblr-8632	94	8	law	law	NOUN
cblr-8632	94	9	review	review	NOUN
cblr-8632	94	10	[	[	X
cblr-8632	94	11	vol	vol	NOUN
cblr-8632	94	12	.	.	PUNCT
cblr-8632	94	13	2021	2021	NUM
cblr-8632	94	14	the	the	DET
cblr-8632	94	15	consolidated	consolidated	ADJ
cblr-8632	94	16	trade	trade	NOUN
cblr-8632	94	17	and	and	CCONJ
cblr-8632	94	18	quote	quote	INTJ
cblr-8632	94	19	system.12	system.12	NOUN
cblr-8632	94	20	trading	trading	NOUN
cblr-8632	94	21	venues	venue	NOUN
cblr-8632	94	22	are	be	AUX
cblr-8632	94	23	required	require	VERB
cblr-8632	94	24	to	to	PART
cblr-8632	94	25	report	report	VERB
cblr-8632	94	26	and	and	CCONJ
cblr-8632	94	27	update	update	VERB
cblr-8632	94	28	their	their	PRON
cblr-8632	94	29	best	well	ADV
cblr-8632	94	30	available	available	ADJ
cblr-8632	94	31	quotes	quote	NOUN
cblr-8632	94	32	to	to	ADP
cblr-8632	94	33	one	one	NUM
cblr-8632	94	34	of	of	ADP
cblr-8632	94	35	two	two	NUM
cblr-8632	94	36	sips	sip	NOUN
cblr-8632	94	37	;	;	PUNCT
cblr-8632	94	38	the	the	DET
cblr-8632	94	39	sip	sip	NOUN
cblr-8632	94	40	then	then	ADV
cblr-8632	94	41	redistributes	redistribute	VERB
cblr-8632	94	42	those	those	DET
cblr-8632	94	43	quotes	quote	NOUN
cblr-8632	94	44	to	to	ADP
cblr-8632	94	45	the	the	DET
cblr-8632	94	46	public.13	public.13	NOUN
cblr-8632	94	47	in	in	ADP
cblr-8632	94	48	figure	figure	NOUN
cblr-8632	94	49	2	2	NUM
cblr-8632	94	50	,	,	PUNCT
cblr-8632	94	51	the	the	DET
cblr-8632	94	52	sip	sip	NOUN
cblr-8632	94	53	’s	’s	PART
cblr-8632	94	54	best	good	ADJ
cblr-8632	94	55	offer	offer	NOUN
cblr-8632	94	56	is	be	AUX
cblr-8632	94	57	from	from	ADP
cblr-8632	94	58	nasdaq	nasdaq	PROPN
cblr-8632	94	59	,	,	PUNCT
cblr-8632	94	60	to	to	PART
cblr-8632	94	61	sell	sell	VERB
cblr-8632	94	62	up	up	ADP
cblr-8632	94	63	to	to	PART
cblr-8632	94	64	100	100	NUM
cblr-8632	94	65	shares	share	NOUN
cblr-8632	94	66	of	of	ADP
cblr-8632	94	67	abc	abc	PROPN
cblr-8632	94	68	for	for	ADP
cblr-8632	94	69	$	$	SYM
cblr-8632	94	70	500	500	NUM
cblr-8632	94	71	.	.	PUNCT
cblr-8632	95	1	in	in	ADP
cblr-8632	95	2	the	the	DET
cblr-8632	95	3	third	third	ADJ
cblr-8632	95	4	step	step	NOUN
cblr-8632	95	5	above	above	ADV
cblr-8632	95	6	,	,	PUNCT
cblr-8632	95	7	the	the	DET
cblr-8632	95	8	internalizer	internalizer	NOUN
cblr-8632	95	9	fills	fill	VERB
cblr-8632	95	10	the	the	DET
cblr-8632	95	11	order	order	NOUN
cblr-8632	95	12	for	for	ADP
cblr-8632	95	13	a	a	DET
cblr-8632	95	14	single	single	ADJ
cblr-8632	95	15	share	share	NOUN
cblr-8632	95	16	of	of	ADP
cblr-8632	95	17	abc	abc	PROPN
cblr-8632	95	18	at	at	ADP
cblr-8632	95	19	$	$	SYM
cblr-8632	95	20	499.999	499.999	NUM
cblr-8632	95	21	.	.	PUNCT
cblr-8632	96	1	the	the	DET
cblr-8632	96	2	trader	trader	NOUN
cblr-8632	96	3	therefore	therefore	ADV
cblr-8632	96	4	receives	receive	VERB
cblr-8632	96	5	$	$	SYM
cblr-8632	96	6	0.001	0.001	NUM
cblr-8632	96	7	of	of	ADP
cblr-8632	96	8	price	price	NOUN
cblr-8632	96	9	improvement	improvement	NOUN
cblr-8632	96	10	from	from	ADP
cblr-8632	96	11	the	the	DET
cblr-8632	96	12	internalizer	internalizer	NOUN
cblr-8632	96	13	versus	versus	ADP
cblr-8632	96	14	the	the	DET
cblr-8632	96	15	nbbo.14	nbbo.14	NOUN
cblr-8632	96	16	12	12	NUM
cblr-8632	96	17	market	market	NOUN
cblr-8632	96	18	data	datum	NOUN
cblr-8632	96	19	infrastructure	infrastructure	NOUN
cblr-8632	96	20	,	,	PUNCT
cblr-8632	96	21	86	86	NUM
cblr-8632	96	22	fed	fed	PROPN
cblr-8632	96	23	.	.	PUNCT
cblr-8632	97	1	reg	reg	PROPN
cblr-8632	97	2	.	.	PROPN
cblr-8632	98	1	18,596	18,596	NUM
cblr-8632	98	2	,	,	PUNCT
cblr-8632	98	3	18,599	18,599	NUM
cblr-8632	98	4	(	(	PUNCT
cblr-8632	98	5	apr	apr	NOUN
cblr-8632	98	6	.	.	PROPN
cblr-8632	98	7	9	9	NUM
cblr-8632	98	8	,	,	PUNCT
cblr-8632	98	9	2021	2021	NUM
cblr-8632	98	10	)	)	PUNCT
cblr-8632	98	11	(	(	PUNCT
cblr-8632	98	12	to	to	PART
cblr-8632	98	13	be	be	AUX
cblr-8632	98	14	codified	codify	VERB
cblr-8632	98	15	at	at	ADP
cblr-8632	98	16	17	17	NUM
cblr-8632	98	17	c.f.r	c.f.r	NOUN
cblr-8632	98	18	.	.	PUNCT
cblr-8632	99	1	pts	pts	PROPN
cblr-8632	99	2	.	.	PROPN
cblr-8632	99	3	240	240	NUM
cblr-8632	99	4	,	,	PUNCT
cblr-8632	99	5	242	242	NUM
cblr-8632	99	6	,	,	PUNCT
cblr-8632	99	7	249	249	NUM
cblr-8632	99	8	)	)	PUNCT
cblr-8632	99	9	(	(	PUNCT
cblr-8632	99	10	“	"	PUNCT
cblr-8632	99	11	in	in	ADP
cblr-8632	99	12	addition	addition	NOUN
cblr-8632	99	13	to	to	ADP
cblr-8632	99	14	the	the	DET
cblr-8632	99	15	sip	sip	NOUN
cblr-8632	99	16	data	datum	NOUN
cblr-8632	99	17	provided	provide	VERB
cblr-8632	99	18	via	via	ADP
cblr-8632	99	19	the	the	DET
cblr-8632	99	20	equity	equity	NOUN
cblr-8632	99	21	data	datum	NOUN
cblr-8632	99	22	plans	plan	NOUN
cblr-8632	99	23	,	,	PUNCT
cblr-8632	99	24	most	most	ADJ
cblr-8632	99	25	exchanges	exchange	NOUN
cblr-8632	99	26	have	have	AUX
cblr-8632	99	27	developed	develop	VERB
cblr-8632	99	28	.	.	PUNCT
cblr-8632	99	29	.	.	PUNCT
cblr-8632	100	1	.	.	PUNCT
cblr-8632	101	1	proprietary	proprietary	ADJ
cblr-8632	101	2	depth	depth	NOUN
cblr-8632	101	3	-	-	PUNCT
cblr-8632	101	4	of	of	ADP
cblr-8632	101	5	-	-	PUNCT
cblr-8632	101	6	book	book	NOUN
cblr-8632	101	7	(	(	PUNCT
cblr-8632	101	8	‘	'	PUNCT
cblr-8632	101	9	dob	dob	ADJ
cblr-8632	101	10	’	'	PUNCT
cblr-8632	101	11	)	)	PUNCT
cblr-8632	101	12	products	product	NOUN
cblr-8632	101	13	that	that	PRON
cblr-8632	101	14	contain	contain	VERB
cblr-8632	101	15	more	more	ADV
cblr-8632	101	16	extensive	extensive	ADJ
cblr-8632	101	17	information	information	NOUN
cblr-8632	101	18	that	that	PRON
cblr-8632	101	19	is	be	AUX
cblr-8632	101	20	not	not	PART
cblr-8632	101	21	provided	provide	VERB
cblr-8632	101	22	by	by	ADP
cblr-8632	101	23	the	the	DET
cblr-8632	101	24	exclusive	exclusive	ADJ
cblr-8632	101	25	sips	sip	NOUN
cblr-8632	101	26	,	,	PUNCT
cblr-8632	101	27	such	such	ADJ
cblr-8632	101	28	as	as	ADP
cblr-8632	101	29	complete	complete	ADJ
cblr-8632	101	30	order	order	NOUN
cblr-8632	101	31	-	-	PUNCT
cblr-8632	101	32	by	by	ADP
cblr-8632	101	33	-	-	PUNCT
cblr-8632	101	34	order	order	NOUN
cblr-8632	101	35	information	information	NOUN
cblr-8632	101	36	,	,	PUNCT
cblr-8632	101	37	full	full	ADJ
cblr-8632	101	38	depth	depth	NOUN
cblr-8632	101	39	of	of	ADP
cblr-8632	101	40	book	book	NOUN
cblr-8632	101	41	information	information	NOUN
cblr-8632	101	42	,	,	PUNCT
cblr-8632	101	43	auction	auction	NOUN
cblr-8632	101	44	information	information	NOUN
cblr-8632	101	45	,	,	PUNCT
cblr-8632	101	46	and	and	CCONJ
cblr-8632	101	47	odd	odd	ADJ
cblr-8632	101	48	-	-	PUNCT
cblr-8632	101	49	lot	lot	NOUN
cblr-8632	101	50	quotation	quotation	NOUN
cblr-8632	101	51	information	information	NOUN
cblr-8632	101	52	.	.	PUNCT
cblr-8632	101	53	”	"	PUNCT
cblr-8632	101	54	)	)	PUNCT
cblr-8632	101	55	;	;	PUNCT
cblr-8632	101	56	see	see	VERB
cblr-8632	101	57	also	also	ADV
cblr-8632	101	58	infra	infra	NOUN
cblr-8632	101	59	note	note	VERB
cblr-8632	101	60	22	22	NUM
cblr-8632	101	61	(	(	PUNCT
cblr-8632	101	62	describing	describe	VERB
cblr-8632	101	63	the	the	DET
cblr-8632	101	64	use	use	NOUN
cblr-8632	101	65	by	by	ADP
cblr-8632	101	66	citadel	citadel	PROPN
cblr-8632	101	67	,	,	PUNCT
cblr-8632	101	68	a	a	DET
cblr-8632	101	69	wholesale	wholesale	ADJ
cblr-8632	101	70	market	market	NOUN
cblr-8632	101	71	maker	maker	NOUN
cblr-8632	101	72	,	,	PUNCT
cblr-8632	101	73	of	of	ADP
cblr-8632	101	74	exchanges	exchange	NOUN
cblr-8632	101	75	’	'	PUNCT
cblr-8632	101	76	proprietary	proprietary	ADJ
cblr-8632	101	77	data	datum	NOUN
cblr-8632	101	78	feeds	feed	VERB
cblr-8632	101	79	to	to	PART
cblr-8632	101	80	price	price	VERB
cblr-8632	101	81	retail	retail	ADJ
cblr-8632	101	82	trades	trade	NOUN
cblr-8632	101	83	)	)	PUNCT
cblr-8632	101	84	.	.	PUNCT
cblr-8632	102	1	13	13	NUM
cblr-8632	102	2	see	see	VERB
cblr-8632	102	3	supra	supra	PROPN
cblr-8632	102	4	note	note	NOUN
cblr-8632	102	5	3	3	X
cblr-8632	102	6	.	.	X
cblr-8632	102	7	trade	trade	NOUN
cblr-8632	102	8	and	and	CCONJ
cblr-8632	102	9	quote	quote	INTJ
cblr-8632	102	10	updates	update	NOUN
cblr-8632	102	11	for	for	ADP
cblr-8632	102	12	nyse	nyse	NOUN
cblr-8632	102	13	-	-	PUNCT
cblr-8632	102	14	listed	list	VERB
cblr-8632	102	15	securities	security	NOUN
cblr-8632	102	16	(	(	PUNCT
cblr-8632	102	17	“	"	PUNCT
cblr-8632	102	18	tape	tape	NOUN
cblr-8632	102	19	a	a	DET
cblr-8632	102	20	”	"	PUNCT
cblr-8632	102	21	securities	security	NOUN
cblr-8632	102	22	)	)	PUNCT
cblr-8632	102	23	and	and	CCONJ
cblr-8632	102	24	securities	security	NOUN
cblr-8632	102	25	listed	list	VERB
cblr-8632	102	26	on	on	ADP
cblr-8632	102	27	regional	regional	ADJ
cblr-8632	102	28	exchanges	exchange	NOUN
cblr-8632	102	29	and	and	CCONJ
cblr-8632	102	30	their	their	PRON
cblr-8632	102	31	successors	successor	NOUN
cblr-8632	102	32	(	(	PUNCT
cblr-8632	102	33	“	"	PUNCT
cblr-8632	102	34	tape	tape	NOUN
cblr-8632	102	35	b	b	NOUN
cblr-8632	102	36	”	"	PUNCT
cblr-8632	102	37	securities	security	NOUN
cblr-8632	102	38	)	)	PUNCT
cblr-8632	102	39	are	be	AUX
cblr-8632	102	40	reported	report	VERB
cblr-8632	102	41	to	to	ADP
cblr-8632	102	42	the	the	DET
cblr-8632	102	43	sip	sip	NOUN
cblr-8632	102	44	operated	operate	VERB
cblr-8632	102	45	by	by	ADP
cblr-8632	102	46	the	the	DET
cblr-8632	102	47	securities	security	NOUN
cblr-8632	102	48	industry	industry	NOUN
cblr-8632	102	49	automation	automation	NOUN
cblr-8632	102	50	corporation	corporation	NOUN
cblr-8632	102	51	(	(	PUNCT
cblr-8632	102	52	“	"	PUNCT
cblr-8632	102	53	siac	siac	NOUN
cblr-8632	102	54	”	"	PUNCT
cblr-8632	102	55	)	)	PUNCT
cblr-8632	102	56	,	,	PUNCT
cblr-8632	102	57	a	a	DET
cblr-8632	102	58	subsidiary	subsidiary	NOUN
cblr-8632	102	59	of	of	ADP
cblr-8632	102	60	the	the	DET
cblr-8632	102	61	nyse	nyse	PROPN
cblr-8632	102	62	;	;	PUNCT
cblr-8632	102	63	trade	trade	NOUN
cblr-8632	102	64	and	and	CCONJ
cblr-8632	102	65	quote	quote	INTJ
cblr-8632	102	66	updates	update	NOUN
cblr-8632	102	67	for	for	ADP
cblr-8632	102	68	nasdaq	nasdaq	NOUN
cblr-8632	102	69	-	-	PUNCT
cblr-8632	102	70	listed	list	VERB
cblr-8632	102	71	securities	security	NOUN
cblr-8632	102	72	(	(	PUNCT
cblr-8632	102	73	“	"	PUNCT
cblr-8632	102	74	tape	tape	NOUN
cblr-8632	102	75	c	c	NOUN
cblr-8632	102	76	”	"	PUNCT
cblr-8632	102	77	securities	security	NOUN
cblr-8632	102	78	)	)	PUNCT
cblr-8632	102	79	are	be	AUX
cblr-8632	102	80	reported	report	VERB
cblr-8632	102	81	to	to	ADP
cblr-8632	102	82	the	the	DET
cblr-8632	102	83	sip	sip	NOUN
cblr-8632	102	84	operated	operate	VERB
cblr-8632	102	85	by	by	ADP
cblr-8632	102	86	nasdaq	nasdaq	PROPN
cblr-8632	102	87	.	.	PUNCT
cblr-8632	103	1	see	see	VERB
cblr-8632	103	2	bartlett	bartlett	PROPN
cblr-8632	103	3	&	&	CCONJ
cblr-8632	103	4	mccrary	mccrary	PROPN
cblr-8632	103	5	,	,	PUNCT
cblr-8632	103	6	supra	supra	PROPN
cblr-8632	103	7	note	note	NOUN
cblr-8632	103	8	3	3	NUM
cblr-8632	103	9	,	,	PUNCT
cblr-8632	103	10	at	at	ADP
cblr-8632	103	11	41	41	NUM
cblr-8632	103	12	.	.	PUNCT
cblr-8632	104	1	14	14	NUM
cblr-8632	105	1	having	having	AUX
cblr-8632	105	2	sold	sell	VERB
cblr-8632	105	3	a	a	DET
cblr-8632	105	4	single	single	ADJ
cblr-8632	105	5	share	share	NOUN
cblr-8632	105	6	of	of	ADP
cblr-8632	105	7	abc	abc	PROPN
cblr-8632	105	8	to	to	ADP
cblr-8632	105	9	the	the	DET
cblr-8632	105	10	retail	retail	ADJ
cblr-8632	105	11	trader	trader	NOUN
cblr-8632	105	12	,	,	PUNCT
cblr-8632	105	13	the	the	DET
cblr-8632	105	14	internalizer	internalizer	NOUN
cblr-8632	105	15	would	would	AUX
cblr-8632	105	16	most	most	ADV
cblr-8632	105	17	likely	likely	ADV
cblr-8632	105	18	cover	cover	VERB
cblr-8632	105	19	the	the	DET
cblr-8632	105	20	short	short	ADJ
cblr-8632	105	21	position	position	NOUN
cblr-8632	105	22	by	by	ADP
cblr-8632	105	23	filling	fill	VERB
cblr-8632	105	24	any	any	DET
cblr-8632	105	25	marketable	marketable	ADJ
cblr-8632	105	26	sell	sell	NOUN
cblr-8632	105	27	orders	order	NOUN
cblr-8632	105	28	received	receive	VERB
cblr-8632	105	29	from	from	ADP
cblr-8632	105	30	the	the	DET
cblr-8632	105	31	retail	retail	ADJ
cblr-8632	105	32	broker	broker	NOUN
cblr-8632	105	33	dealer	dealer	NOUN
cblr-8632	105	34	at	at	ADP
cblr-8632	105	35	or	or	CCONJ
cblr-8632	105	36	better	well	ADJ
cblr-8632	105	37	than	than	ADP
cblr-8632	105	38	$	$	SYM
cblr-8632	105	39	495.00	495.00	NUM
cblr-8632	105	40	(	(	PUNCT
cblr-8632	105	41	the	the	DET
cblr-8632	105	42	prevailing	prevail	VERB
cblr-8632	105	43	national	national	ADJ
cblr-8632	105	44	best	good	ADJ
cblr-8632	105	45	bid	bid	NOUN
cblr-8632	105	46	)	)	PUNCT
cblr-8632	105	47	,	,	PUNCT
cblr-8632	105	48	thus	thus	ADV
cblr-8632	105	49	profiting	profit	VERB
cblr-8632	105	50	from	from	ADP
cblr-8632	105	51	the	the	DET
cblr-8632	105	52	bidask	bidask	NOUN
cblr-8632	105	53	spread	spread	VERB
cblr-8632	105	54	.	.	PUNCT
cblr-8632	106	1	absent	absent	ADJ
cblr-8632	106	2	an	an	DET
cblr-8632	106	3	inbound	inbound	ADJ
cblr-8632	106	4	sell	sell	NOUN
cblr-8632	106	5	order	order	NOUN
cblr-8632	106	6	,	,	PUNCT
cblr-8632	106	7	the	the	DET
cblr-8632	106	8	internalizer	internalizer	NOUN
cblr-8632	106	9	could	could	AUX
cblr-8632	106	10	also	also	ADV
cblr-8632	106	11	cover	cover	VERB
cblr-8632	106	12	the	the	DET
cblr-8632	106	13	short	short	ADJ
cblr-8632	106	14	position	position	NOUN
cblr-8632	106	15	by	by	ADP
cblr-8632	106	16	posting	post	VERB
cblr-8632	106	17	an	an	DET
cblr-8632	106	18	active	active	ADJ
cblr-8632	106	19	order	order	NOUN
cblr-8632	106	20	to	to	PART
cblr-8632	106	21	buy	buy	VERB
cblr-8632	106	22	on	on	ADP
cblr-8632	106	23	an	an	DET
cblr-8632	106	24	exchange	exchange	NOUN
cblr-8632	106	25	.	.	PUNCT
cblr-8632	107	1	see	see	VERB
cblr-8632	107	2	bartlett	bartlett	PROPN
cblr-8632	107	3	&	&	CCONJ
cblr-8632	107	4	mccrary	mccrary	PROPN
cblr-8632	107	5	,	,	PUNCT
cblr-8632	107	6	supra	supra	PROPN
cblr-8632	107	7	note	note	PROPN
cblr-8632	107	8	11	11	NUM
cblr-8632	107	9	,	,	PUNCT
cblr-8632	107	10	at	at	ADP
cblr-8632	107	11	300	300	NUM
cblr-8632	107	12	&	&	CCONJ
cblr-8632	107	13	n.9	n.9	NOUN
cblr-8632	107	14	.	.	PUNCT
cblr-8632	108	1	the	the	DET
cblr-8632	108	2	agreement	agreement	NOUN
cblr-8632	108	3	between	between	ADP
cblr-8632	108	4	the	the	DET
cblr-8632	108	5	retail	retail	ADJ
cblr-8632	108	6	brokerage	brokerage	NOUN
cblr-8632	108	7	firm	firm	NOUN
cblr-8632	108	8	and	and	CCONJ
cblr-8632	108	9	the	the	DET
cblr-8632	108	10	internalizer	internalizer	NOUN
cblr-8632	108	11	is	be	AUX
cblr-8632	108	12	typically	typically	ADV
cblr-8632	108	13	referred	refer	VERB
cblr-8632	108	14	to	to	ADP
cblr-8632	108	15	as	as	ADP
cblr-8632	108	16	a	a	DET
cblr-8632	108	17	payment	payment	NOUN
cblr-8632	108	18	for	for	ADP
cblr-8632	108	19	order	order	NOUN
cblr-8632	108	20	flow	flow	NOUN
cblr-8632	108	21	arrangement	arrangement	NOUN
cblr-8632	108	22	given	give	VERB
cblr-8632	108	23	that	that	SCONJ
cblr-8632	108	24	the	the	DET
cblr-8632	108	25	internalizer	internalizer	NOUN
cblr-8632	108	26	will	will	AUX
cblr-8632	108	27	pay	pay	VERB
cblr-8632	108	28	the	the	DET
cblr-8632	108	29	retail	retail	ADJ
cblr-8632	108	30	brokerage	brokerage	NOUN
cblr-8632	108	31	firm	firm	NOUN
cblr-8632	108	32	for	for	ADP
cblr-8632	108	33	the	the	DET
cblr-8632	108	34	market	market	NOUN
cblr-8632	108	35	orders	order	NOUN
cblr-8632	108	36	because	because	SCONJ
cblr-8632	108	37	of	of	ADP
cblr-8632	108	38	the	the	DET
cblr-8632	108	39	profit	profit	NOUN
cblr-8632	108	40	potential	potential	NOUN
cblr-8632	108	41	of	of	ADP
cblr-8632	108	42	filling	fill	VERB
cblr-8632	108	43	retail	retail	ADJ
cblr-8632	108	44	market	market	NOUN
cblr-8632	108	45	orders	order	NOUN
cblr-8632	108	46	in	in	ADP
cblr-8632	108	47	this	this	DET
cblr-8632	108	48	fashion	fashion	NOUN
cblr-8632	108	49	.	.	PUNCT
cblr-8632	109	1	see	see	VERB
cblr-8632	109	2	matt	matt	PROPN
cblr-8632	109	3	levine	levine	PROPN
cblr-8632	109	4	,	,	PUNCT
cblr-8632	109	5	people	people	NOUN
cblr-8632	109	6	are	be	AUX
cblr-8632	109	7	worried	worried	ADJ
cblr-8632	109	8	about	about	ADP
cblr-8632	109	9	payment	payment	NOUN
cblr-8632	109	10	for	for	ADP
cblr-8632	109	11	order	order	NOUN
cblr-8632	109	12	flow	flow	NOUN
cblr-8632	109	13	,	,	PUNCT
cblr-8632	109	14	bloomberg	bloomberg	NOUN
cblr-8632	109	15	:	:	PUNCT
cblr-8632	109	16	op	op	NOUN
cblr-8632	109	17	.	.	PUNCT
cblr-8632	110	1	(	(	PUNCT
cblr-8632	110	2	feb	feb	PROPN
cblr-8632	110	3	.	.	PROPN
cblr-8632	110	4	5	5	NUM
cblr-8632	110	5	,	,	PUNCT
cblr-8632	110	6	2021	2021	NUM
cblr-8632	110	7	,	,	PUNCT
cblr-8632	110	8	12:09	12:09	NUM
cblr-8632	110	9	pm	pm	NOUN
cblr-8632	110	10	)	)	PUNCT
cblr-8632	110	11	,	,	PUNCT
cblr-8632	110	12	https://www.bloomberg.com/opinion/articles/2021-0205/robinhood-gamestop-saga-pressures-payment-for-order-flow	https://www.bloomberg.com/opinion/articles/2021-0205/robinhood-gamestop-saga-pressures-payment-for-order-flow	PROPN
cblr-8632	111	1	[	[	X
cblr-8632	111	2	https://perma.cc/nar3-nmmc	https://perma.cc/nar3-nmmc	X
cblr-8632	111	3	]	]	PUNCT
cblr-8632	111	4	(	(	PUNCT
cblr-8632	111	5	describing	describe	VERB
cblr-8632	111	6	payment	payment	NOUN
cblr-8632	111	7	for	for	ADP
cblr-8632	111	8	order	order	NOUN
cblr-8632	111	9	flow	flow	NOUN
cblr-8632	111	10	and	and	CCONJ
cblr-8632	111	11	internalization	internalization	NOUN
cblr-8632	111	12	)	)	PUNCT
cblr-8632	111	13	.	.	PUNCT
cblr-8632	112	1	in	in	ADP
cblr-8632	112	2	particular	particular	ADJ
cblr-8632	112	3	,	,	PUNCT
cblr-8632	112	4	retail	retail	ADJ
cblr-8632	112	5	orders	order	NOUN
cblr-8632	112	6	are	be	AUX
cblr-8632	112	7	believed	believe	VERB
cblr-8632	112	8	to	to	PART
cblr-8632	112	9	be	be	AUX
cblr-8632	112	10	uninformed	uninformed	ADJ
cblr-8632	112	11	and	and	CCONJ
cblr-8632	112	12	more	more	ADV
cblr-8632	112	13	likely	likely	ADJ
cblr-8632	112	14	to	to	PART
cblr-8632	112	15	reflect	reflect	VERB
cblr-8632	112	16	the	the	DET
cblr-8632	112	17	random	random	ADJ
cblr-8632	112	18	arrival	arrival	NOUN
cblr-8632	112	19	of	of	ADP
cblr-8632	112	20	buy	buy	VERB
cblr-8632	112	21	and	and	CCONJ
cblr-8632	112	22	sell	sell	VERB
cblr-8632	112	23	trading	trading	NOUN
cblr-8632	112	24	interest	interest	NOUN
cblr-8632	112	25	than	than	ADP
cblr-8632	112	26	institutional	institutional	ADJ
cblr-8632	112	27	order	order	NOUN
cblr-8632	112	28	flow	flow	NOUN
cblr-8632	112	29	.	.	PUNCT
cblr-8632	113	1	as	as	ADP
cblr-8632	113	2	a	a	DET
cblr-8632	113	3	result	result	NOUN
cblr-8632	113	4	,	,	PUNCT
cblr-8632	113	5	filling	fill	VERB
cblr-8632	113	6	marketable	marketable	ADJ
cblr-8632	113	7	retail	retail	ADJ
cblr-8632	113	8	orders	order	NOUN
cblr-8632	113	9	bartlett	bartlett	PROPN
cblr-8632	113	10	8/20/2021	8/20/2021	NUM
cblr-8632	113	11	6:20	6:20	NUM
cblr-8632	113	12	pm	pm	NOUN
cblr-8632	113	13	no	no	INTJ
cblr-8632	113	14	.	.	PUNCT
cblr-8632	114	1	2:520	2:520	NUM
cblr-8632	114	2	]	]	X
cblr-8632	114	3	modernizing	modernize	VERB
cblr-8632	114	4	odd	odd	ADJ
cblr-8632	114	5	lot	lot	NOUN
cblr-8632	114	6	trading	trade	VERB
cblr-8632	114	7	527	527	NUM
cblr-8632	114	8	the	the	DET
cblr-8632	114	9	lifecycle	lifecycle	NOUN
cblr-8632	114	10	depicted	depict	VERB
cblr-8632	114	11	in	in	ADP
cblr-8632	114	12	figure	figure	NOUN
cblr-8632	114	13	2	2	NUM
cblr-8632	114	14	can	can	AUX
cblr-8632	114	15	apply	apply	VERB
cblr-8632	114	16	to	to	ADP
cblr-8632	114	17	an	an	DET
cblr-8632	114	18	order	order	NOUN
cblr-8632	114	19	that	that	PRON
cblr-8632	114	20	is	be	AUX
cblr-8632	114	21	either	either	CCONJ
cblr-8632	114	22	a	a	DET
cblr-8632	114	23	round	round	ADJ
cblr-8632	114	24	lot	lot	NOUN
cblr-8632	114	25	or	or	CCONJ
cblr-8632	114	26	an	an	DET
cblr-8632	114	27	odd	odd	ADJ
cblr-8632	114	28	lot	lot	NOUN
cblr-8632	114	29	.	.	PUNCT
cblr-8632	115	1	however	however	ADV
cblr-8632	115	2	,	,	PUNCT
cblr-8632	115	3	the	the	DET
cblr-8632	115	4	regulatory	regulatory	ADJ
cblr-8632	115	5	treatment	treatment	NOUN
cblr-8632	115	6	of	of	ADP
cblr-8632	115	7	odd	odd	ADJ
cblr-8632	115	8	lot	lot	NOUN
cblr-8632	115	9	trading	trading	NOUN
cblr-8632	115	10	interest	interest	NOUN
cblr-8632	115	11	gives	give	VERB
cblr-8632	115	12	rise	rise	NOUN
cblr-8632	115	13	to	to	ADP
cblr-8632	115	14	two	two	NUM
cblr-8632	115	15	questions	question	NOUN
cblr-8632	115	16	regarding	regard	VERB
cblr-8632	115	17	this	this	DET
cblr-8632	115	18	hypothetical	hypothetical	ADJ
cblr-8632	115	19	trade	trade	NOUN
cblr-8632	115	20	’s	’s	PART
cblr-8632	115	21	execution	execution	NOUN
cblr-8632	115	22	quality	quality	NOUN
cblr-8632	115	23	.	.	PUNCT
cblr-8632	116	1	first	first	ADV
cblr-8632	116	2	,	,	PUNCT
cblr-8632	116	3	the	the	DET
cblr-8632	116	4	trader	trader	NOUN
cblr-8632	116	5	might	might	AUX
cblr-8632	116	6	have	have	AUX
cblr-8632	116	7	received	receive	VERB
cblr-8632	116	8	better	well	ADJ
cblr-8632	116	9	pricing	pricing	NOUN
cblr-8632	116	10	had	have	AUX
cblr-8632	116	11	the	the	DET
cblr-8632	116	12	order	order	NOUN
cblr-8632	116	13	been	be	AUX
cblr-8632	116	14	for	for	ADP
cblr-8632	116	15	more	more	ADJ
cblr-8632	116	16	than	than	ADP
cblr-8632	116	17	99	99	NUM
cblr-8632	116	18	shares	share	NOUN
cblr-8632	116	19	because	because	SCONJ
cblr-8632	116	20	trades	trade	NOUN
cblr-8632	116	21	for	for	ADP
cblr-8632	116	22	less	less	ADJ
cblr-8632	116	23	than	than	ADP
cblr-8632	116	24	100	100	NUM
cblr-8632	116	25	shares	share	NOUN
cblr-8632	116	26	are	be	AUX
cblr-8632	116	27	exempt	exempt	ADJ
cblr-8632	116	28	from	from	ADP
cblr-8632	116	29	rule	rule	NOUN
cblr-8632	116	30	605	605	NUM
cblr-8632	116	31	of	of	ADP
cblr-8632	116	32	regulation	regulation	NOUN
cblr-8632	116	33	national	national	ADJ
cblr-8632	116	34	market	market	NOUN
cblr-8632	116	35	system	system	NOUN
cblr-8632	116	36	(	(	PUNCT
cblr-8632	116	37	reg	reg	PROPN
cblr-8632	116	38	nms	nms	NOUN
cblr-8632	116	39	)	)	PUNCT
cblr-8632	116	40	(	(	PUNCT
cblr-8632	116	41	formerly	formerly	ADV
cblr-8632	116	42	sec	sec	PROPN
cblr-8632	116	43	rule	rule	NOUN
cblr-8632	116	44	11ac1	11ac1	PROPN
cblr-8632	116	45	-	-	PUNCT
cblr-8632	116	46	5).15	5).15	NUM
cblr-8632	116	47	rule	rule	NOUN
cblr-8632	116	48	605	605	NUM
cblr-8632	116	49	requires	require	VERB
cblr-8632	116	50	all	all	DET
cblr-8632	116	51	market	market	NOUN
cblr-8632	116	52	centers	center	NOUN
cblr-8632	116	53	trading	trade	VERB
cblr-8632	116	54	reg	reg	NOUN
cblr-8632	116	55	nms	nms	PROPN
cblr-8632	116	56	securities	security	NOUN
cblr-8632	116	57	to	to	PART
cblr-8632	116	58	provide	provide	VERB
cblr-8632	116	59	monthly	monthly	ADJ
cblr-8632	116	60	reports	report	NOUN
cblr-8632	116	61	regarding	regard	VERB
cblr-8632	116	62	the	the	DET
cblr-8632	116	63	quality	quality	NOUN
cblr-8632	116	64	of	of	ADP
cblr-8632	116	65	their	their	PRON
cblr-8632	116	66	trade	trade	NOUN
cblr-8632	116	67	executions	execution	NOUN
cblr-8632	116	68	on	on	ADP
cblr-8632	116	69	a	a	DET
cblr-8632	116	70	stock	stock	NOUN
cblr-8632	116	71	-	-	PUNCT
cblr-8632	116	72	by	by	ADP
cblr-8632	116	73	-	-	PUNCT
cblr-8632	116	74	stock	stock	NOUN
cblr-8632	116	75	basis	basis	NOUN
cblr-8632	116	76	,	,	PUNCT
cblr-8632	116	77	including	include	VERB
cblr-8632	116	78	the	the	DET
cblr-8632	116	79	fraction	fraction	NOUN
cblr-8632	116	80	of	of	ADP
cblr-8632	116	81	shares	share	NOUN
cblr-8632	116	82	that	that	PRON
cblr-8632	116	83	received	receive	VERB
cblr-8632	116	84	price	price	NOUN
cblr-8632	116	85	improvement	improvement	NOUN
cblr-8632	116	86	relative	relative	ADJ
cblr-8632	116	87	to	to	ADP
cblr-8632	116	88	the	the	DET
cblr-8632	116	89	nbbo	nbbo	NOUN
cblr-8632	116	90	(	(	PUNCT
cblr-8632	116	91	as	as	SCONJ
cblr-8632	116	92	defined	define	VERB
cblr-8632	116	93	in	in	ADP
cblr-8632	116	94	reg	reg	NOUN
cblr-8632	116	95	nms	nms	NOUN
cblr-8632	116	96	)	)	PUNCT
cblr-8632	116	97	as	as	ADV
cblr-8632	116	98	well	well	ADV
cblr-8632	116	99	as	as	ADP
cblr-8632	116	100	“	"	PUNCT
cblr-8632	116	101	the	the	DET
cblr-8632	116	102	share	share	NOUN
cblr-8632	116	103	-	-	PUNCT
cblr-8632	116	104	weighted	weight	VERB
cblr-8632	116	105	average	average	ADJ
cblr-8632	116	106	amount	amount	NOUN
cblr-8632	116	107	per	per	ADP
cblr-8632	116	108	share	share	NOUN
cblr-8632	116	109	that	that	PRON
cblr-8632	116	110	prices	price	NOUN
cblr-8632	116	111	were	be	AUX
cblr-8632	116	112	improved	improve	VERB
cblr-8632	116	113	.	.	PUNCT
cblr-8632	117	1	”16	”16	NOUN
cblr-8632	117	2	these	these	DET
cblr-8632	117	3	reports	report	NOUN
cblr-8632	117	4	provide	provide	VERB
cblr-8632	117	5	potentially	potentially	ADV
cblr-8632	117	6	valuable	valuable	ADJ
cblr-8632	117	7	information	information	NOUN
cblr-8632	117	8	about	about	ADP
cblr-8632	117	9	execution	execution	NOUN
cblr-8632	117	10	quality	quality	NOUN
cblr-8632	117	11	,	,	PUNCT
cblr-8632	117	12	and	and	CCONJ
cblr-8632	117	13	therefore	therefore	ADV
cblr-8632	117	14	reduce	reduce	VERB
cblr-8632	117	15	the	the	DET
cblr-8632	117	16	incentives	incentive	NOUN
cblr-8632	117	17	of	of	ADP
cblr-8632	117	18	brokers	broker	NOUN
cblr-8632	117	19	and	and	CCONJ
cblr-8632	117	20	internalizers	internalizer	NOUN
cblr-8632	117	21	to	to	PART
cblr-8632	117	22	profit	profit	VERB
cblr-8632	117	23	at	at	ADP
cblr-8632	117	24	the	the	DET
cblr-8632	117	25	expense	expense	NOUN
cblr-8632	117	26	of	of	ADP
cblr-8632	117	27	retail	retail	ADJ
cblr-8632	117	28	traders	trader	NOUN
cblr-8632	117	29	,	,	PUNCT
cblr-8632	117	30	but	but	CCONJ
cblr-8632	117	31	only	only	ADV
cblr-8632	117	32	for	for	ADP
cblr-8632	117	33	trades	trade	NOUN
cblr-8632	117	34	for	for	ADP
cblr-8632	117	35	100	100	NUM
cblr-8632	117	36	shares	share	NOUN
cblr-8632	117	37	or	or	CCONJ
cblr-8632	117	38	more.17	more.17	NOUN
cblr-8632	117	39	in	in	ADP
cblr-8632	117	40	contrast	contrast	NOUN
cblr-8632	117	41	,	,	PUNCT
cblr-8632	117	42	trades	trade	VERB
cblr-8632	117	43	for	for	ADP
cblr-8632	117	44	less	less	ADJ
cblr-8632	117	45	than	than	ADP
cblr-8632	117	46	100	100	NUM
cblr-8632	117	47	shares	share	NOUN
cblr-8632	117	48	are	be	AUX
cblr-8632	117	49	should	should	AUX
cblr-8632	117	50	permit	permit	VERB
cblr-8632	117	51	an	an	DET
cblr-8632	117	52	internalizer	internalizer	NOUN
cblr-8632	117	53	to	to	PART
cblr-8632	117	54	capture	capture	VERB
cblr-8632	117	55	the	the	DET
cblr-8632	117	56	bid	bid	NOUN
cblr-8632	117	57	-	-	PUNCT
cblr-8632	117	58	ask	ask	NOUN
cblr-8632	117	59	spread	spread	NOUN
cblr-8632	117	60	.	.	PUNCT
cblr-8632	118	1	it	it	PRON
cblr-8632	118	2	is	be	AUX
cblr-8632	118	3	the	the	DET
cblr-8632	118	4	proceeds	proceed	NOUN
cblr-8632	118	5	from	from	ADP
cblr-8632	118	6	these	these	DET
cblr-8632	118	7	payment	payment	NOUN
cblr-8632	118	8	for	for	ADP
cblr-8632	118	9	order	order	NOUN
cblr-8632	118	10	flow	flow	NOUN
cblr-8632	118	11	arrangements	arrangement	NOUN
cblr-8632	118	12	that	that	PRON
cblr-8632	118	13	have	have	AUX
cblr-8632	118	14	allowed	allow	VERB
cblr-8632	118	15	retail	retail	ADJ
cblr-8632	118	16	brokerage	brokerage	NOUN
cblr-8632	118	17	firms	firm	NOUN
cblr-8632	118	18	to	to	PART
cblr-8632	118	19	provide	provide	VERB
cblr-8632	118	20	zero	zero	NUM
cblr-8632	118	21	-	-	PUNCT
cblr-8632	118	22	commission	commission	NOUN
cblr-8632	118	23	trading	trading	NOUN
cblr-8632	118	24	to	to	ADP
cblr-8632	118	25	their	their	PRON
cblr-8632	118	26	retail	retail	ADJ
cblr-8632	118	27	customers	customer	NOUN
cblr-8632	118	28	.	.	PUNCT
cblr-8632	119	1	see	see	VERB
cblr-8632	119	2	i	i	PRON
cblr-8632	119	3	d.	d.	PROPN
cblr-8632	119	4	(	(	PUNCT
cblr-8632	119	5	“	"	PUNCT
cblr-8632	119	6	a	a	DET
cblr-8632	119	7	few	few	ADJ
cblr-8632	119	8	years	year	NOUN
cblr-8632	119	9	back	back	ADV
cblr-8632	119	10	,	,	PUNCT
cblr-8632	119	11	robinhood	robinhood	PROPN
cblr-8632	119	12	markets	markets	PROPN
cblr-8632	119	13	inc	inc	PROPN
cblr-8632	119	14	.	.	PROPN
cblr-8632	119	15	had	have	VERB
cblr-8632	119	16	a	a	DET
cblr-8632	119	17	crucial	crucial	ADJ
cblr-8632	119	18	insight	insight	NOUN
cblr-8632	119	19	:	:	PUNCT
cblr-8632	119	20	instead	instead	ADV
cblr-8632	119	21	of	of	ADP
cblr-8632	119	22	charging	charge	VERB
cblr-8632	119	23	a	a	DET
cblr-8632	119	24	$	$	SYM
cblr-8632	119	25	5	5	NUM
cblr-8632	119	26	commission	commission	NOUN
cblr-8632	119	27	and	and	CCONJ
cblr-8632	119	28	passing	pass	VERB
cblr-8632	119	29	along	along	ADV
cblr-8632	119	30	80	80	NUM
cblr-8632	119	31	%	%	NOUN
cblr-8632	119	32	of	of	ADP
cblr-8632	119	33	the	the	DET
cblr-8632	119	34	wholesaler	wholesaler	NOUN
cblr-8632	119	35	’s	’s	PART
cblr-8632	119	36	discount	discount	NOUN
cblr-8632	119	37	to	to	ADP
cblr-8632	119	38	customers	customer	NOUN
cblr-8632	119	39	in	in	ADP
cblr-8632	119	40	the	the	DET
cblr-8632	119	41	form	form	NOUN
cblr-8632	119	42	of	of	ADP
cblr-8632	119	43	price	price	NOUN
cblr-8632	119	44	improvement	improvement	NOUN
cblr-8632	119	45	,	,	PUNCT
cblr-8632	119	46	it	it	PRON
cblr-8632	119	47	could	could	AUX
cblr-8632	119	48	charge	charge	VERB
cblr-8632	119	49	no	no	DET
cblr-8632	119	50	commission	commission	NOUN
cblr-8632	119	51	and	and	CCONJ
cblr-8632	119	52	pass	pass	VERB
cblr-8632	119	53	along	along	ADV
cblr-8632	119	54	20	20	NUM
cblr-8632	119	55	%	%	NOUN
cblr-8632	119	56	,	,	PUNCT
cblr-8632	119	57	keeping	keep	VERB
cblr-8632	119	58	the	the	DET
cblr-8632	119	59	other	other	ADJ
cblr-8632	119	60	80	80	NUM
cblr-8632	119	61	%	%	NOUN
cblr-8632	119	62	for	for	ADP
cblr-8632	119	63	itself	itself	PRON
cblr-8632	119	64	.	.	PUNCT
cblr-8632	119	65	”	"	PUNCT
cblr-8632	119	66	)	)	PUNCT
cblr-8632	119	67	.	.	PUNCT
cblr-8632	120	1	15	15	NUM
cblr-8632	120	2	see	see	VERB
cblr-8632	120	3	17	17	NUM
cblr-8632	120	4	c.f.r	c.f.r	NOUN
cblr-8632	120	5	.	.	PUNCT
cblr-8632	121	1	§	§	PROPN
cblr-8632	121	2	242.600(b)(11	242.600(b)(11	PROPN
cblr-8632	121	3	)	)	PUNCT
cblr-8632	121	4	(	(	PUNCT
cblr-8632	121	5	2020	2020	NUM
cblr-8632	121	6	)	)	PUNCT
cblr-8632	121	7	(	(	PUNCT
cblr-8632	121	8	defining	define	VERB
cblr-8632	121	9	“	"	PUNCT
cblr-8632	121	10	categorized	categorize	VERB
cblr-8632	121	11	by	by	ADP
cblr-8632	121	12	order	order	NOUN
cblr-8632	121	13	size	size	NOUN
cblr-8632	121	14	”	"	PUNCT
cblr-8632	121	15	for	for	ADP
cblr-8632	121	16	purposes	purpose	NOUN
cblr-8632	121	17	of	of	ADP
cblr-8632	121	18	rule	rule	NOUN
cblr-8632	121	19	605	605	NUM
cblr-8632	121	20	to	to	PART
cblr-8632	121	21	be	be	AUX
cblr-8632	121	22	“	"	PUNCT
cblr-8632	121	23	dividing	divide	VERB
cblr-8632	121	24	orders	order	NOUN
cblr-8632	121	25	into	into	ADP
cblr-8632	121	26	separate	separate	ADJ
cblr-8632	121	27	categories	category	NOUN
cblr-8632	121	28	for	for	ADP
cblr-8632	121	29	sizes	size	NOUN
cblr-8632	121	30	from	from	ADP
cblr-8632	121	31	100	100	NUM
cblr-8632	121	32	to	to	PART
cblr-8632	121	33	499	499	NUM
cblr-8632	121	34	shares	share	NOUN
cblr-8632	121	35	,	,	PUNCT
cblr-8632	121	36	from	from	ADP
cblr-8632	121	37	500	500	NUM
cblr-8632	121	38	to	to	ADP
cblr-8632	121	39	1999	1999	NUM
cblr-8632	121	40	shares	share	NOUN
cblr-8632	121	41	,	,	PUNCT
cblr-8632	121	42	from	from	ADP
cblr-8632	121	43	2000	2000	NUM
cblr-8632	121	44	to	to	ADP
cblr-8632	121	45	4999	4999	NUM
cblr-8632	121	46	shares	share	NOUN
cblr-8632	121	47	,	,	PUNCT
cblr-8632	121	48	and	and	CCONJ
cblr-8632	121	49	5000	5000	NUM
cblr-8632	121	50	or	or	CCONJ
cblr-8632	121	51	greater	great	ADJ
cblr-8632	121	52	shares	share	NOUN
cblr-8632	121	53	”	"	PUNCT
cblr-8632	121	54	)	)	PUNCT
cblr-8632	121	55	;	;	PUNCT
cblr-8632	122	1	i	i	PROPN
cblr-8632	122	2	d.	d.	PROPN
cblr-8632	122	3	§	§	PROPN
cblr-8632	122	4	242.605(a)(1	242.605(a)(1	NUM
cblr-8632	122	5	)	)	PUNCT
cblr-8632	122	6	(	(	PUNCT
cblr-8632	122	7	establishing	establish	VERB
cblr-8632	122	8	the	the	DET
cblr-8632	122	9	obligation	obligation	NOUN
cblr-8632	122	10	to	to	PART
cblr-8632	122	11	report	report	VERB
cblr-8632	122	12	,	,	PUNCT
cblr-8632	122	13	categorizing	categorize	VERB
cblr-8632	122	14	in	in	ADP
cblr-8632	122	15	part	part	NOUN
cblr-8632	122	16	“	"	PUNCT
cblr-8632	122	17	by	by	ADP
cblr-8632	122	18	order	order	NOUN
cblr-8632	122	19	size	size	NOUN
cblr-8632	122	20	”	"	PUNCT
cblr-8632	122	21	)	)	PUNCT
cblr-8632	122	22	.	.	PUNCT
cblr-8632	123	1	16	16	NUM
cblr-8632	124	1	i	i	PRON
cblr-8632	124	2	d.	d.	PROPN
cblr-8632	124	3	§	§	PROPN
cblr-8632	124	4	242.605(a)(ii)(b)–(c	242.605(a)(ii)(b)–(c	NUM
cblr-8632	124	5	)	)	PUNCT
cblr-8632	124	6	.	.	PUNCT
cblr-8632	125	1	17	17	NUM
cblr-8632	125	2	in	in	ADP
cblr-8632	125	3	the	the	DET
cblr-8632	125	4	hypothetical	hypothetical	ADJ
cblr-8632	125	5	trade	trade	NOUN
cblr-8632	125	6	in	in	ADP
cblr-8632	125	7	figure	figure	NOUN
cblr-8632	125	8	2	2	NUM
cblr-8632	125	9	,	,	PUNCT
cblr-8632	125	10	a	a	DET
cblr-8632	125	11	trader	trader	NOUN
cblr-8632	125	12	interested	interested	ADJ
cblr-8632	125	13	in	in	ADP
cblr-8632	125	14	understanding	understand	VERB
cblr-8632	125	15	the	the	DET
cblr-8632	125	16	execution	execution	NOUN
cblr-8632	125	17	quality	quality	NOUN
cblr-8632	125	18	of	of	ADP
cblr-8632	125	19	orders	order	NOUN
cblr-8632	125	20	submitted	submit	VERB
cblr-8632	125	21	to	to	ADP
cblr-8632	125	22	the	the	DET
cblr-8632	125	23	retail	retail	ADJ
cblr-8632	125	24	brokerage	brokerage	NOUN
cblr-8632	125	25	firm	firm	NOUN
cblr-8632	125	26	would	would	AUX
cblr-8632	125	27	first	first	ADV
cblr-8632	125	28	have	have	VERB
cblr-8632	125	29	to	to	PART
cblr-8632	125	30	identify	identify	VERB
cblr-8632	125	31	the	the	DET
cblr-8632	125	32	internalizer(s	internalizer(s	NOUN
cblr-8632	125	33	)	)	PUNCT
cblr-8632	125	34	who	who	PRON
cblr-8632	125	35	acquired	acquire	VERB
cblr-8632	125	36	the	the	DET
cblr-8632	125	37	brokerage	brokerage	NOUN
cblr-8632	125	38	firm	firm	NOUN
cblr-8632	125	39	’s	’s	PART
cblr-8632	125	40	order	order	NOUN
cblr-8632	125	41	flow	flow	NOUN
cblr-8632	125	42	by	by	ADP
cblr-8632	125	43	examining	examine	VERB
cblr-8632	125	44	the	the	DET
cblr-8632	125	45	broker	broker	NOUN
cblr-8632	125	46	’s	’s	PART
cblr-8632	125	47	rule	rule	NOUN
cblr-8632	125	48	606	606	NUM
cblr-8632	125	49	reports	report	NOUN
cblr-8632	125	50	,	,	PUNCT
cblr-8632	125	51	see	see	VERB
cblr-8632	125	52	17	17	NUM
cblr-8632	125	53	c.f.r	c.f.r	NOUN
cblr-8632	125	54	.	.	PUNCT
cblr-8632	126	1	§	§	PROPN
cblr-8632	126	2	242.606(a	242.606(a	NUM
cblr-8632	126	3	)	)	PUNCT
cblr-8632	126	4	(	(	PUNCT
cblr-8632	126	5	requiring	require	VERB
cblr-8632	126	6	every	every	DET
cblr-8632	126	7	broker	broker	NOUN
cblr-8632	126	8	to	to	PART
cblr-8632	126	9	provide	provide	VERB
cblr-8632	126	10	quarterly	quarterly	ADJ
cblr-8632	126	11	disclosures	disclosure	NOUN
cblr-8632	126	12	of	of	ADP
cblr-8632	126	13	where	where	SCONJ
cblr-8632	126	14	its	its	PRON
cblr-8632	126	15	marketable	marketable	ADJ
cblr-8632	126	16	orders	order	NOUN
cblr-8632	126	17	have	have	AUX
cblr-8632	126	18	been	be	AUX
cblr-8632	126	19	routed	route	VERB
cblr-8632	126	20	)	)	PUNCT
cblr-8632	126	21	,	,	PUNCT
cblr-8632	126	22	and	and	CCONJ
cblr-8632	126	23	then	then	ADV
cblr-8632	126	24	examine	examine	VERB
cblr-8632	126	25	the	the	DET
cblr-8632	126	26	rule	rule	NOUN
cblr-8632	126	27	605	605	NUM
cblr-8632	126	28	reports	report	NOUN
cblr-8632	126	29	for	for	ADP
cblr-8632	126	30	the	the	DET
cblr-8632	126	31	relevant	relevant	ADJ
cblr-8632	126	32	internalizer(s	internalizer(s	NOUN
cblr-8632	126	33	)	)	PUNCT
cblr-8632	126	34	.	.	PUNCT
cblr-8632	127	1	bartlett	bartlett	PROPN
cblr-8632	127	2	8/20/2021	8/20/2021	NUM
cblr-8632	127	3	6:20	6:20	NUM
cblr-8632	127	4	pm	pm	NOUN
cblr-8632	127	5	528	528	NUM
cblr-8632	127	6	columbia	columbia	PROPN
cblr-8632	127	7	business	business	NOUN
cblr-8632	127	8	law	law	PROPN
cblr-8632	127	9	review	review	NOUN
cblr-8632	127	10	[	[	X
cblr-8632	127	11	vol	vol	NOUN
cblr-8632	127	12	.	.	PUNCT
cblr-8632	127	13	2021	2021	NUM
cblr-8632	127	14	vulnerable	vulnerable	ADJ
cblr-8632	127	15	to	to	ADP
cblr-8632	127	16	receiving	receive	VERB
cblr-8632	127	17	worse	bad	ADJ
cblr-8632	127	18	pricing	pricing	NOUN
cblr-8632	127	19	,	,	PUNCT
cblr-8632	127	20	because	because	SCONJ
cblr-8632	127	21	rule	rule	NOUN
cblr-8632	127	22	605	605	NUM
cblr-8632	127	23	reports	report	NOUN
cblr-8632	127	24	do	do	AUX
cblr-8632	127	25	not	not	PART
cblr-8632	127	26	cover	cover	VERB
cblr-8632	127	27	them.18	them.18	NOUN
cblr-8632	127	28	second	second	ADV
cblr-8632	127	29	,	,	PUNCT
cblr-8632	127	30	there	there	PRON
cblr-8632	127	31	might	might	AUX
cblr-8632	127	32	be	be	AUX
cblr-8632	127	33	a	a	DET
cblr-8632	127	34	better	well	ADV
cblr-8632	127	35	available	available	ADJ
cblr-8632	127	36	offer	offer	NOUN
cblr-8632	127	37	than	than	ADP
cblr-8632	127	38	the	the	DET
cblr-8632	127	39	sip	sip	NOUN
cblr-8632	127	40	’s	’s	PART
cblr-8632	127	41	best	good	ADJ
cblr-8632	127	42	offer	offer	NOUN
cblr-8632	127	43	that	that	PRON
cblr-8632	127	44	the	the	DET
cblr-8632	127	45	internalizer	internalizer	NOUN
cblr-8632	127	46	used	use	VERB
cblr-8632	127	47	to	to	PART
cblr-8632	127	48	price	price	VERB
cblr-8632	127	49	the	the	DET
cblr-8632	127	50	trade	trade	NOUN
cblr-8632	127	51	.	.	PUNCT
cblr-8632	128	1	in	in	ADP
cblr-8632	128	2	figure	figure	NOUN
cblr-8632	128	3	2	2	NUM
cblr-8632	128	4	,	,	PUNCT
cblr-8632	128	5	the	the	DET
cblr-8632	128	6	sip	sip	NOUN
cblr-8632	128	7	’s	’s	PART
cblr-8632	128	8	best	good	ADJ
cblr-8632	128	9	offer	offer	NOUN
cblr-8632	128	10	(	(	PUNCT
cblr-8632	128	11	from	from	ADP
cblr-8632	128	12	nasdaq	nasdaq	PROPN
cblr-8632	128	13	)	)	PUNCT
cblr-8632	128	14	actually	actually	ADV
cblr-8632	128	15	was	be	AUX
cblr-8632	128	16	the	the	DET
cblr-8632	128	17	best	well	ADV
cblr-8632	128	18	available	available	ADJ
cblr-8632	128	19	offer	offer	NOUN
cblr-8632	128	20	across	across	ADP
cblr-8632	128	21	all	all	DET
cblr-8632	128	22	exchanges	exchange	NOUN
cblr-8632	128	23	.	.	PUNCT
cblr-8632	129	1	but	but	CCONJ
cblr-8632	129	2	suppose	suppose	VERB
cblr-8632	129	3	that	that	PRON
cblr-8632	129	4	is	be	AUX
cblr-8632	129	5	not	not	PART
cblr-8632	129	6	the	the	DET
cblr-8632	129	7	case	case	NOUN
cblr-8632	129	8	and	and	CCONJ
cblr-8632	129	9	instead	instead	ADV
cblr-8632	129	10	the	the	DET
cblr-8632	129	11	exchanges	exchange	NOUN
cblr-8632	129	12	’	'	PUNCT
cblr-8632	129	13	proprietary	proprietary	ADJ
cblr-8632	129	14	data	data	NOUN
cblr-8632	129	15	feeds	feed	NOUN
cblr-8632	129	16	showed	show	VERB
cblr-8632	129	17	that	that	SCONJ
cblr-8632	129	18	an	an	DET
cblr-8632	129	19	offer	offer	NOUN
cblr-8632	129	20	to	to	PART
cblr-8632	129	21	sell	sell	VERB
cblr-8632	129	22	five	five	NUM
cblr-8632	129	23	shares	share	NOUN
cblr-8632	129	24	of	of	ADP
cblr-8632	129	25	abc	abc	PROPN
cblr-8632	129	26	at	at	ADP
cblr-8632	129	27	$	$	SYM
cblr-8632	129	28	497	497	NUM
cblr-8632	129	29	was	be	AUX
cblr-8632	129	30	resting	rest	VERB
cblr-8632	129	31	on	on	ADP
cblr-8632	129	32	bats	bat	NOUN
cblr-8632	129	33	x	x	SYM
cblr-8632	129	34	,	,	PUNCT
cblr-8632	129	35	as	as	SCONJ
cblr-8632	129	36	reflected	reflect	VERB
cblr-8632	129	37	in	in	ADP
cblr-8632	129	38	figure	figure	NOUN
cblr-8632	129	39	3	3	NUM
cblr-8632	129	40	.	.	NOUN
cblr-8632	129	41	18	18	NUM
cblr-8632	129	42	to	to	PART
cblr-8632	129	43	be	be	AUX
cblr-8632	129	44	sure	sure	ADJ
cblr-8632	129	45	,	,	PUNCT
cblr-8632	129	46	a	a	DET
cblr-8632	129	47	brokerage	brokerage	NOUN
cblr-8632	129	48	firm	firm	NOUN
cblr-8632	129	49	can	can	AUX
cblr-8632	129	50	actively	actively	ADV
cblr-8632	129	51	monitor	monitor	VERB
cblr-8632	129	52	trade	trade	NOUN
cblr-8632	129	53	execution	execution	NOUN
cblr-8632	129	54	on	on	ADP
cblr-8632	129	55	behalf	behalf	NOUN
cblr-8632	129	56	of	of	ADP
cblr-8632	129	57	its	its	PRON
cblr-8632	129	58	customers	customer	NOUN
cblr-8632	129	59	,	,	PUNCT
cblr-8632	129	60	and	and	CCONJ
cblr-8632	129	61	many	many	ADJ
cblr-8632	129	62	brokerage	brokerage	NOUN
cblr-8632	129	63	firms	firm	NOUN
cblr-8632	129	64	do	do	AUX
cblr-8632	129	65	indeed	indeed	ADV
cblr-8632	129	66	publish	publish	VERB
cblr-8632	129	67	summary	summary	NOUN
cblr-8632	129	68	trade	trade	NOUN
cblr-8632	129	69	execution	execution	NOUN
cblr-8632	129	70	statistics	statistic	NOUN
cblr-8632	129	71	for	for	ADP
cblr-8632	129	72	market	market	NOUN
cblr-8632	129	73	orders	order	NOUN
cblr-8632	129	74	that	that	PRON
cblr-8632	129	75	are	be	AUX
cblr-8632	129	76	routed	route	VERB
cblr-8632	129	77	to	to	ADP
cblr-8632	129	78	wholesale	wholesale	ADJ
cblr-8632	129	79	market	market	NOUN
cblr-8632	129	80	makers	maker	NOUN
cblr-8632	129	81	.	.	PUNCT
cblr-8632	130	1	e*trade	e*trade	VERB
cblr-8632	130	2	,	,	PUNCT
cblr-8632	130	3	for	for	ADP
cblr-8632	130	4	example	example	NOUN
cblr-8632	130	5	,	,	PUNCT
cblr-8632	130	6	voluntarily	voluntarily	ADV
cblr-8632	130	7	discloses	disclose	VERB
cblr-8632	130	8	trade	trade	NOUN
cblr-8632	130	9	execution	execution	NOUN
cblr-8632	130	10	statistics	statistic	NOUN
cblr-8632	130	11	on	on	ADP
cblr-8632	130	12	its	its	PRON
cblr-8632	130	13	website	website	NOUN
cblr-8632	130	14	for	for	ADP
cblr-8632	130	15	order	order	NOUN
cblr-8632	130	16	sizes	size	NOUN
cblr-8632	130	17	between	between	ADP
cblr-8632	130	18	100	100	NUM
cblr-8632	130	19	and	and	CCONJ
cblr-8632	130	20	999	999	NUM
cblr-8632	130	21	shares	share	NOUN
cblr-8632	130	22	.	.	PUNCT
cblr-8632	131	1	execution	execution	NOUN
cblr-8632	131	2	quality	quality	NOUN
cblr-8632	131	3	,	,	PUNCT
cblr-8632	131	4	e*trade	e*trade	PROPN
cblr-8632	131	5	,	,	PUNCT
cblr-8632	131	6	https://us.etrade.com/trade/executionquality	https://us.etrade.com/trade/executionquality	NOUN
cblr-8632	132	1	[	[	X
cblr-8632	132	2	https://perma.cc/85hw-9qsl	https://perma.cc/85hw-9qsl	X
cblr-8632	132	3	]	]	X
cblr-8632	132	4	(	(	PUNCT
cblr-8632	132	5	last	last	ADV
cblr-8632	132	6	visited	visit	VERB
cblr-8632	132	7	mar	mar	PROPN
cblr-8632	132	8	.	.	PROPN
cblr-8632	132	9	19	19	NUM
cblr-8632	132	10	,	,	PUNCT
cblr-8632	132	11	2021	2021	NUM
cblr-8632	132	12	)	)	PUNCT
cblr-8632	132	13	.	.	PUNCT
cblr-8632	133	1	even	even	ADV
cblr-8632	133	2	these	these	DET
cblr-8632	133	3	statistics	statistic	NOUN
cblr-8632	133	4	,	,	PUNCT
cblr-8632	133	5	however	however	ADV
cblr-8632	133	6	,	,	PUNCT
cblr-8632	133	7	commonly	commonly	ADV
cblr-8632	133	8	exclude	exclude	VERB
cblr-8632	133	9	trades	trade	NOUN
cblr-8632	133	10	for	for	ADP
cblr-8632	133	11	fewer	few	ADJ
cblr-8632	133	12	than	than	ADP
cblr-8632	133	13	100	100	NUM
cblr-8632	133	14	shares	share	NOUN
cblr-8632	133	15	or	or	CCONJ
cblr-8632	133	16	lack	lack	VERB
cblr-8632	133	17	the	the	DET
cblr-8632	133	18	information	information	NOUN
cblr-8632	133	19	required	require	VERB
cblr-8632	133	20	to	to	PART
cblr-8632	133	21	examine	examine	VERB
cblr-8632	133	22	the	the	DET
cblr-8632	133	23	execution	execution	NOUN
cblr-8632	133	24	quality	quality	NOUN
cblr-8632	133	25	of	of	ADP
cblr-8632	133	26	smaller	small	ADJ
cblr-8632	133	27	trades	trade	NOUN
cblr-8632	133	28	specifically	specifically	ADV
cblr-8632	133	29	.	.	PUNCT
cblr-8632	134	1	see	see	VERB
cblr-8632	134	2	,	,	PUNCT
cblr-8632	134	3	e.g.	e.g.	ADV
cblr-8632	134	4	,	,	PUNCT
cblr-8632	134	5	i	i	PROPN
cblr-8632	134	6	d.	d.	PROPN
cblr-8632	134	7	(	(	PUNCT
cblr-8632	134	8	excluding	exclude	VERB
cblr-8632	134	9	traditional	traditional	ADJ
cblr-8632	134	10	odd	odd	ADJ
cblr-8632	134	11	lots	lot	NOUN
cblr-8632	134	12	)	)	PUNCT
cblr-8632	134	13	;	;	PUNCT
cblr-8632	134	14	compare	compare	VERB
cblr-8632	134	15	online	online	ADJ
cblr-8632	134	16	brokers	broker	NOUN
cblr-8632	134	17	,	,	PUNCT
cblr-8632	134	18	interactive	interactive	ADJ
cblr-8632	134	19	brokers	broker	NOUN
cblr-8632	134	20	,	,	PUNCT
cblr-8632	134	21	https://investors.interactivebrokers.com/en/index.php?f=1340	https://investors.interactivebrokers.com/en/index.php?f=1340	PUNCT
cblr-8632	135	1	[	[	X
cblr-8632	135	2	https://perma.cc/nlu3-xvkh	https://perma.cc/nlu3-xvkh	X
cblr-8632	135	3	]	]	X
cblr-8632	135	4	(	(	PUNCT
cblr-8632	135	5	last	last	ADV
cblr-8632	135	6	visited	visit	VERB
cblr-8632	135	7	mar	mar	PROPN
cblr-8632	135	8	.	.	PROPN
cblr-8632	135	9	19	19	NUM
cblr-8632	135	10	,	,	PUNCT
cblr-8632	135	11	2020	2020	NUM
cblr-8632	135	12	)	)	PUNCT
cblr-8632	135	13	(	(	PUNCT
cblr-8632	135	14	same	same	ADJ
cblr-8632	135	15	)	)	PUNCT
cblr-8632	135	16	.	.	PUNCT
cblr-8632	136	1	robinhood	robinhood	PROPN
cblr-8632	136	2	and	and	CCONJ
cblr-8632	136	3	td	td	PROPN
cblr-8632	136	4	ameritrade	ameritrade	PROPN
cblr-8632	136	5	report	report	NOUN
cblr-8632	136	6	trade	trade	NOUN
cblr-8632	136	7	execution	execution	NOUN
cblr-8632	136	8	statistics	statistic	NOUN
cblr-8632	136	9	on	on	ADP
cblr-8632	136	10	their	their	PRON
cblr-8632	136	11	websites	website	NOUN
cblr-8632	136	12	by	by	ADP
cblr-8632	136	13	aggregating	aggregate	VERB
cblr-8632	136	14	all	all	DET
cblr-8632	136	15	trades	trade	NOUN
cblr-8632	136	16	for	for	ADP
cblr-8632	136	17	fewer	few	ADJ
cblr-8632	136	18	than	than	ADP
cblr-8632	136	19	2,000	2,000	NUM
cblr-8632	136	20	shares	share	NOUN
cblr-8632	136	21	.	.	PUNCT
cblr-8632	137	1	our	our	PRON
cblr-8632	137	2	execution	execution	NOUN
cblr-8632	137	3	quality	quality	NOUN
cblr-8632	137	4	,	,	PUNCT
cblr-8632	137	5	robinhood	robinhood	PROPN
cblr-8632	137	6	,	,	PUNCT
cblr-8632	137	7	https://robinhood.com/us/en/about-us/ourexecution-quality/	https://robinhood.com/us/en/about-us/ourexecution-quality/	NOUN
cblr-8632	138	1	[	[	X
cblr-8632	138	2	https://perma.cc/7mt5-dxlj	https://perma.cc/7mt5-dxlj	X
cblr-8632	138	3	]	]	X
cblr-8632	138	4	(	(	PUNCT
cblr-8632	138	5	last	last	ADV
cblr-8632	138	6	visited	visit	VERB
cblr-8632	138	7	mar	mar	PROPN
cblr-8632	138	8	19	19	NUM
cblr-8632	138	9	,	,	PUNCT
cblr-8632	138	10	2021	2021	NUM
cblr-8632	138	11	)	)	PUNCT
cblr-8632	138	12	;	;	PUNCT
cblr-8632	138	13	order	order	NOUN
cblr-8632	138	14	execution	execution	NOUN
cblr-8632	138	15	quality	quality	NOUN
cblr-8632	138	16	,	,	PUNCT
cblr-8632	138	17	td	td	PROPN
cblr-8632	138	18	ameritrade	ameritrade	NOUN
cblr-8632	138	19	,	,	PUNCT
cblr-8632	138	20	https://www.tdameritrade.com/tools-and-platforms/order-execution.page	https://www.tdameritrade.com/tools-and-platforms/order-execution.page	NOUN
cblr-8632	139	1	[	[	X
cblr-8632	139	2	https://perma.cc/eed2-7cpz	https://perma.cc/eed2-7cpz	X
cblr-8632	139	3	]	]	X
cblr-8632	139	4	(	(	PUNCT
cblr-8632	139	5	last	last	ADV
cblr-8632	139	6	visited	visit	VERB
cblr-8632	139	7	mar	mar	PROPN
cblr-8632	139	8	.	.	PROPN
cblr-8632	139	9	19	19	NUM
cblr-8632	139	10	,	,	PUNCT
cblr-8632	139	11	2021	2021	NUM
cblr-8632	139	12	)	)	PUNCT
cblr-8632	139	13	.	.	PUNCT
cblr-8632	140	1	schwab	schwab	PROPN
cblr-8632	140	2	,	,	PUNCT
cblr-8632	140	3	however	however	ADV
cblr-8632	140	4	,	,	PUNCT
cblr-8632	140	5	provides	provide	VERB
cblr-8632	140	6	average	average	ADJ
cblr-8632	140	7	trade	trade	NOUN
cblr-8632	140	8	costs	cost	NOUN
cblr-8632	140	9	for	for	ADP
cblr-8632	140	10	orders	order	NOUN
cblr-8632	140	11	involving	involve	VERB
cblr-8632	140	12	fewer	few	ADJ
cblr-8632	140	13	than	than	ADP
cblr-8632	140	14	100	100	NUM
cblr-8632	140	15	shares	share	NOUN
cblr-8632	140	16	.	.	PUNCT
cblr-8632	141	1	retail	retail	ADJ
cblr-8632	141	2	execution	execution	NOUN
cblr-8632	141	3	quality	quality	NOUN
cblr-8632	141	4	statistics	statistic	NOUN
cblr-8632	141	5	(	(	PUNCT
cblr-8632	141	6	q4	q4	PROPN
cblr-8632	141	7	2020	2020	NUM
cblr-8632	141	8	)	)	PUNCT
cblr-8632	141	9	,	,	PUNCT
cblr-8632	141	10	charles	charles	PROPN
cblr-8632	141	11	schwab	schwab	PROPN
cblr-8632	141	12	,	,	PUNCT
cblr-8632	141	13	https://www.schwab.com/execution-quality/quality-statistics	https://www.schwab.com/execution-quality/quality-statistic	NOUN
cblr-8632	142	1	[	[	X
cblr-8632	142	2	https://perma.cc/cn6j-qdex	https://perma.cc/cn6j-qdex	X
cblr-8632	142	3	]	]	X
cblr-8632	142	4	(	(	PUNCT
cblr-8632	142	5	last	last	ADV
cblr-8632	142	6	visited	visit	VERB
cblr-8632	142	7	mar	mar	PROPN
cblr-8632	142	8	.	.	PROPN
cblr-8632	142	9	19	19	NUM
cblr-8632	142	10	,	,	PUNCT
cblr-8632	142	11	2021	2021	NUM
cblr-8632	142	12	)	)	PUNCT
cblr-8632	142	13	.	.	PUNCT
cblr-8632	143	1	bartlett	bartlett	PROPN
cblr-8632	143	2	8/20/2021	8/20/2021	NUM
cblr-8632	143	3	6:20	6:20	NUM
cblr-8632	143	4	pm	pm	NOUN
cblr-8632	143	5	no	no	INTJ
cblr-8632	143	6	.	.	PUNCT
cblr-8632	144	1	2:520	2:520	NUM
cblr-8632	144	2	]	]	X
cblr-8632	144	3	modernizing	modernize	VERB
cblr-8632	144	4	odd	odd	ADJ
cblr-8632	144	5	lot	lot	NOUN
cblr-8632	144	6	trading	trade	VERB
cblr-8632	144	7	529	529	NUM
cblr-8632	144	8	figure	figure	NOUN
cblr-8632	144	9	3	3	NUM
cblr-8632	144	10	.	.	PUNCT
cblr-8632	144	11	lifecyle	lifecyle	NOUN
cblr-8632	144	12	of	of	ADP
cblr-8632	144	13	an	an	DET
cblr-8632	144	14	order	order	NOUN
cblr-8632	144	15	with	with	ADP
cblr-8632	144	16	exchange	exchange	NOUN
cblr-8632	144	17	data	datum	NOUN
cblr-8632	144	18	feeds	feed	VERB
cblr-8632	144	19	under	under	ADP
cblr-8632	144	20	reg	reg	NOUN
cblr-8632	144	21	nms	nms	NOUN
cblr-8632	144	22	,	,	PUNCT
cblr-8632	144	23	the	the	DET
cblr-8632	144	24	best	good	ADJ
cblr-8632	144	25	bid	bid	NOUN
cblr-8632	144	26	or	or	CCONJ
cblr-8632	144	27	offer	offer	NOUN
cblr-8632	144	28	on	on	ADP
cblr-8632	144	29	an	an	DET
cblr-8632	144	30	exchange	exchange	NOUN
cblr-8632	144	31	is	be	AUX
cblr-8632	144	32	excluded	exclude	VERB
cblr-8632	144	33	from	from	ADP
cblr-8632	144	34	the	the	DET
cblr-8632	144	35	official	official	ADJ
cblr-8632	144	36	definition	definition	NOUN
cblr-8632	144	37	of	of	ADP
cblr-8632	144	38	“	"	PUNCT
cblr-8632	144	39	bid	bid	NOUN
cblr-8632	144	40	”	"	PUNCT
cblr-8632	144	41	or	or	CCONJ
cblr-8632	144	42	“	"	PUNCT
cblr-8632	144	43	offer”19	offer”19	NOUN
cblr-8632	144	44	unless	unless	SCONJ
cblr-8632	144	45	the	the	DET
cblr-8632	144	46	aggregate	aggregate	ADJ
cblr-8632	144	47	size	size	NOUN
cblr-8632	144	48	of	of	ADP
cblr-8632	144	49	all	all	DET
cblr-8632	144	50	orders	order	NOUN
cblr-8632	144	51	at	at	ADP
cblr-8632	144	52	the	the	DET
cblr-8632	144	53	quoted	quote	VERB
cblr-8632	144	54	price	price	NOUN
cblr-8632	144	55	is	be	AUX
cblr-8632	144	56	equal	equal	ADJ
cblr-8632	144	57	to	to	ADP
cblr-8632	144	58	a	a	DET
cblr-8632	144	59	round	round	ADJ
cblr-8632	144	60	lot	lot	NOUN
cblr-8632	144	61	.	.	PUNCT
cblr-8632	145	1	as	as	ADP
cblr-8632	145	2	a	a	DET
cblr-8632	145	3	result	result	NOUN
cblr-8632	145	4	,	,	PUNCT
cblr-8632	145	5	while	while	SCONJ
cblr-8632	145	6	bats	bat	NOUN
cblr-8632	145	7	x	x	PRON
cblr-8632	145	8	includes	include	VERB
cblr-8632	145	9	the	the	DET
cblr-8632	145	10	five	five	NUM
cblr-8632	145	11	share	share	NOUN
cblr-8632	145	12	quoted	quote	VERB
cblr-8632	145	13	offer	offer	NOUN
cblr-8632	145	14	in	in	ADP
cblr-8632	145	15	its	its	PRON
cblr-8632	145	16	proprietary	proprietary	ADJ
cblr-8632	145	17	data	data	NOUN
cblr-8632	145	18	feed	feed	NOUN
cblr-8632	145	19	,	,	PUNCT
cblr-8632	145	20	bats	bat	NOUN
cblr-8632	145	21	x	x	PRON
cblr-8632	145	22	will	will	AUX
cblr-8632	145	23	not	not	PART
cblr-8632	145	24	report	report	VERB
cblr-8632	145	25	this	this	DET
cblr-8632	145	26	quote	quote	NOUN
cblr-8632	145	27	to	to	ADP
cblr-8632	145	28	the	the	DET
cblr-8632	145	29	sip	sip	NOUN
cblr-8632	145	30	because	because	SCONJ
cblr-8632	145	31	the	the	DET
cblr-8632	145	32	quote	quote	NOUN
cblr-8632	145	33	does	do	AUX
cblr-8632	145	34	not	not	PART
cblr-8632	145	35	meet	meet	VERB
cblr-8632	145	36	reg	reg	NOUN
cblr-8632	145	37	nms	nms	NOUN
cblr-8632	145	38	’s	’s	PART
cblr-8632	145	39	definition	definition	NOUN
cblr-8632	145	40	of	of	ADP
cblr-8632	145	41	an	an	DET
cblr-8632	145	42	“	"	PUNCT
cblr-8632	145	43	offer	offer	NOUN
cblr-8632	145	44	.	.	PUNCT
cblr-8632	145	45	”	"	PUNCT
cblr-8632	146	1	in	in	ADP
cblr-8632	146	2	other	other	ADJ
cblr-8632	146	3	words	word	NOUN
cblr-8632	146	4	,	,	PUNCT
cblr-8632	146	5	the	the	DET
cblr-8632	146	6	best	good	ADJ
cblr-8632	146	7	offer	offer	NOUN
cblr-8632	146	8	,	,	PUNCT
cblr-8632	146	9	at	at	ADP
cblr-8632	146	10	bats	bat	NOUN
cblr-8632	146	11	x	x	X
cblr-8632	146	12	,	,	PUNCT
cblr-8632	146	13	is	be	AUX
cblr-8632	146	14	hidden	hide	VERB
cblr-8632	146	15	from	from	ADP
cblr-8632	146	16	the	the	DET
cblr-8632	146	17	sip	sip	NOUN
cblr-8632	146	18	.	.	PUNCT
cblr-8632	147	1	19	19	NUM
cblr-8632	148	1	i	i	PROPN
cblr-8632	148	2	d.	d.	PROPN
cblr-8632	148	3	§	§	PROPN
cblr-8632	148	4	242.600(b)(9	242.600(b)(9	NUM
cblr-8632	148	5	)	)	PUNCT
cblr-8632	148	6	(	(	PUNCT
cblr-8632	148	7	defining	define	VERB
cblr-8632	148	8	“	"	PUNCT
cblr-8632	148	9	bid	bid	NOUN
cblr-8632	148	10	”	"	PUNCT
cblr-8632	148	11	or	or	CCONJ
cblr-8632	148	12	“	"	PUNCT
cblr-8632	148	13	offer	offer	VERB
cblr-8632	148	14	”	"	PUNCT
cblr-8632	148	15	as	as	ADP
cblr-8632	148	16	“	"	PUNCT
cblr-8632	148	17	the	the	DET
cblr-8632	148	18	bid	bid	NOUN
cblr-8632	148	19	price	price	NOUN
cblr-8632	148	20	or	or	CCONJ
cblr-8632	148	21	the	the	DET
cblr-8632	148	22	offer	offer	NOUN
cblr-8632	148	23	price	price	NOUN
cblr-8632	148	24	communicated	communicate	VERB
cblr-8632	148	25	by	by	ADP
cblr-8632	148	26	a	a	DET
cblr-8632	148	27	member	member	NOUN
cblr-8632	148	28	of	of	ADP
cblr-8632	148	29	a	a	DET
cblr-8632	148	30	national	national	ADJ
cblr-8632	148	31	securities	security	NOUN
cblr-8632	148	32	exchange	exchange	NOUN
cblr-8632	148	33	or	or	CCONJ
cblr-8632	148	34	member	member	NOUN
cblr-8632	148	35	of	of	ADP
cblr-8632	148	36	a	a	DET
cblr-8632	148	37	national	national	PROPN
cblr-8632	148	38	securities	securities	PROPN
cblr-8632	148	39	association	association	NOUN
cblr-8632	148	40	to	to	ADP
cblr-8632	148	41	any	any	DET
cblr-8632	148	42	broker	broker	NOUN
cblr-8632	148	43	or	or	CCONJ
cblr-8632	148	44	dealer	dealer	NOUN
cblr-8632	148	45	,	,	PUNCT
cblr-8632	148	46	or	or	CCONJ
cblr-8632	148	47	to	to	ADP
cblr-8632	148	48	any	any	DET
cblr-8632	148	49	customer	customer	NOUN
cblr-8632	148	50	,	,	PUNCT
cblr-8632	148	51	at	at	ADP
cblr-8632	148	52	which	which	PRON
cblr-8632	148	53	it	it	PRON
cblr-8632	148	54	is	be	AUX
cblr-8632	148	55	willing	willing	ADJ
cblr-8632	148	56	to	to	PART
cblr-8632	148	57	buy	buy	VERB
cblr-8632	148	58	or	or	CCONJ
cblr-8632	148	59	sell	sell	VERB
cblr-8632	148	60	one	one	NUM
cblr-8632	148	61	or	or	CCONJ
cblr-8632	148	62	more	more	ADJ
cblr-8632	148	63	round	round	ADJ
cblr-8632	148	64	lots	lot	NOUN
cblr-8632	148	65	of	of	ADP
cblr-8632	148	66	an	an	DET
cblr-8632	148	67	nms	nms	NOUN
cblr-8632	148	68	security	security	NOUN
cblr-8632	148	69	”	"	PUNCT
cblr-8632	148	70	)	)	PUNCT
cblr-8632	148	71	.	.	PUNCT
cblr-8632	149	1	bartlett	bartlett	PROPN
cblr-8632	149	2	8/20/2021	8/20/2021	NUM
cblr-8632	149	3	6:20	6:20	NUM
cblr-8632	149	4	pm	pm	NOUN
cblr-8632	149	5	530	530	NUM
cblr-8632	149	6	columbia	columbia	PROPN
cblr-8632	149	7	business	business	NOUN
cblr-8632	149	8	law	law	PROPN
cblr-8632	149	9	review	review	NOUN
cblr-8632	149	10	[	[	X
cblr-8632	149	11	vol	vol	NOUN
cblr-8632	149	12	.	.	PUNCT
cblr-8632	149	13	2021	2021	NUM
cblr-8632	149	14	moreover	moreover	ADV
cblr-8632	149	15	,	,	PUNCT
cblr-8632	149	16	rule	rule	VERB
cblr-8632	149	17	611	611	NUM
cblr-8632	149	18	’s	’s	PART
cblr-8632	149	19	“	"	PUNCT
cblr-8632	149	20	trade	trade	NOUN
cblr-8632	149	21	-	-	PUNCT
cblr-8632	149	22	through	through	NOUN
cblr-8632	149	23	”	"	PUNCT
cblr-8632	149	24	rule	rule	NOUN
cblr-8632	149	25	does	do	AUX
cblr-8632	149	26	not	not	PART
cblr-8632	149	27	apply	apply	VERB
cblr-8632	149	28	to	to	ADP
cblr-8632	149	29	odd	odd	ADJ
cblr-8632	149	30	lot	lot	NOUN
cblr-8632	149	31	quotes	quote	NOUN
cblr-8632	149	32	,	,	PUNCT
cblr-8632	149	33	and	and	CCONJ
cblr-8632	149	34	odd	odd	ADJ
cblr-8632	149	35	lots	lot	NOUN
cblr-8632	149	36	are	be	AUX
cblr-8632	149	37	excluded	exclude	VERB
cblr-8632	149	38	from	from	ADP
cblr-8632	149	39	the	the	DET
cblr-8632	149	40	definition	definition	NOUN
cblr-8632	149	41	of	of	ADP
cblr-8632	149	42	the	the	DET
cblr-8632	149	43	nbbo	nbbo	NOUN
cblr-8632	149	44	under	under	ADP
cblr-8632	149	45	reg	reg	NOUN
cblr-8632	149	46	nms.20	nms.20	NOUN
cblr-8632	149	47	as	as	ADP
cblr-8632	149	48	a	a	DET
cblr-8632	149	49	result	result	NOUN
cblr-8632	149	50	,	,	PUNCT
cblr-8632	149	51	even	even	ADV
cblr-8632	149	52	if	if	SCONJ
cblr-8632	149	53	the	the	DET
cblr-8632	149	54	internalizer	internalizer	NOUN
cblr-8632	149	55	knows	know	VERB
cblr-8632	149	56	about	about	ADP
cblr-8632	149	57	this	this	DET
cblr-8632	149	58	five	five	NUM
cblr-8632	149	59	-	-	PUNCT
cblr-8632	149	60	share	share	NOUN
cblr-8632	149	61	offer	offer	NOUN
cblr-8632	149	62	because	because	SCONJ
cblr-8632	149	63	it	it	PRON
cblr-8632	149	64	subscribes	subscribe	VERB
cblr-8632	149	65	to	to	ADP
cblr-8632	149	66	the	the	DET
cblr-8632	149	67	bats	bat	NOUN
cblr-8632	149	68	x	x	SYM
cblr-8632	149	69	proprietary	proprietary	ADJ
cblr-8632	149	70	data	data	NOUN
cblr-8632	149	71	feed	feed	NOUN
cblr-8632	149	72	,	,	PUNCT
cblr-8632	149	73	the	the	DET
cblr-8632	149	74	internalizer	internalizer	NOUN
cblr-8632	149	75	will	will	AUX
cblr-8632	149	76	not	not	PART
cblr-8632	149	77	violate	violate	VERB
cblr-8632	149	78	rule	rule	NOUN
cblr-8632	149	79	611	611	NUM
cblr-8632	149	80	’s	’s	PART
cblr-8632	149	81	prohibition	prohibition	NOUN
cblr-8632	149	82	of	of	ADP
cblr-8632	149	83	trading	trading	NOUN
cblr-8632	149	84	“	"	PUNCT
cblr-8632	149	85	through	through	ADP
cblr-8632	149	86	”	"	PUNCT
cblr-8632	149	87	a	a	DET
cblr-8632	149	88	superior	superior	ADJ
cblr-8632	149	89	priced	price	VERB
cblr-8632	149	90	quote	quote	NOUN
cblr-8632	149	91	,	,	PUNCT
cblr-8632	149	92	because	because	SCONJ
cblr-8632	149	93	this	this	DET
cblr-8632	149	94	quote	quote	NOUN
cblr-8632	149	95	is	be	AUX
cblr-8632	149	96	excluded	exclude	VERB
cblr-8632	149	97	from	from	ADP
cblr-8632	149	98	the	the	DET
cblr-8632	149	99	definition	definition	NOUN
cblr-8632	149	100	of	of	ADP
cblr-8632	149	101	the	the	DET
cblr-8632	149	102	nbbo	nbbo	NOUN
cblr-8632	149	103	.	.	PUNCT
cblr-8632	150	1	to	to	PART
cblr-8632	150	2	be	be	AUX
cblr-8632	150	3	sure	sure	ADJ
cblr-8632	150	4	,	,	PUNCT
cblr-8632	150	5	this	this	DET
cblr-8632	150	6	hypothetical	hypothetical	ADJ
cblr-8632	150	7	customer	customer	NOUN
cblr-8632	150	8	remains	remains	AUX
cblr-8632	150	9	protected	protect	VERB
cblr-8632	150	10	by	by	ADP
cblr-8632	150	11	a	a	DET
cblr-8632	150	12	broker	broker	NOUN
cblr-8632	150	13	’s	’s	PART
cblr-8632	150	14	duty	duty	NOUN
cblr-8632	150	15	of	of	ADP
cblr-8632	150	16	best	good	ADJ
cblr-8632	150	17	execution.21	execution.21	NOUN
cblr-8632	150	18	however	however	ADV
cblr-8632	150	19	,	,	PUNCT
cblr-8632	150	20	the	the	DET
cblr-8632	150	21	practical	practical	ADJ
cblr-8632	150	22	challenge	challenge	NOUN
cblr-8632	150	23	of	of	ADP
cblr-8632	150	24	monitoring	monitoring	NOUN
cblr-8632	150	25	and	and	CCONJ
cblr-8632	150	26	enforcing	enforce	VERB
cblr-8632	150	27	this	this	DET
cblr-8632	150	28	duty	duty	NOUN
cblr-8632	150	29	(	(	PUNCT
cblr-8632	150	30	particularly	particularly	ADV
cblr-8632	150	31	for	for	ADP
cblr-8632	150	32	retail	retail	ADJ
cblr-8632	150	33	investors	investor	NOUN
cblr-8632	150	34	)	)	PUNCT
cblr-8632	150	35	raises	raise	VERB
cblr-8632	150	36	a	a	DET
cblr-8632	150	37	question	question	NOUN
cblr-8632	150	38	of	of	ADP
cblr-8632	150	39	whether	whether	SCONJ
cblr-8632	150	40	this	this	DET
cblr-8632	150	41	duty	duty	NOUN
cblr-8632	150	42	is	be	AUX
cblr-8632	150	43	sufficient	sufficient	ADJ
cblr-8632	150	44	to	to	PART
cblr-8632	150	45	ensure	ensure	VERB
cblr-8632	150	46	that	that	SCONJ
cblr-8632	150	47	an	an	DET
cblr-8632	150	48	internalizer	internalizer	NOUN
cblr-8632	150	49	will	will	AUX
cblr-8632	150	50	consider	consider	VERB
cblr-8632	150	51	odd	odd	ADJ
cblr-8632	150	52	lot	lot	NOUN
cblr-8632	150	53	quotes	quote	NOUN
cblr-8632	150	54	when	when	SCONJ
cblr-8632	150	55	filling	fill	VERB
cblr-8632	150	56	and	and	CCONJ
cblr-8632	150	57	routing	routing	NOUN
cblr-8632	150	58	orders.22	orders.22	NOUN
cblr-8632	150	59	20	20	NUM
cblr-8632	150	60	17	17	NUM
cblr-8632	150	61	c.f.r	c.f.r	NOUN
cblr-8632	150	62	.	.	PUNCT
cblr-8632	151	1	§	§	PROPN
cblr-8632	151	2	242.600(b)(43	242.600(b)(43	PROPN
cblr-8632	151	3	)	)	PUNCT
cblr-8632	151	4	,	,	PUNCT
cblr-8632	151	5	(	(	PUNCT
cblr-8632	151	6	61	61	NUM
cblr-8632	151	7	)	)	PUNCT
cblr-8632	151	8	(	(	PUNCT
cblr-8632	151	9	2020	2020	NUM
cblr-8632	151	10	)	)	PUNCT
cblr-8632	151	11	(	(	PUNCT
cblr-8632	151	12	defining	define	VERB
cblr-8632	151	13	“	"	PUNCT
cblr-8632	151	14	national	national	ADJ
cblr-8632	151	15	best	well	ADV
cblr-8632	151	16	bid	bid	NOUN
cblr-8632	151	17	or	or	CCONJ
cblr-8632	151	18	offer	offer	VERB
cblr-8632	151	19	,	,	PUNCT
cblr-8632	151	20	”	"	PUNCT
cblr-8632	151	21	“	"	PUNCT
cblr-8632	151	22	protected	protect	VERB
cblr-8632	151	23	bid	bid	NOUN
cblr-8632	151	24	,	,	PUNCT
cblr-8632	151	25	”	"	PUNCT
cblr-8632	151	26	and	and	CCONJ
cblr-8632	151	27	“	"	PUNCT
cblr-8632	151	28	protected	protect	VERB
cblr-8632	151	29	offer	offer	NOUN
cblr-8632	151	30	”	"	PUNCT
cblr-8632	151	31	)	)	PUNCT
cblr-8632	151	32	;	;	PUNCT
cblr-8632	151	33	17	17	NUM
cblr-8632	151	34	c.f.r	c.f.r	NOUN
cblr-8632	151	35	.	.	PUNCT
cblr-8632	152	1	§	§	PROPN
cblr-8632	152	2	242.611	242.611	NUM
cblr-8632	152	3	(	(	PUNCT
cblr-8632	152	4	requiring	require	VERB
cblr-8632	152	5	each	each	DET
cblr-8632	152	6	trading	trading	NOUN
cblr-8632	152	7	center	center	NOUN
cblr-8632	152	8	to	to	PART
cblr-8632	152	9	“	"	PUNCT
cblr-8632	152	10	establish	establish	VERB
cblr-8632	152	11	,	,	PUNCT
cblr-8632	152	12	maintain	maintain	VERB
cblr-8632	152	13	,	,	PUNCT
cblr-8632	152	14	and	and	CCONJ
cblr-8632	152	15	enforce	enforce	VERB
cblr-8632	152	16	written	write	VERB
cblr-8632	152	17	policies	policy	NOUN
cblr-8632	152	18	and	and	CCONJ
cblr-8632	152	19	procedures	procedure	NOUN
cblr-8632	152	20	that	that	PRON
cblr-8632	152	21	are	be	AUX
cblr-8632	152	22	reasonably	reasonably	ADV
cblr-8632	152	23	designed	design	VERB
cblr-8632	152	24	to	to	PART
cblr-8632	152	25	prevent	prevent	VERB
cblr-8632	152	26	trade	trade	NOUN
cblr-8632	152	27	-	-	PUNCT
cblr-8632	152	28	throughs	throughs	NOUN
cblr-8632	152	29	on	on	ADP
cblr-8632	152	30	that	that	DET
cblr-8632	152	31	trading	trading	NOUN
cblr-8632	152	32	center	center	NOUN
cblr-8632	152	33	of	of	ADP
cblr-8632	152	34	protected	protect	VERB
cblr-8632	152	35	quotations	quotation	NOUN
cblr-8632	152	36	in	in	ADP
cblr-8632	152	37	nms	nms	PROPN
cblr-8632	152	38	stocks	stock	NOUN
cblr-8632	152	39	”	"	PUNCT
cblr-8632	152	40	that	that	PRON
cblr-8632	152	41	do	do	AUX
cblr-8632	152	42	not	not	PART
cblr-8632	152	43	fall	fall	VERB
cblr-8632	152	44	within	within	ADP
cblr-8632	152	45	specific	specific	ADJ
cblr-8632	152	46	exceptions	exception	NOUN
cblr-8632	152	47	)	)	PUNCT
cblr-8632	152	48	;	;	PUNCT
cblr-8632	152	49	see	see	VERB
cblr-8632	152	50	also	also	ADV
cblr-8632	152	51	market	market	NOUN
cblr-8632	152	52	data	datum	NOUN
cblr-8632	152	53	infrastructure	infrastructure	NOUN
cblr-8632	152	54	,	,	PUNCT
cblr-8632	152	55	86	86	NUM
cblr-8632	152	56	fed	fed	PROPN
cblr-8632	152	57	.	.	PUNCT
cblr-8632	153	1	reg	reg	PROPN
cblr-8632	153	2	.	.	PROPN
cblr-8632	154	1	18,596	18,596	NUM
cblr-8632	154	2	,	,	PUNCT
cblr-8632	154	3	18,614	18,614	NUM
cblr-8632	154	4	(	(	PUNCT
cblr-8632	154	5	apr	apr	NOUN
cblr-8632	154	6	.	.	PROPN
cblr-8632	154	7	9	9	NUM
cblr-8632	154	8	,	,	PUNCT
cblr-8632	154	9	2021	2021	NUM
cblr-8632	154	10	)	)	PUNCT
cblr-8632	154	11	(	(	PUNCT
cblr-8632	154	12	to	to	PART
cblr-8632	154	13	be	be	AUX
cblr-8632	154	14	codified	codify	VERB
cblr-8632	154	15	at	at	ADP
cblr-8632	154	16	17	17	NUM
cblr-8632	154	17	c.f.r	c.f.r	NOUN
cblr-8632	154	18	.	.	PUNCT
cblr-8632	155	1	pts	pts	PROPN
cblr-8632	155	2	.	.	PROPN
cblr-8632	155	3	240	240	NUM
cblr-8632	155	4	,	,	PUNCT
cblr-8632	155	5	242	242	NUM
cblr-8632	155	6	,	,	PUNCT
cblr-8632	155	7	249	249	NUM
cblr-8632	155	8	)	)	PUNCT
cblr-8632	155	9	.	.	PUNCT
cblr-8632	156	1	21	21	NUM
cblr-8632	156	2	market	market	NOUN
cblr-8632	156	3	data	datum	NOUN
cblr-8632	156	4	infrastructure	infrastructure	NOUN
cblr-8632	156	5	,	,	PUNCT
cblr-8632	156	6	86	86	NUM
cblr-8632	156	7	fed	fed	PROPN
cblr-8632	156	8	.	.	PUNCT
cblr-8632	157	1	reg	reg	PROPN
cblr-8632	157	2	.	.	PROPN
cblr-8632	158	1	18,596	18,596	NUM
cblr-8632	158	2	,	,	PUNCT
cblr-8632	158	3	18,614	18,614	NUM
cblr-8632	158	4	(	(	PUNCT
cblr-8632	158	5	apr	apr	NOUN
cblr-8632	158	6	.	.	PROPN
cblr-8632	158	7	9	9	NUM
cblr-8632	158	8	,	,	PUNCT
cblr-8632	158	9	2021	2021	NUM
cblr-8632	158	10	)	)	PUNCT
cblr-8632	158	11	(	(	PUNCT
cblr-8632	158	12	to	to	PART
cblr-8632	158	13	be	be	AUX
cblr-8632	158	14	codified	codify	VERB
cblr-8632	158	15	at	at	ADP
cblr-8632	158	16	17	17	NUM
cblr-8632	158	17	c.f.r	c.f.r	NOUN
cblr-8632	158	18	.	.	PUNCT
cblr-8632	159	1	pts	pts	PROPN
cblr-8632	159	2	.	.	PROPN
cblr-8632	159	3	240	240	NUM
cblr-8632	159	4	,	,	PUNCT
cblr-8632	159	5	242	242	NUM
cblr-8632	159	6	,	,	PUNCT
cblr-8632	159	7	249	249	NUM
cblr-8632	159	8	)	)	PUNCT
cblr-8632	159	9	(	(	PUNCT
cblr-8632	159	10	“	"	PUNCT
cblr-8632	159	11	[	[	X
cblr-8632	159	12	o]dd	o]dd	NOUN
cblr-8632	159	13	-	-	PUNCT
cblr-8632	159	14	lots	lot	NOUN
cblr-8632	159	15	are	be	AUX
cblr-8632	159	16	subject	subject	ADJ
cblr-8632	159	17	to	to	ADP
cblr-8632	159	18	best	good	ADJ
cblr-8632	159	19	execution	execution	NOUN
cblr-8632	159	20	requirements	requirement	NOUN
cblr-8632	159	21	,	,	PUNCT
cblr-8632	159	22	so	so	SCONJ
cblr-8632	159	23	investors	investor	NOUN
cblr-8632	159	24	have	have	VERB
cblr-8632	159	25	the	the	DET
cblr-8632	159	26	assurance	assurance	NOUN
cblr-8632	159	27	that	that	PRON
cblr-8632	159	28	their	their	PRON
cblr-8632	159	29	broker	broker	NOUN
cblr-8632	159	30	-	-	PUNCT
cblr-8632	159	31	dealers	dealer	NOUN
cblr-8632	159	32	are	be	AUX
cblr-8632	159	33	required	require	VERB
cblr-8632	159	34	to	to	PART
cblr-8632	159	35	seek	seek	VERB
cblr-8632	159	36	the	the	DET
cblr-8632	159	37	most	most	ADV
cblr-8632	159	38	favorable	favorable	ADJ
cblr-8632	159	39	terms	term	NOUN
cblr-8632	159	40	reasonably	reasonably	ADV
cblr-8632	159	41	available	available	ADJ
cblr-8632	159	42	under	under	ADP
cblr-8632	159	43	the	the	DET
cblr-8632	159	44	circumstances	circumstance	NOUN
cblr-8632	159	45	for	for	ADP
cblr-8632	159	46	such	such	ADJ
cblr-8632	159	47	orders	order	NOUN
cblr-8632	159	48	despite	despite	SCONJ
cblr-8632	159	49	the	the	DET
cblr-8632	159	50	fact	fact	NOUN
cblr-8632	159	51	that	that	SCONJ
cblr-8632	159	52	the	the	DET
cblr-8632	159	53	odd	odd	ADJ
cblr-8632	159	54	-	-	PUNCT
cblr-8632	159	55	lot	lot	NOUN
cblr-8632	159	56	quotes	quote	NOUN
cblr-8632	159	57	are	be	AUX
cblr-8632	159	58	not	not	PART
cblr-8632	159	59	protected	protect	VERB
cblr-8632	159	60	quotations	quotation	NOUN
cblr-8632	159	61	pursuant	pursuant	ADJ
cblr-8632	159	62	to	to	PART
cblr-8632	159	63	rule	rule	VERB
cblr-8632	159	64	611	611	NUM
cblr-8632	159	65	.	.	PUNCT
cblr-8632	159	66	”	"	PUNCT
cblr-8632	160	1	(	(	PUNCT
cblr-8632	160	2	citing	cite	VERB
cblr-8632	160	3	order	order	NOUN
cblr-8632	160	4	execution	execution	NOUN
cblr-8632	160	5	obligations	obligation	NOUN
cblr-8632	160	6	,	,	PUNCT
cblr-8632	160	7	61	61	NUM
cblr-8632	160	8	fed	feed	VERB
cblr-8632	160	9	.	.	PUNCT
cblr-8632	161	1	reg	reg	PROPN
cblr-8632	161	2	.	.	PUNCT
cblr-8632	162	1	48,290	48,290	NUM
cblr-8632	162	2	,	,	PUNCT
cblr-8632	162	3	48,305	48,305	NUM
cblr-8632	162	4	(	(	PUNCT
cblr-8632	162	5	sept	sept	PROPN
cblr-8632	162	6	.	.	PROPN
cblr-8632	162	7	12	12	NUM
cblr-8632	162	8	,	,	PUNCT
cblr-8632	162	9	1996	1996	NUM
cblr-8632	162	10	)	)	PUNCT
cblr-8632	162	11	(	(	PUNCT
cblr-8632	162	12	codified	codify	VERB
cblr-8632	162	13	as	as	SCONJ
cblr-8632	162	14	amended	amend	VERB
cblr-8632	162	15	at	at	ADP
cblr-8632	162	16	17	17	NUM
cblr-8632	162	17	c.f.r	c.f.r	NOUN
cblr-8632	162	18	.	.	PUNCT
cblr-8632	163	1	pt	pt	PROPN
cblr-8632	163	2	.	.	PROPN
cblr-8632	163	3	240	240	NUM
cblr-8632	163	4	)	)	PUNCT
cblr-8632	163	5	)	)	PUNCT
cblr-8632	163	6	)	)	PUNCT
cblr-8632	163	7	.	.	PUNCT
cblr-8632	164	1	22	22	NUM
cblr-8632	165	1	the	the	DET
cblr-8632	165	2	possibility	possibility	NOUN
cblr-8632	165	3	that	that	SCONJ
cblr-8632	165	4	an	an	DET
cblr-8632	165	5	internalizer	internalizer	NOUN
cblr-8632	165	6	might	might	AUX
cblr-8632	165	7	trade	trade	VERB
cblr-8632	165	8	-	-	PUNCT
cblr-8632	165	9	through	through	ADP
cblr-8632	165	10	odd	odd	ADJ
cblr-8632	165	11	lot	lot	NOUN
cblr-8632	165	12	quotes	quote	VERB
cblr-8632	165	13	that	that	SCONJ
cblr-8632	165	14	it	it	PRON
cblr-8632	165	15	observes	observe	VERB
cblr-8632	165	16	in	in	ADP
cblr-8632	165	17	exchanges	exchange	NOUN
cblr-8632	165	18	’	'	PUNCT
cblr-8632	165	19	proprietary	proprietary	ADJ
cblr-8632	165	20	data	data	NOUN
cblr-8632	165	21	feeds	feed	NOUN
cblr-8632	165	22	was	be	AUX
cblr-8632	165	23	highlighted	highlight	VERB
cblr-8632	165	24	in	in	ADP
cblr-8632	165	25	the	the	DET
cblr-8632	165	26	sec	sec	PROPN
cblr-8632	165	27	’s	’s	PART
cblr-8632	165	28	2017	2017	NUM
cblr-8632	165	29	enforcement	enforcement	NOUN
cblr-8632	165	30	action	action	NOUN
cblr-8632	165	31	against	against	ADP
cblr-8632	165	32	citadel	citadel	PROPN
cblr-8632	165	33	securities	securities	PROPN
cblr-8632	165	34	.	.	PUNCT
cblr-8632	166	1	see	see	VERB
cblr-8632	166	2	generally	generally	ADV
cblr-8632	166	3	citadel	citadel	PROPN
cblr-8632	166	4	sec	sec	PROPN
cblr-8632	166	5	.	.	PROPN
cblr-8632	166	6	llc	llc	PROPN
cblr-8632	166	7	,	,	PUNCT
cblr-8632	166	8	securities	security	NOUN
cblr-8632	166	9	act	act	PROPN
cblr-8632	166	10	release	release	VERB
cblr-8632	166	11	no	no	NOUN
cblr-8632	166	12	.	.	NOUN
cblr-8632	166	13	10,280	10,280	NUM
cblr-8632	166	14	,	,	PUNCT
cblr-8632	166	15	2017	2017	NUM
cblr-8632	166	16	wl	wl	NOUN
cblr-8632	166	17	129905	129905	NUM
cblr-8632	166	18	(	(	PUNCT
cblr-8632	166	19	jan	jan	PROPN
cblr-8632	166	20	.	.	PROPN
cblr-8632	166	21	13	13	NUM
cblr-8632	166	22	,	,	PUNCT
cblr-8632	166	23	2017	2017	NUM
cblr-8632	166	24	)	)	PUNCT
cblr-8632	166	25	.	.	PUNCT
cblr-8632	167	1	there	there	ADV
cblr-8632	167	2	,	,	PUNCT
cblr-8632	167	3	the	the	DET
cblr-8632	167	4	sec	sec	PROPN
cblr-8632	167	5	documented	document	VERB
cblr-8632	167	6	the	the	DET
cblr-8632	167	7	use	use	NOUN
cblr-8632	167	8	by	by	ADP
cblr-8632	167	9	citadel	citadel	PROPN
cblr-8632	167	10	of	of	ADP
cblr-8632	167	11	a	a	DET
cblr-8632	167	12	“	"	PUNCT
cblr-8632	167	13	fastfill	fastfill	ADJ
cblr-8632	167	14	”	"	PUNCT
cblr-8632	167	15	protocol	protocol	NOUN
cblr-8632	167	16	in	in	ADP
cblr-8632	167	17	which	which	PRON
cblr-8632	167	18	citadel	citadel	PROPN
cblr-8632	167	19	would	would	AUX
cblr-8632	167	20	automatically	automatically	ADV
cblr-8632	167	21	execute	execute	VERB
cblr-8632	167	22	a	a	DET
cblr-8632	167	23	retail	retail	ADJ
cblr-8632	167	24	market	market	NOUN
cblr-8632	167	25	order	order	NOUN
cblr-8632	167	26	at	at	ADP
cblr-8632	167	27	the	the	DET
cblr-8632	167	28	price	price	NOUN
cblr-8632	167	29	of	of	ADP
cblr-8632	167	30	the	the	DET
cblr-8632	167	31	sip	sip	NOUN
cblr-8632	167	32	nbbo	nbbo	NOUN
cblr-8632	167	33	when	when	SCONJ
cblr-8632	167	34	the	the	DET
cblr-8632	167	35	best	good	ADJ
cblr-8632	167	36	price	price	NOUN
cblr-8632	167	37	from	from	ADP
cblr-8632	167	38	an	an	DET
cblr-8632	167	39	exchange	exchange	NOUN
cblr-8632	167	40	’s	’s	PART
cblr-8632	167	41	direct	direct	ADJ
cblr-8632	167	42	feed	feed	NOUN
cblr-8632	167	43	was	be	AUX
cblr-8632	167	44	better	well	ADJ
cblr-8632	167	45	than	than	ADP
cblr-8632	167	46	the	the	DET
cblr-8632	167	47	best	good	ADJ
cblr-8632	167	48	price	price	NOUN
cblr-8632	167	49	disseminated	disseminate	VERB
cblr-8632	167	50	by	by	ADP
cblr-8632	167	51	the	the	DET
cblr-8632	167	52	sip	sip	NOUN
cblr-8632	167	53	feed	feed	NOUN
cblr-8632	167	54	.	.	PUNCT
cblr-8632	168	1	i	i	PRON
cblr-8632	168	2	d.	d.	VERB
cblr-8632	168	3	at	at	ADP
cblr-8632	168	4	*	*	PROPN
cblr-8632	168	5	3	3	NUM
cblr-8632	168	6	.	.	PUNCT
cblr-8632	168	7	notably	notably	ADV
cblr-8632	168	8	,	,	PUNCT
cblr-8632	168	9	the	the	DET
cblr-8632	168	10	enforcement	enforcement	NOUN
cblr-8632	168	11	action	action	NOUN
cblr-8632	168	12	was	be	AUX
cblr-8632	168	13	based	base	VERB
cblr-8632	168	14	on	on	ADP
cblr-8632	168	15	a	a	DET
cblr-8632	168	16	disclosure	disclosure	NOUN
cblr-8632	168	17	violation	violation	NOUN
cblr-8632	168	18	under	under	ADP
cblr-8632	168	19	section	section	NOUN
cblr-8632	168	20	17	17	NUM
cblr-8632	168	21	of	of	ADP
cblr-8632	168	22	the	the	DET
cblr-8632	168	23	securities	security	NOUN
cblr-8632	168	24	act	act	NOUN
cblr-8632	168	25	given	give	VERB
cblr-8632	168	26	that	that	SCONJ
cblr-8632	168	27	citadel	citadel	PROPN
cblr-8632	168	28	had	have	AUX
cblr-8632	168	29	disclosed	disclose	VERB
cblr-8632	168	30	to	to	ADP
cblr-8632	168	31	broker	broker	NOUN
cblr-8632	168	32	-	-	PUNCT
cblr-8632	168	33	dealer	dealer	NOUN
cblr-8632	168	34	clients	client	NOUN
cblr-8632	168	35	that	that	PRON
cblr-8632	168	36	a	a	DET
cblr-8632	168	37	market	market	NOUN
cblr-8632	168	38	order	order	NOUN
cblr-8632	168	39	was	be	AUX
cblr-8632	168	40	an	an	DET
cblr-8632	168	41	“	"	PUNCT
cblr-8632	168	42	[	[	X
cblr-8632	168	43	o]rder	o]rder	NOUN
cblr-8632	168	44	to	to	PART
cblr-8632	168	45	buy	buy	VERB
cblr-8632	168	46	(	(	PUNCT
cblr-8632	168	47	sell	sell	NOUN
cblr-8632	168	48	)	)	PUNCT
cblr-8632	168	49	at	at	ADP
cblr-8632	168	50	the	the	DET
cblr-8632	168	51	best	good	ADJ
cblr-8632	168	52	offer	offer	NOUN
cblr-8632	168	53	(	(	PUNCT
cblr-8632	168	54	bid	bid	NOUN
cblr-8632	168	55	)	)	PUNCT
cblr-8632	168	56	price	price	NOUN
cblr-8632	168	57	currently	currently	ADV
cblr-8632	168	58	available	available	ADJ
cblr-8632	168	59	in	in	ADP
cblr-8632	168	60	the	the	DET
cblr-8632	168	61	marketplace	marketplace	NOUN
cblr-8632	168	62	.	.	PUNCT
cblr-8632	168	63	”	"	PUNCT
cblr-8632	169	1	i	i	PRON
cblr-8632	169	2	d.	d.	VERB
cblr-8632	169	3	at	at	ADP
cblr-8632	169	4	*	*	NUM
cblr-8632	169	5	8	8	NUM
cblr-8632	169	6	(	(	PUNCT
cblr-8632	169	7	alteration	alteration	NOUN
cblr-8632	169	8	in	in	ADP
cblr-8632	169	9	original	original	ADJ
cblr-8632	169	10	)	)	PUNCT
cblr-8632	169	11	(	(	PUNCT
cblr-8632	169	12	internal	internal	ADJ
cblr-8632	169	13	quotation	quotation	NOUN
cblr-8632	169	14	marks	mark	VERB
cblr-8632	169	15	bartlett	bartlett	PROPN
cblr-8632	169	16	8/20/2021	8/20/2021	NUM
cblr-8632	169	17	6:20	6:20	NUM
cblr-8632	169	18	pm	pm	NOUN
cblr-8632	169	19	no	no	INTJ
cblr-8632	169	20	.	.	PUNCT
cblr-8632	170	1	2:520	2:520	NUM
cblr-8632	170	2	]	]	X
cblr-8632	170	3	modernizing	modernize	VERB
cblr-8632	170	4	odd	odd	ADJ
cblr-8632	170	5	lot	lot	NOUN
cblr-8632	170	6	trading	trade	VERB
cblr-8632	170	7	531	531	NUM
cblr-8632	170	8	these	these	DET
cblr-8632	170	9	considerations	consideration	NOUN
cblr-8632	170	10	motivate	motivate	VERB
cblr-8632	170	11	the	the	DET
cblr-8632	170	12	two	two	NUM
cblr-8632	170	13	empirical	empirical	ADJ
cblr-8632	170	14	questions	question	NOUN
cblr-8632	170	15	at	at	ADP
cblr-8632	170	16	the	the	DET
cblr-8632	170	17	heart	heart	NOUN
cblr-8632	170	18	of	of	ADP
cblr-8632	170	19	this	this	DET
cblr-8632	170	20	article	article	NOUN
cblr-8632	170	21	.	.	PUNCT
cblr-8632	171	1	first	first	ADV
cblr-8632	171	2	,	,	PUNCT
cblr-8632	171	3	i	i	PRON
cblr-8632	171	4	compare	compare	VERB
cblr-8632	171	5	the	the	DET
cblr-8632	171	6	rate	rate	NOUN
cblr-8632	171	7	and	and	CCONJ
cblr-8632	171	8	level	level	NOUN
cblr-8632	171	9	of	of	ADP
cblr-8632	171	10	price	price	NOUN
cblr-8632	171	11	improvement	improvement	NOUN
cblr-8632	171	12	for	for	ADP
cblr-8632	171	13	odd	odd	ADJ
cblr-8632	171	14	lot	lot	NOUN
cblr-8632	171	15	trades	trade	NOUN
cblr-8632	171	16	relative	relative	ADJ
cblr-8632	171	17	to	to	ADP
cblr-8632	171	18	round	round	ADJ
cblr-8632	171	19	lot	lot	NOUN
cblr-8632	171	20	trades	trade	NOUN
cblr-8632	171	21	.	.	PUNCT
cblr-8632	172	1	second	second	ADJ
cblr-8632	172	2	,	,	PUNCT
cblr-8632	172	3	i	i	PRON
cblr-8632	172	4	compare	compare	VERB
cblr-8632	172	5	odd	odd	ADJ
cblr-8632	172	6	lot	lot	NOUN
cblr-8632	172	7	trades	trade	NOUN
cblr-8632	172	8	to	to	ADP
cblr-8632	172	9	odd	odd	ADJ
cblr-8632	172	10	lot	lot	NOUN
cblr-8632	172	11	quotes	quote	NOUN
cblr-8632	172	12	.	.	PUNCT
cblr-8632	173	1	both	both	DET
cblr-8632	173	2	comparisons	comparison	NOUN
cblr-8632	173	3	show	show	VERB
cblr-8632	173	4	that	that	SCONJ
cblr-8632	173	5	odd	odd	ADJ
cblr-8632	173	6	lot	lot	NOUN
cblr-8632	173	7	trades	trade	NOUN
cblr-8632	173	8	are	be	AUX
cblr-8632	173	9	at	at	ADP
cblr-8632	173	10	a	a	DET
cblr-8632	173	11	heightened	heightened	ADJ
cblr-8632	173	12	risk	risk	NOUN
cblr-8632	173	13	of	of	ADP
cblr-8632	173	14	deficient	deficient	ADJ
cblr-8632	173	15	trade	trade	NOUN
cblr-8632	173	16	execution	execution	NOUN
cblr-8632	173	17	.	.	PUNCT
cblr-8632	174	1	to	to	PART
cblr-8632	174	2	explore	explore	VERB
cblr-8632	174	3	the	the	DET
cblr-8632	174	4	first	first	ADJ
cblr-8632	174	5	question	question	NOUN
cblr-8632	174	6	,	,	PUNCT
cblr-8632	174	7	i	i	PRON
cblr-8632	174	8	examine	examine	VERB
cblr-8632	174	9	all	all	DET
cblr-8632	174	10	reported	report	VERB
cblr-8632	174	11	quotes	quote	NOUN
cblr-8632	174	12	and	and	CCONJ
cblr-8632	174	13	trades	trade	NOUN
cblr-8632	174	14	in	in	ADP
cblr-8632	174	15	the	the	DET
cblr-8632	174	16	nyse	nyse	PROPN
cblr-8632	174	17	taq	taq	PROPN
cblr-8632	174	18	data23	data23	NOUN
cblr-8632	174	19	since	since	SCONJ
cblr-8632	174	20	2014	2014	NUM
cblr-8632	174	21	for	for	ADP
cblr-8632	174	22	securities	security	NOUN
cblr-8632	174	23	in	in	ADP
cblr-8632	174	24	the	the	DET
cblr-8632	174	25	dow	dow	PROPN
cblr-8632	174	26	jones	jones	PROPN
cblr-8632	174	27	industrial	industrial	PROPN
cblr-8632	174	28	average	average	NOUN
cblr-8632	174	29	to	to	PART
cblr-8632	174	30	calculate	calculate	VERB
cblr-8632	174	31	the	the	DET
cblr-8632	174	32	rate	rate	NOUN
cblr-8632	174	33	and	and	CCONJ
cblr-8632	174	34	level	level	NOUN
cblr-8632	174	35	of	of	ADP
cblr-8632	174	36	price	price	NOUN
cblr-8632	174	37	improvement	improvement	NOUN
cblr-8632	174	38	for	for	ADP
cblr-8632	174	39	each	each	DET
cblr-8632	174	40	trade	trade	NOUN
cblr-8632	174	41	based	base	VERB
cblr-8632	174	42	on	on	ADP
cblr-8632	174	43	its	its	PRON
cblr-8632	174	44	reported	report	VERB
cblr-8632	174	45	size.24	size.24	NOUN
cblr-8632	174	46	price	price	NOUN
cblr-8632	174	47	improvement	improvement	NOUN
cblr-8632	174	48	for	for	ADP
cblr-8632	174	49	odd	odd	ADJ
cblr-8632	174	50	lot	lot	NOUN
cblr-8632	174	51	trades	trade	NOUN
cblr-8632	174	52	executed	execute	VERB
cblr-8632	174	53	in	in	ADP
cblr-8632	174	54	nonexchange	nonexchange	NOUN
cblr-8632	174	55	venues	venue	NOUN
cblr-8632	174	56	has	have	AUX
cblr-8632	174	57	improved	improve	VERB
cblr-8632	174	58	markedly	markedly	ADV
cblr-8632	174	59	relative	relative	ADJ
cblr-8632	174	60	to	to	AUX
cblr-8632	174	61	round	round	VERB
cblr-8632	174	62	lots	lot	NOUN
cblr-8632	174	63	since	since	SCONJ
cblr-8632	174	64	odd	odd	ADJ
cblr-8632	174	65	lot	lot	NOUN
cblr-8632	174	66	trades	trade	NOUN
cblr-8632	174	67	first	first	ADV
cblr-8632	174	68	appeared	appear	VERB
cblr-8632	174	69	in	in	ADP
cblr-8632	174	70	the	the	DET
cblr-8632	174	71	consolidated	consolidated	ADJ
cblr-8632	174	72	tape	tape	NOUN
cblr-8632	174	73	in	in	ADP
cblr-8632	174	74	late	late	ADJ
cblr-8632	174	75	2013	2013	NUM
cblr-8632	174	76	.	.	PUNCT
cblr-8632	175	1	moreover	moreover	ADV
cblr-8632	175	2	,	,	PUNCT
cblr-8632	175	3	much	much	ADJ
cblr-8632	175	4	of	of	ADP
cblr-8632	175	5	the	the	DET
cblr-8632	175	6	increase	increase	NOUN
cblr-8632	175	7	in	in	ADP
cblr-8632	175	8	price	price	NOUN
cblr-8632	175	9	improvement	improvement	NOUN
cblr-8632	175	10	rates	rate	NOUN
cblr-8632	175	11	appears	appear	VERB
cblr-8632	175	12	related	relate	VERB
cblr-8632	175	13	to	to	ADP
cblr-8632	175	14	a	a	DET
cblr-8632	175	15	voluntary	voluntary	ADJ
cblr-8632	175	16	program	program	NOUN
cblr-8632	175	17	commenced	commence	VERB
cblr-8632	175	18	in	in	ADP
cblr-8632	175	19	2015	2015	NUM
cblr-8632	175	20	by	by	ADP
cblr-8632	175	21	several	several	ADJ
cblr-8632	175	22	internalizers	internalizer	NOUN
cblr-8632	175	23	and	and	CCONJ
cblr-8632	175	24	brokerage	brokerage	NOUN
cblr-8632	175	25	firms	firm	NOUN
cblr-8632	175	26	to	to	PART
cblr-8632	175	27	improve	improve	VERB
cblr-8632	175	28	the	the	DET
cblr-8632	175	29	disclosure	disclosure	NOUN
cblr-8632	175	30	of	of	ADP
cblr-8632	175	31	retail	retail	ADJ
cblr-8632	175	32	trade	trade	NOUN
cblr-8632	175	33	execution	execution	NOUN
cblr-8632	175	34	statistics.25	statistics.25	PROPN
cblr-8632	175	35	however	however	ADV
cblr-8632	175	36	,	,	PUNCT
cblr-8632	175	37	overall	overall	ADJ
cblr-8632	175	38	levels	level	NOUN
cblr-8632	175	39	of	of	ADP
cblr-8632	175	40	price	price	NOUN
cblr-8632	175	41	improvement	improvement	NOUN
cblr-8632	175	42	for	for	ADP
cblr-8632	175	43	odd	odd	ADJ
cblr-8632	175	44	lot	lot	NOUN
cblr-8632	175	45	trades	trade	NOUN
cblr-8632	175	46	in	in	ADP
cblr-8632	175	47	non	non	ADJ
cblr-8632	175	48	-	-	ADJ
cblr-8632	175	49	exchange	exchange	ADJ
cblr-8632	175	50	venues	venue	NOUN
cblr-8632	175	51	have	have	AUX
cblr-8632	175	52	remained	remain	VERB
cblr-8632	175	53	consistently	consistently	ADV
cblr-8632	175	54	lower	low	ADJ
cblr-8632	175	55	than	than	ADP
cblr-8632	175	56	those	those	PRON
cblr-8632	175	57	for	for	ADP
cblr-8632	175	58	larger	large	ADJ
cblr-8632	175	59	trades	trade	NOUN
cblr-8632	175	60	.	.	PUNCT
cblr-8632	176	1	this	this	DET
cblr-8632	176	2	conclusion	conclusion	NOUN
cblr-8632	176	3	is	be	AUX
cblr-8632	176	4	further	far	ADV
cblr-8632	176	5	supported	support	VERB
cblr-8632	176	6	by	by	ADP
cblr-8632	176	7	a	a	DET
cblr-8632	176	8	regression	regression	NOUN
cblr-8632	176	9	discontinuity	discontinuity	NOUN
cblr-8632	176	10	(	(	PUNCT
cblr-8632	176	11	rd	rd	NOUN
cblr-8632	176	12	)	)	PUNCT
cblr-8632	176	13	analysis	analysis	NOUN
cblr-8632	176	14	of	of	ADP
cblr-8632	176	15	price	price	NOUN
cblr-8632	176	16	improvement	improvement	NOUN
cblr-8632	176	17	by	by	ADP
cblr-8632	176	18	trade	trade	NOUN
cblr-8632	176	19	size	size	NOUN
cblr-8632	176	20	for	for	ADP
cblr-8632	176	21	all	all	DET
cblr-8632	176	22	securities	security	NOUN
cblr-8632	176	23	with	with	ADP
cblr-8632	176	24	2020	2020	NUM
cblr-8632	176	25	daily	daily	ADJ
cblr-8632	176	26	trading	trading	NOUN
cblr-8632	176	27	volume	volume	NOUN
cblr-8632	176	28	of	of	ADP
cblr-8632	176	29	greater	great	ADJ
cblr-8632	176	30	than	than	ADP
cblr-8632	176	31	$	$	SYM
cblr-8632	176	32	5,000,000	5,000,000	NUM
cblr-8632	176	33	.	.	PUNCT
cblr-8632	177	1	controlling	control	VERB
cblr-8632	177	2	for	for	ADP
cblr-8632	177	3	overall	overall	ADJ
cblr-8632	177	4	volume	volume	NOUN
cblr-8632	177	5	for	for	ADP
cblr-8632	177	6	different	different	ADJ
cblr-8632	177	7	trade	trade	NOUN
cblr-8632	177	8	sizes	size	NOUN
cblr-8632	177	9	,	,	PUNCT
cblr-8632	177	10	odd	odd	ADJ
cblr-8632	177	11	lot	lot	NOUN
cblr-8632	177	12	trades	trade	NOUN
cblr-8632	177	13	in	in	ADP
cblr-8632	177	14	non	non	ADJ
cblr-8632	177	15	-	-	ADJ
cblr-8632	177	16	exchange	exchange	ADJ
cblr-8632	177	17	venues	venue	NOUN
cblr-8632	177	18	receive	receive	VERB
cblr-8632	177	19	on	on	ADP
cblr-8632	177	20	average	average	ADJ
cblr-8632	177	21	roughly	roughly	ADV
cblr-8632	177	22	ninety	ninety	NUM
cblr-8632	177	23	percent	percent	NOUN
cblr-8632	177	24	of	of	ADP
cblr-8632	177	25	the	the	DET
cblr-8632	177	26	price	price	NOUN
cblr-8632	177	27	improvement	improvement	NOUN
cblr-8632	177	28	(	(	PUNCT
cblr-8632	177	29	measured	measure	VERB
cblr-8632	177	30	in	in	ADP
cblr-8632	177	31	quoted	quote	VERB
cblr-8632	177	32	half	half	ADJ
cblr-8632	177	33	-	-	PUNCT
cblr-8632	177	34	spreads	spread	NOUN
cblr-8632	177	35	)	)	PUNCT
cblr-8632	177	36	provided	provide	VERB
cblr-8632	177	37	to	to	ADP
cblr-8632	177	38	larger	large	ADJ
cblr-8632	177	39	trades	trade	NOUN
cblr-8632	177	40	.	.	PUNCT
cblr-8632	178	1	such	such	ADJ
cblr-8632	178	2	systematically	systematically	ADV
cblr-8632	178	3	lower	low	ADJ
cblr-8632	178	4	price	price	NOUN
cblr-8632	178	5	improvement	improvement	NOUN
cblr-8632	178	6	for	for	ADP
cblr-8632	178	7	odd	odd	ADJ
cblr-8632	178	8	lot	lot	NOUN
cblr-8632	178	9	trades	trade	NOUN
cblr-8632	178	10	in	in	ADP
cblr-8632	178	11	non	non	ADJ
cblr-8632	178	12	-	-	ADJ
cblr-8632	178	13	exchange	exchange	ADJ
cblr-8632	178	14	venues	venue	NOUN
cblr-8632	178	15	is	be	AUX
cblr-8632	178	16	consistent	consistent	ADJ
cblr-8632	178	17	with	with	ADP
cblr-8632	178	18	the	the	DET
cblr-8632	178	19	above	above	ADJ
cblr-8632	178	20	omitted	omit	VERB
cblr-8632	178	21	)	)	PUNCT
cblr-8632	178	22	.	.	PUNCT
cblr-8632	179	1	nothing	nothing	PRON
cblr-8632	179	2	in	in	ADP
cblr-8632	179	3	the	the	DET
cblr-8632	179	4	resulting	result	VERB
cblr-8632	179	5	cease	cease	NOUN
cblr-8632	179	6	-	-	PUNCT
cblr-8632	179	7	and	and	CCONJ
cblr-8632	179	8	-	-	PUNCT
cblr-8632	179	9	desist	desist	VERB
cblr-8632	179	10	order	order	NOUN
cblr-8632	179	11	would	would	AUX
cblr-8632	179	12	therefore	therefore	ADV
cblr-8632	179	13	prohibit	prohibit	VERB
cblr-8632	179	14	the	the	DET
cblr-8632	179	15	practice	practice	NOUN
cblr-8632	179	16	provided	provide	VERB
cblr-8632	179	17	its	its	PRON
cblr-8632	179	18	disclosure	disclosure	NOUN
cblr-8632	179	19	is	be	AUX
cblr-8632	179	20	made	make	VERB
cblr-8632	179	21	to	to	ADP
cblr-8632	179	22	a	a	DET
cblr-8632	179	23	broker	broker	NOUN
cblr-8632	179	24	-	-	PUNCT
cblr-8632	179	25	dealer	dealer	NOUN
cblr-8632	179	26	.	.	PUNCT
cblr-8632	180	1	23	23	NUM
cblr-8632	180	2	see	see	VERB
cblr-8632	180	3	supra	supra	PROPN
cblr-8632	180	4	note	note	PROPN
cblr-8632	180	5	4	4	NUM
cblr-8632	180	6	.	.	NOUN
cblr-8632	180	7	24	24	NUM
cblr-8632	180	8	as	as	SCONJ
cblr-8632	180	9	discussed	discuss	VERB
cblr-8632	180	10	in	in	ADP
cblr-8632	180	11	supra	supra	PROPN
cblr-8632	180	12	note	note	PROPN
cblr-8632	180	13	3	3	NUM
cblr-8632	180	14	,	,	PUNCT
cblr-8632	180	15	market	market	NOUN
cblr-8632	180	16	centers	center	NOUN
cblr-8632	180	17	have	have	AUX
cblr-8632	180	18	been	be	AUX
cblr-8632	180	19	required	require	VERB
cblr-8632	180	20	to	to	PART
cblr-8632	180	21	report	report	VERB
cblr-8632	180	22	odd	odd	ADJ
cblr-8632	180	23	lot	lot	NOUN
cblr-8632	180	24	trades	trade	NOUN
cblr-8632	180	25	(	(	PUNCT
cblr-8632	180	26	but	but	CCONJ
cblr-8632	180	27	not	not	PART
cblr-8632	180	28	quote	quote	INTJ
cblr-8632	180	29	updates	update	NOUN
cblr-8632	180	30	)	)	PUNCT
cblr-8632	180	31	to	to	ADP
cblr-8632	180	32	the	the	DET
cblr-8632	180	33	consolidated	consolidated	ADJ
cblr-8632	180	34	trade	trade	NOUN
cblr-8632	180	35	and	and	CCONJ
cblr-8632	180	36	quote	quote	INTJ
cblr-8632	180	37	system	system	NOUN
cblr-8632	180	38	since	since	SCONJ
cblr-8632	180	39	2013	2013	NUM
cblr-8632	180	40	;	;	PUNCT
cblr-8632	180	41	therefore	therefore	ADV
cblr-8632	180	42	,	,	PUNCT
cblr-8632	180	43	the	the	DET
cblr-8632	180	44	sample	sample	NOUN
cblr-8632	180	45	period	period	NOUN
cblr-8632	180	46	commences	commence	VERB
cblr-8632	180	47	with	with	ADP
cblr-8632	180	48	the	the	DET
cblr-8632	180	49	first	first	ADJ
cblr-8632	180	50	full	full	ADJ
cblr-8632	180	51	calendar	calendar	NOUN
cblr-8632	180	52	year	year	NOUN
cblr-8632	180	53	that	that	PRON
cblr-8632	180	54	odd	odd	ADJ
cblr-8632	180	55	lot	lot	NOUN
cblr-8632	180	56	trades	trade	NOUN
cblr-8632	180	57	are	be	AUX
cblr-8632	180	58	available	available	ADJ
cblr-8632	180	59	in	in	ADP
cblr-8632	180	60	the	the	DET
cblr-8632	180	61	taq	taq	PROPN
cblr-8632	180	62	data	datum	NOUN
cblr-8632	180	63	.	.	PUNCT
cblr-8632	181	1	25	25	NUM
cblr-8632	181	2	see	see	VERB
cblr-8632	181	3	infra	infra	NOUN
cblr-8632	181	4	text	text	NOUN
cblr-8632	181	5	accompanying	accompanying	ADJ
cblr-8632	181	6	notes	note	NOUN
cblr-8632	181	7	50–53	50–53	PROPN
cblr-8632	181	8	.	.	PUNCT
cblr-8632	182	1	bartlett	bartlett	PROPN
cblr-8632	182	2	8/20/2021	8/20/2021	NUM
cblr-8632	182	3	6:20	6:20	NUM
cblr-8632	182	4	pm	pm	NOUN
cblr-8632	182	5	532	532	NUM
cblr-8632	182	6	columbia	columbia	PROPN
cblr-8632	182	7	business	business	NOUN
cblr-8632	182	8	law	law	PROPN
cblr-8632	182	9	review	review	NOUN
cblr-8632	182	10	[	[	X
cblr-8632	182	11	vol	vol	NOUN
cblr-8632	182	12	.	.	NOUN
cblr-8632	182	13	2021	2021	NUM
cblr-8632	182	14	discussion	discussion	NOUN
cblr-8632	182	15	of	of	ADP
cblr-8632	182	16	the	the	DET
cblr-8632	182	17	difficulty	difficulty	NOUN
cblr-8632	182	18	of	of	ADP
cblr-8632	182	19	monitoring	monitor	VERB
cblr-8632	182	20	the	the	DET
cblr-8632	182	21	execution	execution	NOUN
cblr-8632	182	22	quality	quality	NOUN
cblr-8632	182	23	of	of	ADP
cblr-8632	182	24	odd	odd	ADJ
cblr-8632	182	25	lot	lot	NOUN
cblr-8632	182	26	trades	trade	NOUN
cblr-8632	182	27	relative	relative	ADJ
cblr-8632	182	28	to	to	AUX
cblr-8632	182	29	round	round	VERB
cblr-8632	182	30	lots.26	lots.26	ADJ
cblr-8632	182	31	turning	turn	VERB
cblr-8632	182	32	to	to	ADP
cblr-8632	182	33	the	the	DET
cblr-8632	182	34	second	second	ADJ
cblr-8632	182	35	question	question	NOUN
cblr-8632	182	36	,	,	PUNCT
cblr-8632	182	37	i	i	PRON
cblr-8632	182	38	use	use	VERB
cblr-8632	182	39	top	top	ADJ
cblr-8632	182	40	-	-	PUNCT
cblr-8632	182	41	of	of	ADP
cblr-8632	182	42	-	-	PUNCT
cblr-8632	182	43	book	book	NOUN
cblr-8632	182	44	quotation	quotation	NOUN
cblr-8632	182	45	data	datum	NOUN
cblr-8632	182	46	from	from	ADP
cblr-8632	182	47	nasdaq	nasdaq	PROPN
cblr-8632	182	48	’s	’s	PART
cblr-8632	182	49	proprietary	proprietary	ADJ
cblr-8632	182	50	data	datum	NOUN
cblr-8632	182	51	feed	feed	NOUN
cblr-8632	182	52	for	for	ADP
cblr-8632	182	53	two	two	NUM
cblr-8632	182	54	popular	popular	ADJ
cblr-8632	182	55	retail	retail	ADJ
cblr-8632	182	56	securities	security	NOUN
cblr-8632	182	57	on	on	ADP
cblr-8632	182	58	january	january	PROPN
cblr-8632	182	59	27	27	NUM
cblr-8632	182	60	,	,	PUNCT
cblr-8632	182	61	2021	2021	NUM
cblr-8632	182	62	—	—	PUNCT
cblr-8632	182	63	amazon	amazon	NOUN
cblr-8632	182	64	and	and	CCONJ
cblr-8632	182	65	gamestop	gamestop	NOUN
cblr-8632	182	66	—	—	PUNCT
cblr-8632	182	67	to	to	PART
cblr-8632	182	68	examine	examine	VERB
cblr-8632	182	69	the	the	DET
cblr-8632	182	70	extent	extent	NOUN
cblr-8632	182	71	to	to	PART
cblr-8632	182	72	which	which	PRON
cblr-8632	182	73	non	non	ADJ
cblr-8632	182	74	-	-	ADJ
cblr-8632	182	75	exchange	exchange	ADJ
cblr-8632	182	76	odd	odd	ADJ
cblr-8632	182	77	lot	lot	NOUN
cblr-8632	182	78	trades	trade	NOUN
cblr-8632	182	79	could	could	AUX
cblr-8632	182	80	have	have	AUX
cblr-8632	182	81	received	receive	VERB
cblr-8632	182	82	superior	superior	ADJ
cblr-8632	182	83	pricing	pricing	NOUN
cblr-8632	182	84	had	have	AUX
cblr-8632	182	85	they	they	PRON
cblr-8632	182	86	been	be	AUX
cblr-8632	182	87	routed	route	VERB
cblr-8632	182	88	to	to	ADP
cblr-8632	182	89	nasdaq	nasdaq	PROPN
cblr-8632	182	90	or	or	CCONJ
cblr-8632	182	91	otherwise	otherwise	ADV
cblr-8632	182	92	filled	fill	VERB
cblr-8632	182	93	at	at	ADP
cblr-8632	182	94	odd	odd	ADJ
cblr-8632	182	95	lot	lot	NOUN
cblr-8632	182	96	prices	price	NOUN
cblr-8632	182	97	displayed	display	VERB
cblr-8632	182	98	on	on	ADP
cblr-8632	182	99	nasdaq.27	nasdaq.27	PROPN
cblr-8632	182	100	notably	notably	ADV
cblr-8632	182	101	,	,	PUNCT
cblr-8632	182	102	by	by	ADP
cblr-8632	182	103	january	january	PROPN
cblr-8632	182	104	2021	2021	NUM
cblr-8632	182	105	the	the	DET
cblr-8632	182	106	securities	securities	PROPN
cblr-8632	182	107	and	and	CCONJ
cblr-8632	182	108	exchange	exchange	PROPN
cblr-8632	182	109	commission	commission	PROPN
cblr-8632	182	110	(	(	PUNCT
cblr-8632	182	111	sec	sec	PROPN
cblr-8632	182	112	)	)	PUNCT
cblr-8632	182	113	had	have	AUX
cblr-8632	182	114	completed	complete	VERB
cblr-8632	182	115	a	a	DET
cblr-8632	182	116	comprehensive	comprehensive	ADJ
cblr-8632	182	117	reform	reform	NOUN
cblr-8632	182	118	of	of	ADP
cblr-8632	182	119	market	market	NOUN
cblr-8632	182	120	data	datum	NOUN
cblr-8632	182	121	infrastructure	infrastructure	NOUN
cblr-8632	182	122	(	(	PUNCT
cblr-8632	182	123	the	the	DET
cblr-8632	182	124	“	"	PUNCT
cblr-8632	182	125	2020	2020	NUM
cblr-8632	182	126	market	market	NOUN
cblr-8632	182	127	data	datum	NOUN
cblr-8632	182	128	reform	reform	NOUN
cblr-8632	182	129	”	"	PUNCT
cblr-8632	182	130	)	)	PUNCT
cblr-8632	182	131	that	that	SCONJ
cblr-8632	182	132	,	,	PUNCT
cblr-8632	182	133	among	among	ADP
cblr-8632	182	134	other	other	ADJ
cblr-8632	182	135	things	thing	NOUN
cblr-8632	182	136	,	,	PUNCT
cblr-8632	182	137	sought	seek	VERB
cblr-8632	182	138	to	to	PART
cblr-8632	182	139	address	address	VERB
cblr-8632	182	140	the	the	DET
cblr-8632	182	141	possibility	possibility	NOUN
cblr-8632	182	142	that	that	SCONJ
cblr-8632	182	143	odd	odd	ADJ
cblr-8632	182	144	lot	lot	NOUN
cblr-8632	182	145	quotes	quote	NOUN
cblr-8632	182	146	are	be	AUX
cblr-8632	182	147	traded	trade	VERB
cblr-8632	182	148	through	through	ADV
cblr-8632	182	149	,	,	PUNCT
cblr-8632	182	150	meaning	mean	VERB
cblr-8632	182	151	that	that	SCONJ
cblr-8632	182	152	a	a	DET
cblr-8632	182	153	buy	buy	NOUN
cblr-8632	182	154	(	(	PUNCT
cblr-8632	182	155	sell	sell	NOUN
cblr-8632	182	156	)	)	PUNCT
cblr-8632	182	157	trade	trade	NOUN
cblr-8632	182	158	occurs	occur	VERB
cblr-8632	182	159	at	at	ADP
cblr-8632	182	160	a	a	DET
cblr-8632	182	161	price	price	NOUN
cblr-8632	182	162	that	that	PRON
cblr-8632	182	163	is	be	AUX
cblr-8632	182	164	worse	bad	ADJ
cblr-8632	182	165	than	than	ADP
cblr-8632	182	166	the	the	DET
cblr-8632	182	167	best	well	ADV
cblr-8632	182	168	available	available	ADJ
cblr-8632	182	169	offer	offer	NOUN
cblr-8632	182	170	(	(	PUNCT
cblr-8632	182	171	bid	bid	NOUN
cblr-8632	182	172	)	)	PUNCT
cblr-8632	182	173	displayed	display	VERB
cblr-8632	182	174	on	on	ADP
cblr-8632	182	175	an	an	DET
cblr-8632	182	176	exchange.28	exchange.28	NOUN
cblr-8632	182	177	in	in	ADP
cblr-8632	182	178	particular	particular	ADJ
cblr-8632	182	179	,	,	PUNCT
cblr-8632	182	180	the	the	DET
cblr-8632	182	181	reform	reform	NOUN
cblr-8632	182	182	creates	create	VERB
cblr-8632	182	183	a	a	DET
cblr-8632	182	184	four	four	NUM
cblr-8632	182	185	-	-	PUNCT
cblr-8632	182	186	tier	tier	NOUN
cblr-8632	182	187	definition	definition	NOUN
cblr-8632	182	188	of	of	ADP
cblr-8632	182	189	a	a	DET
cblr-8632	182	190	“	"	PUNCT
cblr-8632	182	191	round	round	ADJ
cblr-8632	182	192	lot	lot	NOUN
cblr-8632	182	193	”	"	PUNCT
cblr-8632	182	194	based	base	VERB
cblr-8632	182	195	on	on	ADP
cblr-8632	182	196	the	the	DET
cblr-8632	182	197	average	average	ADJ
cblr-8632	182	198	closing	closing	NOUN
cblr-8632	182	199	price	price	NOUN
cblr-8632	182	200	for	for	ADP
cblr-8632	182	201	a	a	DET
cblr-8632	182	202	security	security	NOUN
cblr-8632	182	203	during	during	ADP
cblr-8632	182	204	the	the	DET
cblr-8632	182	205	preceding	precede	VERB
cblr-8632	182	206	month	month	NOUN
cblr-8632	182	207	that	that	PRON
cblr-8632	182	208	will	will	AUX
cblr-8632	182	209	reduce	reduce	VERB
cblr-8632	182	210	the	the	DET
cblr-8632	182	211	number	number	NOUN
cblr-8632	182	212	of	of	ADP
cblr-8632	182	213	unprotected	unprotected	ADJ
cblr-8632	182	214	odd	odd	ADJ
cblr-8632	182	215	lot	lot	NOUN
cblr-8632	182	216	quotations	quotation	NOUN
cblr-8632	182	217	for	for	ADP
cblr-8632	182	218	higher	higher	ADV
cblr-8632	182	219	-	-	PUNCT
cblr-8632	182	220	priced	price	VERB
cblr-8632	182	221	securities.29	securities.29	NOUN
cblr-8632	182	222	26	26	NUM
cblr-8632	182	223	see	see	VERB
cblr-8632	182	224	christopher	christopher	PROPN
cblr-8632	182	225	nagy	nagy	PROPN
cblr-8632	182	226	,	,	PUNCT
cblr-8632	182	227	enhanced	enhance	VERB
cblr-8632	182	228	retail	retail	ADJ
cblr-8632	182	229	execution	execution	NOUN
cblr-8632	182	230	statistics	statistic	NOUN
cblr-8632	182	231	raise	raise	VERB
cblr-8632	182	232	best	good	ADJ
cblr-8632	182	233	ex	ex	X
cblr-8632	182	234	concerns	concern	NOUN
cblr-8632	182	235	,	,	PUNCT
cblr-8632	182	236	tabb	tabb	PROPN
cblr-8632	182	237	f.	f.	PROPN
cblr-8632	182	238	(	(	PUNCT
cblr-8632	182	239	july	july	PROPN
cblr-8632	182	240	14	14	NUM
cblr-8632	182	241	,	,	PUNCT
cblr-8632	182	242	2015	2015	NUM
cblr-8632	182	243	)	)	PUNCT
cblr-8632	182	244	(	(	PUNCT
cblr-8632	182	245	on	on	ADP
cblr-8632	182	246	file	file	NOUN
cblr-8632	182	247	with	with	ADP
cblr-8632	182	248	the	the	DET
cblr-8632	182	249	columbia	columbia	PROPN
cblr-8632	182	250	business	business	PROPN
cblr-8632	182	251	law	law	PROPN
cblr-8632	182	252	review	review	PROPN
cblr-8632	182	253	)	)	PUNCT
cblr-8632	182	254	,	,	PUNCT
cblr-8632	182	255	https://tabbforum.com/opinions/enhanced-retailexecution-statistics-raise-best-ex-concerns/.	https://tabbforum.com/opinions/enhanced-retailexecution-statistics-raise-best-ex-concerns/.	PROPN
cblr-8632	182	256	27	27	NUM
cblr-8632	182	257	nasdaq	nasdaq	PROPN
cblr-8632	182	258	order	order	NOUN
cblr-8632	182	259	book	book	NOUN
cblr-8632	182	260	data	datum	NOUN
cblr-8632	182	261	was	be	AUX
cblr-8632	182	262	obtained	obtain	VERB
cblr-8632	182	263	from	from	ADP
cblr-8632	182	264	the	the	DET
cblr-8632	182	265	limit	limit	NOUN
cblr-8632	182	266	order	order	NOUN
cblr-8632	182	267	book	book	NOUN
cblr-8632	182	268	reconstruction	reconstruction	NOUN
cblr-8632	182	269	system	system	NOUN
cblr-8632	182	270	(	(	PUNCT
cblr-8632	182	271	lobster	lobster	NOUN
cblr-8632	182	272	)	)	PUNCT
cblr-8632	182	273	.	.	PUNCT
cblr-8632	183	1	see	see	VERB
cblr-8632	183	2	lobster	lobster	NOUN
cblr-8632	183	3	:	:	PUNCT
cblr-8632	183	4	high	high	ADJ
cblr-8632	183	5	-	-	PUNCT
cblr-8632	183	6	frequency	frequency	NOUN
cblr-8632	183	7	,	,	PUNCT
cblr-8632	183	8	easyto	easyto	NOUN
cblr-8632	183	9	-	-	PUNCT
cblr-8632	183	10	use	use	NOUN
cblr-8632	183	11	and	and	CCONJ
cblr-8632	183	12	latest	late	ADJ
cblr-8632	183	13	limit	limit	NOUN
cblr-8632	183	14	order	order	NOUN
cblr-8632	183	15	book	book	NOUN
cblr-8632	183	16	data	datum	NOUN
cblr-8632	183	17	for	for	ADP
cblr-8632	183	18	your	your	PRON
cblr-8632	183	19	research	research	NOUN
cblr-8632	183	20	,	,	PUNCT
cblr-8632	183	21	lobster	lobster	NOUN
cblr-8632	183	22	,	,	PUNCT
cblr-8632	183	23	https://lobsterdata.com	https://lobsterdata.com	X
cblr-8632	184	1	[	[	X
cblr-8632	184	2	https://perma.cc/sm5p-a8ws	https://perma.cc/sm5p-a8ws	X
cblr-8632	184	3	]	]	X
cblr-8632	184	4	(	(	PUNCT
cblr-8632	184	5	last	last	ADV
cblr-8632	184	6	visited	visit	VERB
cblr-8632	184	7	mar	mar	PROPN
cblr-8632	184	8	.	.	PROPN
cblr-8632	184	9	15	15	NUM
cblr-8632	184	10	,	,	PUNCT
cblr-8632	184	11	2021	2021	NUM
cblr-8632	184	12	)	)	PUNCT
cblr-8632	184	13	.	.	PUNCT
cblr-8632	185	1	28	28	NUM
cblr-8632	185	2	see	see	VERB
cblr-8632	185	3	market	market	NOUN
cblr-8632	185	4	data	datum	NOUN
cblr-8632	185	5	infrastructure	infrastructure	NOUN
cblr-8632	185	6	,	,	PUNCT
cblr-8632	185	7	86	86	NUM
cblr-8632	185	8	fed	fed	PROPN
cblr-8632	185	9	.	.	PUNCT
cblr-8632	186	1	reg	reg	PROPN
cblr-8632	186	2	.	.	PROPN
cblr-8632	187	1	18,596	18,596	NUM
cblr-8632	187	2	,	,	PUNCT
cblr-8632	187	3	18,601	18,601	NUM
cblr-8632	187	4	-	-	SYM
cblr-8632	187	5	18,615	18,615	NUM
cblr-8632	187	6	(	(	PUNCT
cblr-8632	187	7	apr	apr	NOUN
cblr-8632	187	8	.	.	PROPN
cblr-8632	187	9	9	9	NUM
cblr-8632	187	10	,	,	PUNCT
cblr-8632	187	11	2021	2021	NUM
cblr-8632	187	12	)	)	PUNCT
cblr-8632	187	13	(	(	PUNCT
cblr-8632	187	14	to	to	PART
cblr-8632	187	15	be	be	AUX
cblr-8632	187	16	codified	codify	VERB
cblr-8632	187	17	at	at	ADP
cblr-8632	187	18	17	17	NUM
cblr-8632	187	19	c.f.r	c.f.r	NOUN
cblr-8632	187	20	.	.	PUNCT
cblr-8632	188	1	pts	pts	PROPN
cblr-8632	188	2	.	.	PROPN
cblr-8632	188	3	240	240	NUM
cblr-8632	188	4	,	,	PUNCT
cblr-8632	188	5	242	242	NUM
cblr-8632	188	6	,	,	PUNCT
cblr-8632	188	7	249	249	NUM
cblr-8632	188	8	)	)	PUNCT
cblr-8632	188	9	(	(	PUNCT
cblr-8632	188	10	amending	amend	VERB
cblr-8632	188	11	the	the	DET
cblr-8632	188	12	“	"	PUNCT
cblr-8632	188	13	round	round	ADJ
cblr-8632	188	14	lot	lot	NOUN
cblr-8632	188	15	”	"	PUNCT
cblr-8632	188	16	definition	definition	NOUN
cblr-8632	188	17	“	"	PUNCT
cblr-8632	188	18	[	[	X
cblr-8632	188	19	t]o	t]o	AUX
cblr-8632	188	20	better	well	ADV
cblr-8632	188	21	ensure	ensure	VERB
cblr-8632	188	22	the	the	DET
cblr-8632	188	23	display	display	NOUN
cblr-8632	188	24	and	and	CCONJ
cblr-8632	188	25	accessibility	accessibility	NOUN
cblr-8632	188	26	of	of	ADP
cblr-8632	188	27	significant	significant	ADJ
cblr-8632	188	28	liquidity	liquidity	NOUN
cblr-8632	188	29	for	for	ADP
cblr-8632	188	30	higher	higher	ADV
cblr-8632	188	31	-	-	PUNCT
cblr-8632	188	32	priced	price	VERB
cblr-8632	188	33	stocks	stock	NOUN
cblr-8632	188	34	”	"	PUNCT
cblr-8632	188	35	and	and	CCONJ
cblr-8632	188	36	adding	add	VERB
cblr-8632	188	37	odd	odd	ADJ
cblr-8632	188	38	lot	lot	NOUN
cblr-8632	188	39	quotation	quotation	NOUN
cblr-8632	188	40	data	datum	NOUN
cblr-8632	188	41	,	,	PUNCT
cblr-8632	188	42	as	as	ADV
cblr-8632	188	43	well	well	ADV
cblr-8632	188	44	as	as	ADP
cblr-8632	188	45	depth	depth	NOUN
cblr-8632	188	46	-	-	PUNCT
cblr-8632	188	47	of	of	ADP
cblr-8632	188	48	-	-	PUNCT
cblr-8632	188	49	book	book	NOUN
cblr-8632	188	50	data	datum	NOUN
cblr-8632	188	51	,	,	PUNCT
cblr-8632	188	52	to	to	ADP
cblr-8632	188	53	the	the	DET
cblr-8632	188	54	publicly	publicly	ADV
cblr-8632	188	55	disseminated	disseminate	VERB
cblr-8632	188	56	“	"	PUNCT
cblr-8632	188	57	core	core	NOUN
cblr-8632	188	58	data	datum	NOUN
cblr-8632	188	59	”	"	PUNCT
cblr-8632	188	60	to	to	PART
cblr-8632	188	61	“	"	PUNCT
cblr-8632	188	62	allow	allow	VERB
cblr-8632	188	63	some	some	DET
cblr-8632	188	64	market	market	NOUN
cblr-8632	188	65	participants	participant	NOUN
cblr-8632	188	66	to	to	PART
cblr-8632	188	67	trade	trade	VERB
cblr-8632	188	68	in	in	ADP
cblr-8632	188	69	a	a	DET
cblr-8632	188	70	more	more	ADV
cblr-8632	188	71	informed	informed	ADJ
cblr-8632	188	72	,	,	PUNCT
cblr-8632	188	73	competitive	competitive	ADJ
cblr-8632	188	74	,	,	PUNCT
cblr-8632	188	75	and	and	CCONJ
cblr-8632	188	76	efficient	efficient	ADJ
cblr-8632	188	77	manner	manner	NOUN
cblr-8632	188	78	”	"	PUNCT
cblr-8632	188	79	)	)	PUNCT
cblr-8632	188	80	.	.	PUNCT
cblr-8632	189	1	29	29	NUM
cblr-8632	190	1	the	the	DET
cblr-8632	190	2	reform	reform	NOUN
cblr-8632	190	3	creates	create	VERB
cblr-8632	190	4	a	a	DET
cblr-8632	190	5	four	four	NUM
cblr-8632	190	6	-	-	PUNCT
cblr-8632	190	7	tier	tier	NOUN
cblr-8632	190	8	definition	definition	NOUN
cblr-8632	190	9	of	of	ADP
cblr-8632	190	10	a	a	DET
cblr-8632	190	11	round	round	ADJ
cblr-8632	190	12	lot	lot	NOUN
cblr-8632	190	13	based	base	VERB
cblr-8632	190	14	on	on	ADP
cblr-8632	190	15	the	the	DET
cblr-8632	190	16	average	average	ADJ
cblr-8632	190	17	closing	closing	NOUN
cblr-8632	190	18	price	price	NOUN
cblr-8632	190	19	for	for	ADP
cblr-8632	190	20	a	a	DET
cblr-8632	190	21	security	security	NOUN
cblr-8632	190	22	during	during	ADP
cblr-8632	190	23	the	the	DET
cblr-8632	190	24	preceding	precede	VERB
cblr-8632	190	25	month	month	NOUN
cblr-8632	190	26	:	:	PUNCT
cblr-8632	190	27	a	a	DET
cblr-8632	190	28	round	round	ADJ
cblr-8632	190	29	lot	lot	NOUN
cblr-8632	190	30	will	will	AUX
cblr-8632	190	31	be	be	AUX
cblr-8632	190	32	forty	forty	NUM
cblr-8632	190	33	shares	share	NOUN
cblr-8632	190	34	for	for	ADP
cblr-8632	190	35	a	a	DET
cblr-8632	190	36	security	security	NOUN
cblr-8632	190	37	with	with	ADP
cblr-8632	190	38	a	a	DET
cblr-8632	190	39	price	price	NOUN
cblr-8632	190	40	between	between	ADP
cblr-8632	190	41	$	$	SYM
cblr-8632	190	42	250.01	250.01	NUM
cblr-8632	190	43	and	and	CCONJ
cblr-8632	190	44	$	$	SYM
cblr-8632	190	45	1,000	1,000	NUM
cblr-8632	190	46	,	,	PUNCT
cblr-8632	190	47	ten	ten	NUM
cblr-8632	190	48	shares	share	NOUN
cblr-8632	190	49	for	for	ADP
cblr-8632	190	50	a	a	DET
cblr-8632	190	51	security	security	NOUN
cblr-8632	190	52	priced	price	VERB
cblr-8632	190	53	between	between	ADP
cblr-8632	190	54	$	$	SYM
cblr-8632	190	55	1,000.01	1,000.01	NUM
cblr-8632	190	56	and	and	CCONJ
cblr-8632	190	57	$	$	SYM
cblr-8632	190	58	10,000	10,000	NUM
cblr-8632	190	59	,	,	PUNCT
cblr-8632	190	60	and	and	CCONJ
cblr-8632	190	61	one	one	NUM
cblr-8632	190	62	share	share	NOUN
cblr-8632	190	63	for	for	ADP
cblr-8632	190	64	a	a	DET
cblr-8632	190	65	security	security	NOUN
cblr-8632	190	66	priced	price	VERB
cblr-8632	190	67	above	above	ADP
cblr-8632	190	68	$	$	SYM
cblr-8632	190	69	10,000	10,000	NUM
cblr-8632	190	70	.	.	PUNCT
cblr-8632	191	1	for	for	ADP
cblr-8632	191	2	all	all	DET
cblr-8632	191	3	other	other	ADJ
cblr-8632	191	4	securities	security	NOUN
cblr-8632	191	5	,	,	PUNCT
cblr-8632	191	6	a	a	DET
cblr-8632	191	7	round	round	ADJ
cblr-8632	191	8	lot	lot	NOUN
cblr-8632	191	9	will	will	AUX
cblr-8632	191	10	remain	remain	VERB
cblr-8632	191	11	100	100	NUM
cblr-8632	191	12	shares	share	NOUN
cblr-8632	191	13	.	.	PUNCT
cblr-8632	192	1	see	see	VERB
cblr-8632	192	2	i	i	PRON
cblr-8632	192	3	d.	d.	PROPN
cblr-8632	192	4	at	at	ADP
cblr-8632	192	5	18,612	18,612	NUM
cblr-8632	192	6	tbl.1	tbl.1	ADV
cblr-8632	192	7	.	.	PUNCT
cblr-8632	193	1	additionally	additionally	ADV
cblr-8632	193	2	,	,	PUNCT
cblr-8632	193	3	non	non	ADJ
cblr-8632	193	4	-	-	ADJ
cblr-8632	193	5	hidden	hidden	ADJ
cblr-8632	193	6	bartlett	bartlett	NOUN
cblr-8632	193	7	8/20/2021	8/20/2021	NUM
cblr-8632	193	8	6:20	6:20	NUM
cblr-8632	193	9	pm	pm	NOUN
cblr-8632	193	10	no	no	INTJ
cblr-8632	193	11	.	.	PUNCT
cblr-8632	194	1	2:520	2:520	NUM
cblr-8632	194	2	]	]	X
cblr-8632	194	3	modernizing	modernize	VERB
cblr-8632	194	4	odd	odd	ADJ
cblr-8632	194	5	lot	lot	NOUN
cblr-8632	194	6	trading	trade	VERB
cblr-8632	194	7	533	533	NUM
cblr-8632	194	8	the	the	DET
cblr-8632	194	9	critical	critical	ADJ
cblr-8632	194	10	point	point	NOUN
cblr-8632	194	11	for	for	ADP
cblr-8632	194	12	purposes	purpose	NOUN
cblr-8632	194	13	of	of	ADP
cblr-8632	194	14	the	the	DET
cblr-8632	194	15	empirical	empirical	ADJ
cblr-8632	194	16	analysis	analysis	NOUN
cblr-8632	194	17	is	be	AUX
cblr-8632	194	18	that	that	SCONJ
cblr-8632	194	19	given	give	VERB
cblr-8632	194	20	the	the	DET
cblr-8632	194	21	widely	widely	ADV
cblr-8632	194	22	-	-	PUNCT
cblr-8632	194	23	followed	follow	VERB
cblr-8632	194	24	two	two	NUM
cblr-8632	194	25	-	-	PUNCT
cblr-8632	194	26	year	year	NOUN
cblr-8632	194	27	process	process	NOUN
cblr-8632	194	28	of	of	ADP
cblr-8632	194	29	adopting	adopt	VERB
cblr-8632	194	30	the	the	DET
cblr-8632	194	31	2020	2020	NUM
cblr-8632	194	32	market	market	NOUN
cblr-8632	194	33	data	datum	NOUN
cblr-8632	194	34	reform	reform	NOUN
cblr-8632	194	35	,	,	PUNCT
cblr-8632	194	36	it	it	PRON
cblr-8632	194	37	was	be	AUX
cblr-8632	194	38	well	well	ADV
cblr-8632	194	39	known	know	VERB
cblr-8632	194	40	by	by	ADP
cblr-8632	194	41	january	january	PROPN
cblr-8632	194	42	2021	2021	NUM
cblr-8632	194	43	that	that	PRON
cblr-8632	194	44	odd	odd	ADJ
cblr-8632	194	45	lot	lot	NOUN
cblr-8632	194	46	quotes	quote	NOUN
cblr-8632	194	47	were	be	AUX
cblr-8632	194	48	available	available	ADJ
cblr-8632	194	49	through	through	ADP
cblr-8632	194	50	exchanges	exchange	NOUN
cblr-8632	194	51	’	'	PUNCT
cblr-8632	194	52	proprietary	proprietary	ADJ
cblr-8632	194	53	data	datum	NOUN
cblr-8632	194	54	feeds,30	feeds,30	NOUN
cblr-8632	194	55	and	and	CCONJ
cblr-8632	194	56	commentary	commentary	NOUN
cblr-8632	194	57	during	during	ADP
cblr-8632	194	58	the	the	DET
cblr-8632	194	59	2020	2020	NUM
cblr-8632	194	60	market	market	NOUN
cblr-8632	194	61	data	datum	NOUN
cblr-8632	194	62	reform	reform	NOUN
cblr-8632	194	63	highlighted	highlight	VERB
cblr-8632	194	64	that	that	SCONJ
cblr-8632	194	65	the	the	DET
cblr-8632	194	66	largest	large	ADJ
cblr-8632	194	67	internalizers	internalizer	NOUN
cblr-8632	194	68	rely	rely	VERB
cblr-8632	194	69	on	on	ADP
cblr-8632	194	70	proprietary	proprietary	ADJ
cblr-8632	194	71	data	datum	NOUN
cblr-8632	194	72	feeds	feed	VERB
cblr-8632	194	73	for	for	ADP
cblr-8632	194	74	routing	routing	NOUN
cblr-8632	194	75	and	and	CCONJ
cblr-8632	194	76	pricing	pricing	NOUN
cblr-8632	194	77	trades.31	trades.31	PRON
cblr-8632	194	78	likewise	likewise	ADV
cblr-8632	194	79	,	,	PUNCT
cblr-8632	194	80	the	the	DET
cblr-8632	194	81	reform	reform	NOUN
cblr-8632	194	82	itself	itself	PRON
cblr-8632	194	83	reaffirmed	reaffirm	VERB
cblr-8632	194	84	the	the	DET
cblr-8632	194	85	sec	sec	PROPN
cblr-8632	194	86	’s	’s	PART
cblr-8632	194	87	position	position	NOUN
cblr-8632	194	88	,	,	PUNCT
cblr-8632	194	89	long	long	ADV
cblr-8632	194	90	-	-	PUNCT
cblr-8632	194	91	held	hold	VERB
cblr-8632	194	92	by	by	ADP
cblr-8632	194	93	finra	finra	NOUN
cblr-8632	194	94	,	,	PUNCT
cblr-8632	194	95	that	that	SCONJ
cblr-8632	194	96	brokers	broker	NOUN
cblr-8632	194	97	“	"	PUNCT
cblr-8632	194	98	must	must	AUX
cblr-8632	194	99	examine	examine	VERB
cblr-8632	194	100	their	their	PRON
cblr-8632	194	101	procedures	procedure	NOUN
cblr-8632	194	102	for	for	ADP
cblr-8632	194	103	seeking	seek	VERB
cblr-8632	194	104	to	to	PART
cblr-8632	194	105	obtain	obtain	VERB
cblr-8632	194	106	best	good	ADJ
cblr-8632	194	107	execution	execution	NOUN
cblr-8632	194	108	in	in	ADP
cblr-8632	194	109	light	light	NOUN
cblr-8632	194	110	of	of	ADP
cblr-8632	194	111	market	market	NOUN
cblr-8632	194	112	and	and	CCONJ
cblr-8632	194	113	technology	technology	NOUN
cblr-8632	194	114	changes	change	NOUN
cblr-8632	194	115	and	and	CCONJ
cblr-8632	194	116	modify	modify	VERB
cblr-8632	194	117	those	those	DET
cblr-8632	194	118	orders	order	NOUN
cblr-8632	194	119	that	that	PRON
cblr-8632	194	120	constitute	constitute	VERB
cblr-8632	194	121	odd	odd	ADJ
cblr-8632	194	122	lot	lot	NOUN
cblr-8632	194	123	quotes	quote	NOUN
cblr-8632	194	124	under	under	ADP
cblr-8632	194	125	this	this	DET
cblr-8632	194	126	new	new	ADJ
cblr-8632	194	127	definition	definition	NOUN
cblr-8632	194	128	must	must	AUX
cblr-8632	194	129	also	also	ADV
cblr-8632	194	130	be	be	AUX
cblr-8632	194	131	disseminated	disseminate	VERB
cblr-8632	194	132	as	as	ADP
cblr-8632	194	133	publicly	publicly	ADV
cblr-8632	194	134	-	-	PUNCT
cblr-8632	194	135	available	available	ADJ
cblr-8632	194	136	“	"	PUNCT
cblr-8632	194	137	core	core	NOUN
cblr-8632	194	138	”	"	PUNCT
cblr-8632	194	139	data	datum	NOUN
cblr-8632	194	140	to	to	ADP
cblr-8632	194	141	the	the	DET
cblr-8632	194	142	extent	extent	NOUN
cblr-8632	194	143	the	the	DET
cblr-8632	194	144	quotes	quote	NOUN
cblr-8632	194	145	are	be	AUX
cblr-8632	194	146	priced	price	VERB
cblr-8632	194	147	at	at	ADP
cblr-8632	194	148	or	or	CCONJ
cblr-8632	194	149	more	more	ADV
cblr-8632	194	150	aggressively	aggressively	ADV
cblr-8632	194	151	than	than	ADP
cblr-8632	194	152	the	the	DET
cblr-8632	194	153	nbbo	nbbo	NOUN
cblr-8632	194	154	.	.	PUNCT
cblr-8632	195	1	i	i	PRON
cblr-8632	195	2	d.	d.	PROPN
cblr-8632	195	3	at	at	ADP
cblr-8632	195	4	18,612–13	18,612–13	NUM
cblr-8632	195	5	.	.	PUNCT
cblr-8632	195	6	30	30	NUM
cblr-8632	195	7	see	see	VERB
cblr-8632	195	8	supra	supra	PROPN
cblr-8632	195	9	note	note	PROPN
cblr-8632	195	10	12	12	NUM
cblr-8632	195	11	.	.	PUNCT
cblr-8632	195	12	31	31	NUM
cblr-8632	195	13	see	see	VERB
cblr-8632	195	14	,	,	PUNCT
cblr-8632	195	15	e.g.	e.g.	ADV
cblr-8632	195	16	,	,	PUNCT
cblr-8632	195	17	market	market	NOUN
cblr-8632	195	18	data	datum	NOUN
cblr-8632	195	19	infrastructure	infrastructure	NOUN
cblr-8632	195	20	,	,	PUNCT
cblr-8632	195	21	85	85	NUM
cblr-8632	195	22	fed	feed	VERB
cblr-8632	195	23	.	.	PUNCT
cblr-8632	196	1	reg	reg	PROPN
cblr-8632	196	2	.	.	PROPN
cblr-8632	196	3	16,726	16,726	NUM
cblr-8632	196	4	,	,	PUNCT
cblr-8632	196	5	16,752	16,752	NUM
cblr-8632	196	6	n.284	n.284	NOUN
cblr-8632	196	7	(	(	PUNCT
cblr-8632	196	8	proposed	propose	VERB
cblr-8632	196	9	mar	mar	PROPN
cblr-8632	196	10	.	.	PROPN
cblr-8632	196	11	24	24	NUM
cblr-8632	196	12	,	,	PUNCT
cblr-8632	196	13	2020	2020	NUM
cblr-8632	196	14	)	)	PUNCT
cblr-8632	196	15	(	(	PUNCT
cblr-8632	196	16	codified	codify	VERB
cblr-8632	196	17	at	at	ADP
cblr-8632	196	18	17	17	NUM
cblr-8632	196	19	c.f.r	c.f.r	NOUN
cblr-8632	196	20	.	.	PUNCT
cblr-8632	197	1	pts	pts	AUX
cblr-8632	197	2	.	.	PROPN
cblr-8632	197	3	240	240	NUM
cblr-8632	197	4	,	,	PUNCT
cblr-8632	197	5	242	242	NUM
cblr-8632	197	6	,	,	PUNCT
cblr-8632	197	7	249	249	NUM
cblr-8632	197	8	)	)	PUNCT
cblr-8632	197	9	(	(	PUNCT
cblr-8632	197	10	summarizing	summarize	VERB
cblr-8632	197	11	a	a	DET
cblr-8632	197	12	citadel	citadel	PROPN
cblr-8632	197	13	representative	representative	NOUN
cblr-8632	197	14	’s	’s	PART
cblr-8632	197	15	statement	statement	NOUN
cblr-8632	197	16	:	:	PUNCT
cblr-8632	197	17	“	"	PUNCT
cblr-8632	197	18	proprietary	proprietary	ADJ
cblr-8632	197	19	feeds	feed	NOUN
cblr-8632	197	20	are	be	AUX
cblr-8632	197	21	required	require	VERB
cblr-8632	197	22	for	for	ADP
cblr-8632	197	23	best	good	ADJ
cblr-8632	197	24	execution	execution	NOUN
cblr-8632	197	25	”	"	PUNCT
cblr-8632	197	26	)	)	PUNCT
cblr-8632	197	27	;	;	PUNCT
cblr-8632	198	1	letter	letter	NOUN
cblr-8632	198	2	from	from	ADP
cblr-8632	198	3	douglas	douglas	PROPN
cblr-8632	198	4	a.	a.	PROPN
cblr-8632	198	5	cifu	cifu	PROPN
cblr-8632	198	6	,	,	PUNCT
cblr-8632	198	7	chief	chief	ADJ
cblr-8632	198	8	exec	exec	NOUN
cblr-8632	198	9	.	.	PUNCT
cblr-8632	199	1	officer	officer	PROPN
cblr-8632	199	2	,	,	PUNCT
cblr-8632	199	3	virtu	virtu	PROPN
cblr-8632	199	4	fin	fin	PROPN
cblr-8632	199	5	.	.	PUNCT
cblr-8632	199	6	inc	inc	PROPN
cblr-8632	199	7	.	.	PROPN
cblr-8632	199	8	,	,	PUNCT
cblr-8632	199	9	to	to	ADP
cblr-8632	199	10	brent	brent	PROPN
cblr-8632	199	11	j.	j.	PROPN
cblr-8632	199	12	fields	fields	PROPN
cblr-8632	199	13	,	,	PUNCT
cblr-8632	199	14	sec’y	sec’y	NUM
cblr-8632	199	15	,	,	PUNCT
cblr-8632	199	16	u.s	u.s	PROPN
cblr-8632	199	17	.	.	PROPN
cblr-8632	199	18	sec	sec	PROPN
cblr-8632	199	19	.	.	PROPN
cblr-8632	199	20	&	&	CCONJ
cblr-8632	199	21	exch	exch	PROPN
cblr-8632	199	22	.	.	PUNCT
cblr-8632	200	1	comm’n	comm’n	PRON
cblr-8632	200	2	4	4	NUM
cblr-8632	200	3	(	(	PUNCT
cblr-8632	200	4	oct	oct	PROPN
cblr-8632	200	5	.	.	PROPN
cblr-8632	200	6	23	23	NUM
cblr-8632	200	7	,	,	PUNCT
cblr-8632	200	8	2018	2018	NUM
cblr-8632	200	9	)	)	PUNCT
cblr-8632	200	10	,	,	PUNCT
cblr-8632	200	11	https://www.virtu.com/uploads/2019/02/2018.10.23virtu%e2%80%99s-comment-letter-roundtable-on-market-data-andmarket-access.pdf	https://www.virtu.com/uploads/2019/02/2018.10.23virtu%e2%80%99s-comment-letter-roundtable-on-market-data-andmarket-access.pdf	NOUN
cblr-8632	201	1	[	[	X
cblr-8632	201	2	https://perma.cc/8f82-ul6e	https://perma.cc/8f82-ul6e	X
cblr-8632	201	3	]	]	X
cblr-8632	201	4	(	(	PUNCT
cblr-8632	201	5	“	"	PUNCT
cblr-8632	201	6	simply	simply	ADV
cblr-8632	201	7	put	put	VERB
cblr-8632	201	8	,	,	PUNCT
cblr-8632	201	9	virtu	virtu	PROPN
cblr-8632	201	10	could	could	AUX
cblr-8632	201	11	not	not	PART
cblr-8632	201	12	fulfill	fulfill	VERB
cblr-8632	201	13	its	its	PRON
cblr-8632	201	14	obligations	obligation	NOUN
cblr-8632	201	15	to	to	ADP
cblr-8632	201	16	its	its	PRON
cblr-8632	201	17	myriad	myriad	NOUN
cblr-8632	201	18	of	of	ADP
cblr-8632	201	19	retail	retail	ADJ
cblr-8632	201	20	customers	customer	NOUN
cblr-8632	201	21	and	and	CCONJ
cblr-8632	201	22	institutional	institutional	ADJ
cblr-8632	201	23	clients	client	NOUN
cblr-8632	201	24	without	without	ADP
cblr-8632	201	25	full	full	ADJ
cblr-8632	201	26	depth	depth	NOUN
cblr-8632	201	27	of	of	ADP
cblr-8632	201	28	book	book	NOUN
cblr-8632	201	29	market	market	NOUN
cblr-8632	201	30	data	datum	NOUN
cblr-8632	201	31	feeds	feed	VERB
cblr-8632	201	32	and	and	CCONJ
cblr-8632	201	33	robust	robust	ADJ
cblr-8632	201	34	exchange	exchange	NOUN
cblr-8632	201	35	connectivity	connectivity	NOUN
cblr-8632	201	36	features	feature	VERB
cblr-8632	201	37	that	that	SCONJ
cblr-8632	201	38	the	the	DET
cblr-8632	201	39	sip	sip	NOUN
cblr-8632	201	40	feeds	feed	VERB
cblr-8632	201	41	alone	alone	ADV
cblr-8632	201	42	do	do	AUX
cblr-8632	201	43	not	not	PART
cblr-8632	201	44	offer	offer	VERB
cblr-8632	201	45	.	.	PUNCT
cblr-8632	201	46	”	"	PUNCT
cblr-8632	202	1	)	)	PUNCT
cblr-8632	202	2	as	as	ADP
cblr-8632	202	3	of	of	ADP
cblr-8632	202	4	this	this	DET
cblr-8632	202	5	writing	writing	NOUN
cblr-8632	202	6	,	,	PUNCT
cblr-8632	202	7	citadel	citadel	PROPN
cblr-8632	202	8	and	and	CCONJ
cblr-8632	202	9	virtu	virtu	PROPN
cblr-8632	202	10	financial	financial	PROPN
cblr-8632	202	11	execute	execute	VERB
cblr-8632	202	12	approximately	approximately	ADV
cblr-8632	202	13	forty	forty	NUM
cblr-8632	202	14	-	-	PUNCT
cblr-8632	202	15	seven	seven	NUM
cblr-8632	202	16	percent	percent	NOUN
cblr-8632	202	17	and	and	CCONJ
cblr-8632	202	18	twenty	twenty	NUM
cblr-8632	202	19	-	-	PUNCT
cblr-8632	202	20	five	five	NUM
cblr-8632	202	21	percent	percent	NOUN
cblr-8632	202	22	of	of	ADP
cblr-8632	202	23	retail	retail	ADJ
cblr-8632	202	24	orders	order	NOUN
cblr-8632	202	25	,	,	PUNCT
cblr-8632	202	26	respectively	respectively	ADV
cblr-8632	202	27	.	.	PUNCT
cblr-8632	203	1	see	see	VERB
cblr-8632	203	2	equities	equity	NOUN
cblr-8632	203	3	and	and	CCONJ
cblr-8632	203	4	options	option	NOUN
cblr-8632	203	5	,	,	PUNCT
cblr-8632	203	6	citadel	citadel	PROPN
cblr-8632	203	7	sec	sec	PROPN
cblr-8632	203	8	.	.	PUNCT
cblr-8632	204	1	(	(	PUNCT
cblr-8632	204	2	on	on	ADP
cblr-8632	204	3	file	file	NOUN
cblr-8632	204	4	with	with	ADP
cblr-8632	204	5	the	the	DET
cblr-8632	204	6	columbia	columbia	PROPN
cblr-8632	204	7	business	business	PROPN
cblr-8632	204	8	law	law	PROPN
cblr-8632	204	9	review	review	PROPN
cblr-8632	204	10	)	)	PUNCT
cblr-8632	204	11	,	,	PUNCT
cblr-8632	204	12	https://www.citadelsecurities.com/products/equities-andoptions/#:~:text=our%20automated%20equities%20platform%20trades,top	https://www.citadelsecurities.com/products/equities-andoptions/#:~:text=our%20automated%20equities%20platform%20trades,top	ADP
cblr-8632	204	13	%	%	ADP
cblr-8632	204	14	20wholesale%20market%20maker2	20wholesale%20market%20maker2	NUM
cblr-8632	204	15	(	(	PUNCT
cblr-8632	204	16	last	last	ADJ
cblr-8632	204	17	visited	visit	VERB
cblr-8632	204	18	may	may	AUX
cblr-8632	204	19	24	24	NUM
cblr-8632	204	20	,	,	PUNCT
cblr-8632	204	21	2021	2021	NUM
cblr-8632	204	22	)	)	PUNCT
cblr-8632	204	23	(	(	PUNCT
cblr-8632	204	24	“	"	PUNCT
cblr-8632	204	25	we	we	PRON
cblr-8632	204	26	execute	execute	VERB
cblr-8632	204	27	approximately	approximately	ADV
cblr-8632	204	28	47	47	NUM
cblr-8632	204	29	%	%	NOUN
cblr-8632	204	30	of	of	ADP
cblr-8632	204	31	all	all	DET
cblr-8632	204	32	u.s.-listed	u.s.-listed	ADJ
cblr-8632	204	33	retail	retail	ADJ
cblr-8632	204	34	volume	volume	NOUN
cblr-8632	204	35	[	[	X
cblr-8632	204	36	.	.	X
cblr-8632	204	37	]	]	X
cblr-8632	204	38	”	"	PUNCT
cblr-8632	204	39	)	)	PUNCT
cblr-8632	204	40	;	;	PUNCT
cblr-8632	204	41	client	client	NOUN
cblr-8632	204	42	market	market	NOUN
cblr-8632	204	43	making	making	NOUN
cblr-8632	204	44	,	,	PUNCT
cblr-8632	204	45	virtu	virtu	PROPN
cblr-8632	204	46	fin	fin	PROPN
cblr-8632	204	47	.	.	PUNCT
cblr-8632	204	48	,	,	PUNCT
cblr-8632	204	49	https://www.virtu.com/market-making/clientmarket-making/#:~:text=we%20handle%20~25	https://www.virtu.com/market-making/clientmarket-making/#:~:text=we%20handle%20~25	PROPN
cblr-8632	204	50	%	%	INTJ
cblr-8632	204	51	25%20of%20market	25%20of%20market	NUM
cblr-8632	204	52	,	,	PUNCT
cblr-8632	204	53	retail%20investors%20in%20the%20us	retail%20investors%20in%20the%20u	VERB
cblr-8632	205	1	[	[	X
cblr-8632	205	2	https://perma.cc/q26b-7fjb	https://perma.cc/q26b-7fjb	X
cblr-8632	205	3	]	]	X
cblr-8632	205	4	(	(	PUNCT
cblr-8632	205	5	“	"	PUNCT
cblr-8632	205	6	we	we	PRON
cblr-8632	205	7	handle	handle	VERB
cblr-8632	205	8	~25	~25	DET
cblr-8632	205	9	%	%	NOUN
cblr-8632	205	10	of	of	ADP
cblr-8632	205	11	market	market	NOUN
cblr-8632	205	12	orders	order	NOUN
cblr-8632	205	13	placed	place	VERB
cblr-8632	205	14	by	by	ADP
cblr-8632	205	15	retail	retail	ADJ
cblr-8632	205	16	investors	investor	NOUN
cblr-8632	205	17	in	in	ADP
cblr-8632	205	18	the	the	DET
cblr-8632	205	19	us	we	PRON
cblr-8632	205	20	[	[	X
cblr-8632	205	21	measured	measure	VERB
cblr-8632	205	22	by	by	ADP
cblr-8632	205	23	rule	rule	NOUN
cblr-8632	205	24	605	605	NUM
cblr-8632	205	25	market	market	NOUN
cblr-8632	205	26	share	share	NOUN
cblr-8632	205	27	]	]	PUNCT
cblr-8632	205	28	.	.	PUNCT
cblr-8632	205	29	”	"	PUNCT
cblr-8632	206	1	)	)	PUNCT
cblr-8632	206	2	virtu	virtu	PROPN
cblr-8632	206	3	financial	financial	PROPN
cblr-8632	206	4	additionally	additionally	ADV
cblr-8632	206	5	notes	note	VERB
cblr-8632	206	6	in	in	ADP
cblr-8632	206	7	its	its	PRON
cblr-8632	206	8	comment	comment	NOUN
cblr-8632	206	9	letter	letter	NOUN
cblr-8632	206	10	that	that	SCONJ
cblr-8632	206	11	“	"	PUNCT
cblr-8632	206	12	[	[	X
cblr-8632	206	13	t]he	t]he	ADJ
cblr-8632	206	14	firms	firm	NOUN
cblr-8632	206	15	that	that	PRON
cblr-8632	206	16	handle	handle	VERB
cblr-8632	206	17	the	the	DET
cblr-8632	206	18	vast	vast	ADJ
cblr-8632	206	19	majority	majority	NOUN
cblr-8632	206	20	of	of	ADP
cblr-8632	206	21	orders	order	NOUN
cblr-8632	206	22	and	and	CCONJ
cblr-8632	206	23	execute	execute	VERB
cblr-8632	206	24	the	the	DET
cblr-8632	206	25	vast	vast	ADJ
cblr-8632	206	26	majority	majority	NOUN
cblr-8632	206	27	of	of	ADP
cblr-8632	206	28	trades	trade	NOUN
cblr-8632	206	29	must	must	AUX
cblr-8632	206	30	purchase	purchase	VERB
cblr-8632	206	31	both	both	PRON
cblr-8632	206	32	sip	sip	NOUN
cblr-8632	206	33	and	and	CCONJ
cblr-8632	206	34	proprietary	proprietary	ADJ
cblr-8632	206	35	data	datum	NOUN
cblr-8632	206	36	in	in	ADP
cblr-8632	206	37	order	order	NOUN
cblr-8632	206	38	to	to	PART
cblr-8632	206	39	meet	meet	VERB
cblr-8632	206	40	their	their	PRON
cblr-8632	206	41	best	good	ADJ
cblr-8632	206	42	execution	execution	NOUN
cblr-8632	206	43	obligations	obligation	NOUN
cblr-8632	206	44	and	and	CCONJ
cblr-8632	206	45	to	to	PART
cblr-8632	206	46	meaningfully	meaningfully	ADV
cblr-8632	206	47	compete	compete	VERB
cblr-8632	206	48	.	.	PUNCT
cblr-8632	206	49	”	"	PUNCT
cblr-8632	207	1	letter	letter	NOUN
cblr-8632	207	2	from	from	ADP
cblr-8632	207	3	douglas	douglas	PROPN
cblr-8632	207	4	a.	a.	PROPN
cblr-8632	207	5	cifu	cifu	PROPN
cblr-8632	207	6	to	to	ADP
cblr-8632	207	7	brent	brent	PROPN
cblr-8632	207	8	j.	j.	PROPN
cblr-8632	207	9	fields	fields	PROPN
cblr-8632	207	10	,	,	PUNCT
cblr-8632	207	11	supra	supra	PROPN
cblr-8632	207	12	,	,	PUNCT
cblr-8632	207	13	at	at	ADP
cblr-8632	207	14	4	4	NUM
cblr-8632	207	15	.	.	PUNCT
cblr-8632	208	1	bartlett	bartlett	PROPN
cblr-8632	208	2	8/20/2021	8/20/2021	NUM
cblr-8632	208	3	6:20	6:20	NUM
cblr-8632	208	4	pm	pm	NOUN
cblr-8632	208	5	534	534	NUM
cblr-8632	208	6	columbia	columbia	PROPN
cblr-8632	208	7	business	business	NOUN
cblr-8632	208	8	law	law	PROPN
cblr-8632	208	9	review	review	NOUN
cblr-8632	208	10	[	[	X
cblr-8632	208	11	vol	vol	NOUN
cblr-8632	208	12	.	.	NOUN
cblr-8632	208	13	2021	2021	NUM
cblr-8632	208	14	practices	practice	NOUN
cblr-8632	208	15	if	if	SCONJ
cblr-8632	208	16	necessary	necessary	ADJ
cblr-8632	208	17	.	.	PUNCT
cblr-8632	209	1	”32	”32	ADJ
cblr-8632	209	2	if	if	SCONJ
cblr-8632	209	3	non	non	ADJ
cblr-8632	209	4	-	-	ADJ
cblr-8632	209	5	exchange	exchange	ADJ
cblr-8632	209	6	venues	venue	NOUN
cblr-8632	209	7	were	be	AUX
cblr-8632	209	8	using	use	VERB
cblr-8632	209	9	odd	odd	ADJ
cblr-8632	209	10	lot	lot	NOUN
cblr-8632	209	11	quotes	quote	NOUN
cblr-8632	209	12	to	to	PART
cblr-8632	209	13	route	route	VERB
cblr-8632	209	14	and/or	and/or	CCONJ
cblr-8632	209	15	price	price	NOUN
cblr-8632	209	16	trades	trade	NOUN
cblr-8632	209	17	,	,	PUNCT
cblr-8632	209	18	there	there	PRON
cblr-8632	209	19	should	should	AUX
cblr-8632	209	20	be	be	AUX
cblr-8632	209	21	relatively	relatively	ADV
cblr-8632	209	22	few	few	ADJ
cblr-8632	209	23	observed	observed	ADJ
cblr-8632	209	24	trades	trade	NOUN
cblr-8632	209	25	that	that	PRON
cblr-8632	209	26	could	could	AUX
cblr-8632	209	27	have	have	AUX
cblr-8632	209	28	received	receive	VERB
cblr-8632	209	29	better	well	ADJ
cblr-8632	209	30	pricing	pricing	NOUN
cblr-8632	209	31	at	at	ADP
cblr-8632	209	32	nasdaq	nasdaq	PROPN
cblr-8632	209	33	.	.	PUNCT
cblr-8632	210	1	this	this	PRON
cblr-8632	210	2	should	should	AUX
cblr-8632	210	3	be	be	AUX
cblr-8632	210	4	especially	especially	ADV
cblr-8632	210	5	true	true	ADJ
cblr-8632	210	6	for	for	ADP
cblr-8632	210	7	odd	odd	ADJ
cblr-8632	210	8	lot	lot	NOUN
cblr-8632	210	9	trades	trade	NOUN
cblr-8632	210	10	that	that	PRON
cblr-8632	210	11	could	could	AUX
cblr-8632	210	12	be	be	AUX
cblr-8632	210	13	routed	route	VERB
cblr-8632	210	14	to	to	ADP
cblr-8632	210	15	nasdaq	nasdaq	PROPN
cblr-8632	210	16	,	,	PUNCT
cblr-8632	210	17	where	where	SCONJ
cblr-8632	210	18	they	they	PRON
cblr-8632	210	19	could	could	AUX
cblr-8632	210	20	interact	interact	VERB
cblr-8632	210	21	with	with	ADP
cblr-8632	210	22	odd	odd	ADJ
cblr-8632	210	23	lot	lot	NOUN
cblr-8632	210	24	quotes	quote	NOUN
cblr-8632	210	25	of	of	ADP
cblr-8632	210	26	comparable	comparable	ADJ
cblr-8632	210	27	size	size	NOUN
cblr-8632	210	28	.	.	PUNCT
cblr-8632	211	1	however	however	ADV
cblr-8632	211	2	,	,	PUNCT
cblr-8632	211	3	as	as	SCONJ
cblr-8632	211	4	described	describe	VERB
cblr-8632	211	5	below	below	ADV
cblr-8632	211	6	,	,	PUNCT
cblr-8632	211	7	a	a	DET
cblr-8632	211	8	substantial	substantial	ADJ
cblr-8632	211	9	number	number	NOUN
cblr-8632	211	10	of	of	ADP
cblr-8632	211	11	nonexchange	nonexchange	NOUN
cblr-8632	211	12	odd	odd	ADJ
cblr-8632	211	13	lot	lot	NOUN
cblr-8632	211	14	trades	trade	NOUN
cblr-8632	211	15	were	be	AUX
cblr-8632	211	16	priced	price	VERB
cblr-8632	211	17	at	at	ADP
cblr-8632	211	18	or	or	CCONJ
cblr-8632	211	19	just	just	ADV
cblr-8632	211	20	better	well	ADJ
cblr-8632	211	21	than	than	ADP
cblr-8632	211	22	the	the	DET
cblr-8632	211	23	conventional	conventional	ADJ
cblr-8632	211	24	nbbo	nbbo	NOUN
cblr-8632	211	25	despite	despite	SCONJ
cblr-8632	211	26	better	well	ADJ
cblr-8632	211	27	pricing	pricing	NOUN
cblr-8632	211	28	available	available	ADJ
cblr-8632	211	29	at	at	ADP
cblr-8632	211	30	nasdaq	nasdaq	PROPN
cblr-8632	211	31	.	.	PUNCT
cblr-8632	212	1	focusing	focus	VERB
cblr-8632	212	2	on	on	ADP
cblr-8632	212	3	the	the	DET
cblr-8632	212	4	subset	subset	NOUN
cblr-8632	212	5	of	of	ADP
cblr-8632	212	6	non	non	ADJ
cblr-8632	212	7	-	-	ADJ
cblr-8632	212	8	exchange	exchange	ADJ
cblr-8632	212	9	trades	trade	NOUN
cblr-8632	212	10	likely	likely	ADJ
cblr-8632	212	11	to	to	PART
cblr-8632	212	12	represent	represent	VERB
cblr-8632	212	13	internalized	internalized	ADJ
cblr-8632	212	14	retail	retail	ADJ
cblr-8632	212	15	trades,33	trades,33	NOUN
cblr-8632	212	16	i	i	PRON
cblr-8632	212	17	find	find	VERB
cblr-8632	212	18	that	that	SCONJ
cblr-8632	212	19	approximately	approximately	ADV
cblr-8632	212	20	thirty	thirty	NUM
cblr-8632	212	21	-	-	PUNCT
cblr-8632	212	22	one	one	NUM
cblr-8632	212	23	percent	percent	NOUN
cblr-8632	212	24	of	of	ADP
cblr-8632	212	25	odd	odd	ADJ
cblr-8632	212	26	lot	lot	NOUN
cblr-8632	212	27	trades	trade	NOUN
cblr-8632	212	28	in	in	ADP
cblr-8632	212	29	amazon	amazon	NOUN
cblr-8632	212	30	and	and	CCONJ
cblr-8632	212	31	forty	forty	NUM
cblr-8632	212	32	-	-	PUNCT
cblr-8632	212	33	six	six	NUM
cblr-8632	212	34	percent	percent	NOUN
cblr-8632	212	35	of	of	ADP
cblr-8632	212	36	odd	odd	ADJ
cblr-8632	212	37	lot	lot	NOUN
cblr-8632	212	38	trades	trade	NOUN
cblr-8632	212	39	in	in	ADP
cblr-8632	212	40	gamestop	gamestop	NOUN
cblr-8632	212	41	would	would	AUX
cblr-8632	212	42	have	have	AUX
cblr-8632	212	43	received	receive	VERB
cblr-8632	212	44	better	well	ADJ
cblr-8632	212	45	pricing	pricing	NOUN
cblr-8632	212	46	had	have	AUX
cblr-8632	212	47	the	the	DET
cblr-8632	212	48	venue	venue	NOUN
cblr-8632	212	49	filled	fill	VERB
cblr-8632	212	50	the	the	DET
cblr-8632	212	51	order	order	NOUN
cblr-8632	212	52	at	at	ADP
cblr-8632	212	53	the	the	DET
cblr-8632	212	54	nasdaq	nasdaq	PROPN
cblr-8632	212	55	odd	odd	ADJ
cblr-8632	212	56	lot	lot	NOUN
cblr-8632	212	57	quote	quote	INTJ
cblr-8632	212	58	.	.	PUNCT
cblr-8632	213	1	moreover	moreover	ADV
cblr-8632	213	2	,	,	PUNCT
cblr-8632	213	3	using	use	VERB
cblr-8632	213	4	an	an	DET
cblr-8632	213	5	nbbo	nbbo	NOUN
cblr-8632	213	6	that	that	PRON
cblr-8632	213	7	included	include	VERB
cblr-8632	213	8	nasdaq	nasdaq	PROPN
cblr-8632	213	9	’s	’s	PART
cblr-8632	213	10	odd	odd	ADJ
cblr-8632	213	11	lot	lot	NOUN
cblr-8632	213	12	quotes	quote	NOUN
cblr-8632	213	13	also	also	ADV
cblr-8632	213	14	reveals	reveal	VERB
cblr-8632	213	15	substantially	substantially	ADV
cblr-8632	213	16	lower	low	ADJ
cblr-8632	213	17	levels	level	NOUN
cblr-8632	213	18	of	of	ADP
cblr-8632	213	19	price	price	NOUN
cblr-8632	213	20	improvement	improvement	NOUN
cblr-8632	213	21	for	for	ADP
cblr-8632	213	22	non	non	ADJ
cblr-8632	213	23	-	-	ADJ
cblr-8632	213	24	exchange	exchange	ADJ
cblr-8632	213	25	odd	odd	ADJ
cblr-8632	213	26	lot	lot	NOUN
cblr-8632	213	27	trades	trade	NOUN
cblr-8632	213	28	in	in	ADP
cblr-8632	213	29	these	these	DET
cblr-8632	213	30	securities	security	NOUN
cblr-8632	213	31	.	.	PUNCT
cblr-8632	214	1	for	for	ADP
cblr-8632	214	2	example	example	NOUN
cblr-8632	214	3	,	,	PUNCT
cblr-8632	214	4	aggregate	aggregate	ADJ
cblr-8632	214	5	price	price	NOUN
cblr-8632	214	6	improvement	improvement	NOUN
cblr-8632	214	7	for	for	ADP
cblr-8632	214	8	this	this	DET
cblr-8632	214	9	sample	sample	NOUN
cblr-8632	214	10	of	of	ADP
cblr-8632	214	11	retail	retail	ADJ
cblr-8632	214	12	trades	trade	NOUN
cblr-8632	214	13	in	in	ADP
cblr-8632	214	14	gamestop	gamestop	NOUN
cblr-8632	214	15	was	be	AUX
cblr-8632	214	16	approximately	approximately	ADV
cblr-8632	214	17	$	$	SYM
cblr-8632	214	18	238	238	NUM
cblr-8632	214	19	based	base	VERB
cblr-8632	214	20	on	on	ADP
cblr-8632	214	21	the	the	DET
cblr-8632	214	22	conventional	conventional	ADJ
cblr-8632	214	23	“	"	PUNCT
cblr-8632	214	24	round	round	ADJ
cblr-8632	214	25	lot	lot	NOUN
cblr-8632	214	26	”	"	PUNCT
cblr-8632	214	27	nbbo	nbbo	NOUN
cblr-8632	214	28	,	,	PUNCT
cblr-8632	214	29	but	but	CCONJ
cblr-8632	214	30	benchmarking	benchmarke	VERB
cblr-8632	214	31	off	off	ADP
cblr-8632	214	32	of	of	ADP
cblr-8632	214	33	an	an	DET
cblr-8632	214	34	nbbo	nbbo	NOUN
cblr-8632	214	35	that	that	PRON
cblr-8632	214	36	includes	include	VERB
cblr-8632	214	37	odd	odd	ADJ
cblr-8632	214	38	lot	lot	NOUN
cblr-8632	214	39	quotes	quote	NOUN
cblr-8632	214	40	at	at	ADP
cblr-8632	214	41	nasdaq	nasdaq	PROPN
cblr-8632	214	42	reveals	reveal	VERB
cblr-8632	214	43	that	that	SCONJ
cblr-8632	214	44	these	these	DET
cblr-8632	214	45	trades	trade	VERB
cblr-8632	214	46	collectively	collectively	ADV
cblr-8632	214	47	32	32	NUM
cblr-8632	214	48	market	market	NOUN
cblr-8632	214	49	data	datum	NOUN
cblr-8632	214	50	infrastructure	infrastructure	NOUN
cblr-8632	214	51	,	,	PUNCT
cblr-8632	214	52	86	86	NUM
cblr-8632	214	53	fed	fed	PROPN
cblr-8632	214	54	.	.	PUNCT
cblr-8632	215	1	reg	reg	PROPN
cblr-8632	215	2	.	.	PROPN
cblr-8632	216	1	18,596	18,596	NUM
cblr-8632	216	2	,	,	PUNCT
cblr-8632	216	3	18,605	18,605	NUM
cblr-8632	216	4	(	(	PUNCT
cblr-8632	216	5	apr	apr	NOUN
cblr-8632	216	6	.	.	PROPN
cblr-8632	216	7	9	9	NUM
cblr-8632	216	8	,	,	PUNCT
cblr-8632	216	9	2021	2021	NUM
cblr-8632	216	10	)	)	PUNCT
cblr-8632	216	11	(	(	PUNCT
cblr-8632	216	12	to	to	PART
cblr-8632	216	13	be	be	AUX
cblr-8632	216	14	codified	codify	VERB
cblr-8632	216	15	at	at	ADP
cblr-8632	216	16	17	17	NUM
cblr-8632	216	17	c.f.r	c.f.r	NOUN
cblr-8632	216	18	.	.	PUNCT
cblr-8632	217	1	pts	pts	AUX
cblr-8632	217	2	.	.	PROPN
cblr-8632	217	3	240	240	NUM
cblr-8632	217	4	,	,	PUNCT
cblr-8632	217	5	242	242	NUM
cblr-8632	217	6	,	,	PUNCT
cblr-8632	217	7	249	249	NUM
cblr-8632	217	8	)	)	PUNCT
cblr-8632	217	9	(	(	PUNCT
cblr-8632	217	10	quoting	quote	VERB
cblr-8632	217	11	regulation	regulation	NOUN
cblr-8632	217	12	nms	nms	NOUN
cblr-8632	217	13	,	,	PUNCT
cblr-8632	217	14	70	70	NUM
cblr-8632	217	15	fed	feed	VERB
cblr-8632	217	16	.	.	PUNCT
cblr-8632	218	1	reg	reg	PROPN
cblr-8632	218	2	.	.	PROPN
cblr-8632	218	3	37,496	37,496	NUM
cblr-8632	218	4	,	,	PUNCT
cblr-8632	218	5	37,538	37,538	NUM
cblr-8632	218	6	(	(	PUNCT
cblr-8632	218	7	june	june	PROPN
cblr-8632	218	8	29	29	NUM
cblr-8632	218	9	,	,	PUNCT
cblr-8632	218	10	2005	2005	NUM
cblr-8632	218	11	)	)	PUNCT
cblr-8632	218	12	(	(	PUNCT
cblr-8632	218	13	codified	codify	VERB
cblr-8632	218	14	as	as	SCONJ
cblr-8632	218	15	amended	amend	VERB
cblr-8632	218	16	in	in	ADP
cblr-8632	218	17	scattered	scattered	ADJ
cblr-8632	218	18	parts	part	NOUN
cblr-8632	218	19	of	of	ADP
cblr-8632	218	20	17	17	NUM
cblr-8632	218	21	c.f.r	c.f.r	NOUN
cblr-8632	218	22	.	.	PUNCT
cblr-8632	218	23	)	)	PUNCT
cblr-8632	218	24	)	)	PUNCT
cblr-8632	219	1	;	;	PUNCT
cblr-8632	219	2	see	see	VERB
cblr-8632	219	3	also	also	ADV
cblr-8632	219	4	finra	finra	NOUN
cblr-8632	219	5	,	,	PUNCT
cblr-8632	219	6	regulatory	regulatory	ADJ
cblr-8632	219	7	notice	notice	NOUN
cblr-8632	219	8	15	15	NUM
cblr-8632	219	9	-	-	SYM
cblr-8632	219	10	46	46	NUM
cblr-8632	219	11	,	,	PUNCT
cblr-8632	219	12	best	good	ADJ
cblr-8632	219	13	execution	execution	NOUN
cblr-8632	219	14	:	:	PUNCT
cblr-8632	219	15	guidance	guidance	NOUN
cblr-8632	219	16	on	on	ADP
cblr-8632	219	17	best	good	ADJ
cblr-8632	219	18	execution	execution	NOUN
cblr-8632	219	19	obligations	obligation	NOUN
cblr-8632	219	20	in	in	ADP
cblr-8632	219	21	equity	equity	NOUN
cblr-8632	219	22	,	,	PUNCT
cblr-8632	219	23	options	option	NOUN
cblr-8632	219	24	and	and	CCONJ
cblr-8632	219	25	fixed	fix	VERB
cblr-8632	219	26	income	income	NOUN
cblr-8632	219	27	markets	market	NOUN
cblr-8632	219	28	13	13	NUM
cblr-8632	219	29	n.12	n.12	NOUN
cblr-8632	219	30	(	(	PUNCT
cblr-8632	219	31	2015	2015	NUM
cblr-8632	219	32	)	)	PUNCT
cblr-8632	219	33	,	,	PUNCT
cblr-8632	219	34	https://www.finra.org/sites/default/files/notice_doc_file_ref/notice_regulat	https://www.finra.org/sites/default/files/notice_doc_file_ref/notice_regulat	PUNCT
cblr-8632	220	1	ory_15-46.pdf	ory_15-46.pdf	PROPN
cblr-8632	220	2	[	[	X
cblr-8632	220	3	https://perma.cc/v6gk-6w4u	https://perma.cc/v6gk-6w4u	X
cblr-8632	220	4	]	]	X
cblr-8632	220	5	(	(	PUNCT
cblr-8632	220	6	“	"	PUNCT
cblr-8632	220	7	the	the	DET
cblr-8632	220	8	exercise	exercise	NOUN
cblr-8632	220	9	of	of	ADP
cblr-8632	220	10	reasonable	reasonable	ADJ
cblr-8632	220	11	diligence	diligence	NOUN
cblr-8632	220	12	to	to	PART
cblr-8632	220	13	ascertain	ascertain	VERB
cblr-8632	220	14	the	the	DET
cblr-8632	220	15	best	good	ADJ
cblr-8632	220	16	market	market	NOUN
cblr-8632	220	17	under	under	ADP
cblr-8632	220	18	prevailing	prevail	VERB
cblr-8632	220	19	market	market	NOUN
cblr-8632	220	20	conditions	condition	NOUN
cblr-8632	220	21	can	can	AUX
cblr-8632	220	22	be	be	AUX
cblr-8632	220	23	affected	affect	VERB
cblr-8632	220	24	by	by	ADP
cblr-8632	220	25	the	the	DET
cblr-8632	220	26	market	market	NOUN
cblr-8632	220	27	data	datum	NOUN
cblr-8632	220	28	,	,	PUNCT
cblr-8632	220	29	including	include	VERB
cblr-8632	220	30	specific	specific	ADJ
cblr-8632	220	31	data	datum	NOUN
cblr-8632	220	32	feeds	feed	NOUN
cblr-8632	220	33	used	use	VERB
cblr-8632	220	34	by	by	ADP
cblr-8632	220	35	a	a	DET
cblr-8632	220	36	firm	firm	NOUN
cblr-8632	220	37	.	.	PUNCT
cblr-8632	221	1	for	for	ADP
cblr-8632	221	2	example	example	NOUN
cblr-8632	221	3	,	,	PUNCT
cblr-8632	221	4	a	a	DET
cblr-8632	221	5	firm	firm	NOUN
cblr-8632	221	6	that	that	PRON
cblr-8632	221	7	regularly	regularly	ADV
cblr-8632	221	8	accesses	access	VERB
cblr-8632	221	9	proprietary	proprietary	ADJ
cblr-8632	221	10	data	datum	NOUN
cblr-8632	221	11	feeds	feed	NOUN
cblr-8632	221	12	,	,	PUNCT
cblr-8632	221	13	in	in	ADP
cblr-8632	221	14	addition	addition	NOUN
cblr-8632	221	15	to	to	ADP
cblr-8632	221	16	the	the	DET
cblr-8632	221	17	consolidated	consolidated	ADJ
cblr-8632	221	18	sip	sip	NOUN
cblr-8632	221	19	feed	feed	NOUN
cblr-8632	221	20	,	,	PUNCT
cblr-8632	221	21	for	for	ADP
cblr-8632	221	22	its	its	PRON
cblr-8632	221	23	proprietary	proprietary	ADJ
cblr-8632	221	24	trading	trading	NOUN
cblr-8632	221	25	,	,	PUNCT
cblr-8632	221	26	would	would	AUX
cblr-8632	221	27	be	be	AUX
cblr-8632	221	28	expected	expect	VERB
cblr-8632	221	29	to	to	PART
cblr-8632	221	30	also	also	ADV
cblr-8632	221	31	be	be	AUX
cblr-8632	221	32	using	use	VERB
cblr-8632	221	33	these	these	DET
cblr-8632	221	34	data	datum	NOUN
cblr-8632	221	35	feeds	feed	NOUN
cblr-8632	221	36	to	to	PART
cblr-8632	221	37	determine	determine	VERB
cblr-8632	221	38	the	the	DET
cblr-8632	221	39	best	good	ADJ
cblr-8632	221	40	market	market	NOUN
cblr-8632	221	41	under	under	ADP
cblr-8632	221	42	prevailing	prevail	VERB
cblr-8632	221	43	market	market	NOUN
cblr-8632	221	44	conditions	condition	NOUN
cblr-8632	221	45	when	when	SCONJ
cblr-8632	221	46	handling	handle	VERB
cblr-8632	221	47	customer	customer	NOUN
cblr-8632	221	48	orders	order	NOUN
cblr-8632	221	49	to	to	PART
cblr-8632	221	50	meet	meet	VERB
cblr-8632	221	51	its	its	PRON
cblr-8632	221	52	best	good	ADJ
cblr-8632	221	53	execution	execution	NOUN
cblr-8632	221	54	obligations	obligation	NOUN
cblr-8632	221	55	.	.	PUNCT
cblr-8632	221	56	”	"	PUNCT
cblr-8632	221	57	)	)	PUNCT
cblr-8632	221	58	.	.	PUNCT
cblr-8632	222	1	33	33	NUM
cblr-8632	222	2	specifically	specifically	ADV
cblr-8632	222	3	,	,	PUNCT
cblr-8632	222	4	i	i	PRON
cblr-8632	222	5	exploit	exploit	VERB
cblr-8632	222	6	the	the	DET
cblr-8632	222	7	fact	fact	NOUN
cblr-8632	222	8	that	that	SCONJ
cblr-8632	222	9	under	under	ADP
cblr-8632	222	10	rule	rule	NOUN
cblr-8632	222	11	612	612	NUM
cblr-8632	222	12	,	,	PUNCT
cblr-8632	222	13	sub	sub	ADJ
cblr-8632	222	14	-	-	ADJ
cblr-8632	222	15	penny	penny	ADJ
cblr-8632	222	16	trades	trade	NOUN
cblr-8632	222	17	that	that	PRON
cblr-8632	222	18	provide	provide	VERB
cblr-8632	222	19	very	very	ADV
cblr-8632	222	20	modest	modest	ADJ
cblr-8632	222	21	price	price	NOUN
cblr-8632	222	22	improvement	improvement	NOUN
cblr-8632	222	23	are	be	AUX
cblr-8632	222	24	very	very	ADV
cblr-8632	222	25	likely	likely	ADJ
cblr-8632	222	26	to	to	PART
cblr-8632	222	27	represent	represent	VERB
cblr-8632	222	28	retail	retail	ADJ
cblr-8632	222	29	trades	trade	NOUN
cblr-8632	222	30	filled	fill	VERB
cblr-8632	222	31	by	by	ADP
cblr-8632	222	32	an	an	DET
cblr-8632	222	33	internalizer	internalizer	NOUN
cblr-8632	222	34	.	.	PUNCT
cblr-8632	223	1	see	see	VERB
cblr-8632	223	2	infra	infra	NOUN
cblr-8632	223	3	note	note	VERB
cblr-8632	223	4	77	77	NUM
cblr-8632	223	5	and	and	CCONJ
cblr-8632	223	6	accompanying	accompany	VERB
cblr-8632	223	7	text	text	NOUN
cblr-8632	223	8	.	.	PUNCT
cblr-8632	224	1	bartlett	bartlett	PROPN
cblr-8632	224	2	8/20/2021	8/20/2021	NUM
cblr-8632	224	3	6:20	6:20	NUM
cblr-8632	224	4	pm	pm	NOUN
cblr-8632	224	5	no	no	INTJ
cblr-8632	224	6	.	.	PUNCT
cblr-8632	225	1	2:520	2:520	NUM
cblr-8632	225	2	]	]	X
cblr-8632	225	3	modernizing	modernize	VERB
cblr-8632	225	4	odd	odd	ADJ
cblr-8632	225	5	lot	lot	NOUN
cblr-8632	225	6	trading	trade	VERB
cblr-8632	225	7	535	535	NUM
cblr-8632	225	8	received	receive	VERB
cblr-8632	225	9	price	price	NOUN
cblr-8632	225	10	dis	dis	NOUN
cblr-8632	225	11	-	-	PUNCT
cblr-8632	225	12	improvement	improvement	NOUN
cblr-8632	225	13	of	of	ADP
cblr-8632	225	14	approximately	approximately	ADV
cblr-8632	225	15	$	$	SYM
cblr-8632	225	16	206,000	206,000	NUM
cblr-8632	225	17	.	.	PUNCT
cblr-8632	226	1	that	that	PRON
cblr-8632	226	2	is	is	ADV
cblr-8632	226	3	,	,	PUNCT
cblr-8632	226	4	these	these	DET
cblr-8632	226	5	trades	trade	NOUN
cblr-8632	226	6	would	would	AUX
cblr-8632	226	7	have	have	AUX
cblr-8632	226	8	received	receive	VERB
cblr-8632	226	9	$	$	SYM
cblr-8632	226	10	206,000	206,000	NUM
cblr-8632	226	11	more	more	ADJ
cblr-8632	226	12	if	if	SCONJ
cblr-8632	226	13	they	they	PRON
cblr-8632	226	14	had	have	AUX
cblr-8632	226	15	been	be	AUX
cblr-8632	226	16	priced	price	VERB
cblr-8632	226	17	at	at	ADP
cblr-8632	226	18	the	the	DET
cblr-8632	226	19	“	"	PUNCT
cblr-8632	226	20	odd	odd	ADJ
cblr-8632	226	21	lot	lot	NOUN
cblr-8632	226	22	”	"	PUNCT
cblr-8632	226	23	nbbo	nbbo	NOUN
cblr-8632	226	24	.	.	PUNCT
cblr-8632	227	1	even	even	ADV
cblr-8632	227	2	with	with	ADP
cblr-8632	227	3	a	a	DET
cblr-8632	227	4	requirement	requirement	NOUN
cblr-8632	227	5	that	that	SCONJ
cblr-8632	227	6	nasdaq	nasdaq	PROPN
cblr-8632	227	7	’s	’s	PART
cblr-8632	227	8	quotes	quote	NOUN
cblr-8632	227	9	have	have	AUX
cblr-8632	227	10	sufficient	sufficient	ADJ
cblr-8632	227	11	depth	depth	NOUN
cblr-8632	227	12	to	to	PART
cblr-8632	227	13	cover	cover	VERB
cblr-8632	227	14	the	the	DET
cblr-8632	227	15	trade	trade	NOUN
cblr-8632	227	16	size	size	NOUN
cblr-8632	227	17	,	,	PUNCT
cblr-8632	227	18	estimated	estimate	VERB
cblr-8632	227	19	price	price	NOUN
cblr-8632	227	20	dis	dis	NOUN
cblr-8632	227	21	-	-	PUNCT
cblr-8632	227	22	improvement	improvement	NOUN
cblr-8632	227	23	for	for	ADP
cblr-8632	227	24	these	these	DET
cblr-8632	227	25	trades	trade	NOUN
cblr-8632	227	26	would	would	AUX
cblr-8632	227	27	be	be	AUX
cblr-8632	227	28	$	$	SYM
cblr-8632	227	29	101,000	101,000	NUM
cblr-8632	227	30	.	.	PUNCT
cblr-8632	228	1	importantly	importantly	ADV
cblr-8632	228	2	,	,	PUNCT
cblr-8632	228	3	nasdaq	nasdaq	PROPN
cblr-8632	228	4	represents	represent	VERB
cblr-8632	228	5	just	just	ADV
cblr-8632	228	6	one	one	NUM
cblr-8632	228	7	exchange	exchange	NOUN
cblr-8632	228	8	that	that	PRON
cblr-8632	228	9	might	might	AUX
cblr-8632	228	10	have	have	VERB
cblr-8632	228	11	better	well	ADJ
cblr-8632	228	12	odd	odd	ADJ
cblr-8632	228	13	lot	lot	NOUN
cblr-8632	228	14	quotes;34	quotes;34	NOUN
cblr-8632	228	15	therefore	therefore	ADV
cblr-8632	228	16	,	,	PUNCT
cblr-8632	228	17	these	these	DET
cblr-8632	228	18	numbers	number	NOUN
cblr-8632	228	19	would	would	AUX
cblr-8632	228	20	likely	likely	ADV
cblr-8632	228	21	show	show	VERB
cblr-8632	228	22	even	even	ADV
cblr-8632	228	23	greater	great	ADJ
cblr-8632	228	24	differences	difference	NOUN
cblr-8632	228	25	between	between	ADP
cblr-8632	228	26	the	the	DET
cblr-8632	228	27	reg	reg	PROPN
cblr-8632	228	28	nms	nms	NOUN
cblr-8632	228	29	nbbo	nbbo	NOUN
cblr-8632	228	30	and	and	CCONJ
cblr-8632	228	31	the	the	DET
cblr-8632	228	32	odd	odd	ADJ
cblr-8632	228	33	lot	lot	NOUN
cblr-8632	228	34	nbbo	nbbo	NOUN
cblr-8632	228	35	were	be	AUX
cblr-8632	228	36	one	one	NUM
cblr-8632	228	37	to	to	PART
cblr-8632	228	38	include	include	VERB
cblr-8632	228	39	in	in	ADP
cblr-8632	228	40	this	this	DET
cblr-8632	228	41	analysis	analysis	NOUN
cblr-8632	228	42	odd	odd	ADJ
cblr-8632	228	43	lot	lot	NOUN
cblr-8632	228	44	quotes	quote	NOUN
cblr-8632	228	45	from	from	ADP
cblr-8632	228	46	all	all	DET
cblr-8632	228	47	exchanges	exchange	NOUN
cblr-8632	228	48	.	.	PUNCT
cblr-8632	229	1	as	as	ADP
cblr-8632	229	2	such	such	ADJ
cblr-8632	229	3	,	,	PUNCT
cblr-8632	229	4	these	these	DET
cblr-8632	229	5	differences	difference	NOUN
cblr-8632	229	6	between	between	ADP
cblr-8632	229	7	the	the	DET
cblr-8632	229	8	reg	reg	PROPN
cblr-8632	229	9	nms	nms	NOUN
cblr-8632	229	10	nbbo	nbbo	NOUN
cblr-8632	229	11	and	and	CCONJ
cblr-8632	229	12	the	the	DET
cblr-8632	229	13	odd	odd	ADJ
cblr-8632	229	14	lot	lot	NOUN
cblr-8632	229	15	nbbo	nbbo	NOUN
cblr-8632	229	16	should	should	AUX
cblr-8632	229	17	be	be	AUX
cblr-8632	229	18	viewed	view	VERB
cblr-8632	229	19	as	as	ADP
cblr-8632	229	20	conservative	conservative	ADJ
cblr-8632	229	21	estimates	estimate	NOUN
cblr-8632	229	22	of	of	ADP
cblr-8632	229	23	the	the	DET
cblr-8632	229	24	extent	extent	NOUN
cblr-8632	229	25	to	to	PART
cblr-8632	229	26	which	which	PRON
cblr-8632	229	27	the	the	DET
cblr-8632	229	28	nbbo	nbbo	NOUN
cblr-8632	229	29	would	would	AUX
cblr-8632	229	30	narrow	narrow	VERB
cblr-8632	229	31	were	be	AUX
cblr-8632	229	32	it	it	PRON
cblr-8632	229	33	to	to	PART
cblr-8632	229	34	include	include	VERB
cblr-8632	229	35	all	all	DET
cblr-8632	229	36	odd	odd	ADJ
cblr-8632	229	37	lot	lot	NOUN
cblr-8632	229	38	quotes	quote	NOUN
cblr-8632	229	39	.	.	PUNCT
cblr-8632	230	1	overall	overall	ADV
cblr-8632	230	2	,	,	PUNCT
cblr-8632	230	3	these	these	DET
cblr-8632	230	4	findings	finding	NOUN
cblr-8632	230	5	provide	provide	VERB
cblr-8632	230	6	new	new	ADJ
cblr-8632	230	7	evidence	evidence	NOUN
cblr-8632	230	8	that	that	SCONJ
cblr-8632	230	9	the	the	DET
cblr-8632	230	10	regulatory	regulatory	ADJ
cblr-8632	230	11	treatment	treatment	NOUN
cblr-8632	230	12	of	of	ADP
cblr-8632	230	13	odd	odd	ADJ
cblr-8632	230	14	lot	lot	NOUN
cblr-8632	230	15	trades	trade	NOUN
cblr-8632	230	16	and	and	CCONJ
cblr-8632	230	17	quotes	quote	NOUN
cblr-8632	230	18	may	may	AUX
cblr-8632	230	19	impair	impair	VERB
cblr-8632	230	20	the	the	DET
cblr-8632	230	21	execution	execution	NOUN
cblr-8632	230	22	quality	quality	NOUN
cblr-8632	230	23	of	of	ADP
cblr-8632	230	24	marketable	marketable	ADJ
cblr-8632	230	25	odd	odd	ADJ
cblr-8632	230	26	lot	lot	NOUN
cblr-8632	230	27	orders	order	NOUN
cblr-8632	230	28	,	,	PUNCT
cblr-8632	230	29	particularly	particularly	ADV
cblr-8632	230	30	those	those	PRON
cblr-8632	230	31	executed	execute	VERB
cblr-8632	230	32	by	by	ADP
cblr-8632	230	33	wholesale	wholesale	ADJ
cblr-8632	230	34	market	market	NOUN
cblr-8632	230	35	makers	maker	NOUN
cblr-8632	230	36	.	.	PUNCT
cblr-8632	231	1	moreover	moreover	ADV
cblr-8632	231	2	,	,	PUNCT
cblr-8632	231	3	these	these	DET
cblr-8632	231	4	concerns	concern	NOUN
cblr-8632	231	5	remain	remain	VERB
cblr-8632	231	6	despite	despite	SCONJ
cblr-8632	231	7	the	the	DET
cblr-8632	231	8	2020	2020	NUM
cblr-8632	231	9	market	market	NOUN
cblr-8632	231	10	data	datum	NOUN
cblr-8632	231	11	reform	reform	NOUN
cblr-8632	231	12	.	.	PUNCT
cblr-8632	232	1	once	once	ADV
cblr-8632	232	2	implemented	implement	VERB
cblr-8632	232	3	,	,	PUNCT
cblr-8632	232	4	these	these	DET
cblr-8632	232	5	reforms	reform	NOUN
cblr-8632	232	6	will	will	AUX
cblr-8632	232	7	leave	leave	VERB
cblr-8632	232	8	intact	intact	ADJ
cblr-8632	232	9	the	the	DET
cblr-8632	232	10	existing	exist	VERB
cblr-8632	232	11	rule	rule	NOUN
cblr-8632	232	12	605	605	NUM
cblr-8632	232	13	reporting	report	VERB
cblr-8632	232	14	requirements,35	requirements,35	NOUN
cblr-8632	232	15	and	and	CCONJ
cblr-8632	232	16	although	although	SCONJ
cblr-8632	232	17	the	the	DET
cblr-8632	232	18	new	new	ADJ
cblr-8632	232	19	round	round	ADJ
cblr-8632	232	20	lot	lot	NOUN
cblr-8632	232	21	definitions	definition	NOUN
cblr-8632	232	22	will	will	AUX
cblr-8632	232	23	reduce	reduce	VERB
cblr-8632	232	24	the	the	DET
cblr-8632	232	25	number	number	NOUN
cblr-8632	232	26	of	of	ADP
cblr-8632	232	27	odd	odd	ADJ
cblr-8632	232	28	lot	lot	NOUN
cblr-8632	232	29	quotes	quote	NOUN
cblr-8632	232	30	for	for	ADP
cblr-8632	232	31	high	high	ADV
cblr-8632	232	32	-	-	PUNCT
cblr-8632	232	33	priced	price	VERB
cblr-8632	232	34	securities	security	NOUN
cblr-8632	232	35	,	,	PUNCT
cblr-8632	232	36	odd	odd	ADJ
cblr-8632	232	37	lot	lot	NOUN
cblr-8632	232	38	quotes	quote	NOUN
cblr-8632	232	39	that	that	PRON
cblr-8632	232	40	improve	improve	VERB
cblr-8632	232	41	on	on	ADP
cblr-8632	232	42	the	the	DET
cblr-8632	232	43	round	round	ADJ
cblr-8632	232	44	-	-	PUNCT
cblr-8632	232	45	lot	lot	NOUN
cblr-8632	232	46	nbbo	nbbo	NOUN
cblr-8632	232	47	will	will	AUX
cblr-8632	232	48	remain	remain	VERB
cblr-8632	232	49	a	a	DET
cblr-8632	232	50	possibility	possibility	NOUN
cblr-8632	232	51	.	.	PUNCT
cblr-8632	233	1	for	for	ADP
cblr-8632	233	2	these	these	DET
cblr-8632	233	3	quotes	quote	NOUN
cblr-8632	233	4	,	,	PUNCT
cblr-8632	233	5	the	the	DET
cblr-8632	233	6	2020	2020	NUM
cblr-8632	233	7	market	market	NOUN
cblr-8632	233	8	data	datum	NOUN
cblr-8632	233	9	reform	reform	NOUN
cblr-8632	233	10	will	will	AUX
cblr-8632	233	11	require	require	VERB
cblr-8632	233	12	that	that	SCONJ
cblr-8632	233	13	they	they	PRON
cblr-8632	233	14	be	be	AUX
cblr-8632	233	15	included	include	VERB
cblr-8632	233	16	in	in	ADP
cblr-8632	233	17	the	the	DET
cblr-8632	233	18	“	"	PUNCT
cblr-8632	233	19	core	core	NOUN
cblr-8632	233	20	”	"	PUNCT
cblr-8632	233	21	data	datum	NOUN
cblr-8632	233	22	that	that	PRON
cblr-8632	233	23	is	be	AUX
cblr-8632	233	24	publicly	publicly	ADV
cblr-8632	233	25	available,36	available,36	NOUN
cblr-8632	233	26	but	but	CCONJ
cblr-8632	233	27	the	the	DET
cblr-8632	233	28	reforms	reform	NOUN
cblr-8632	233	29	continue	continue	VERB
cblr-8632	233	30	to	to	PART
cblr-8632	233	31	rely	rely	VERB
cblr-8632	233	32	solely	solely	ADV
cblr-8632	233	33	on	on	ADP
cblr-8632	233	34	a	a	DET
cblr-8632	233	35	broker	broker	NOUN
cblr-8632	233	36	’s	’s	PART
cblr-8632	233	37	duty	duty	NOUN
cblr-8632	233	38	of	of	ADP
cblr-8632	233	39	34	34	NUM
cblr-8632	233	40	as	as	ADP
cblr-8632	233	41	of	of	ADP
cblr-8632	233	42	the	the	DET
cblr-8632	233	43	date	date	NOUN
cblr-8632	233	44	of	of	ADP
cblr-8632	233	45	this	this	DET
cblr-8632	233	46	article	article	NOUN
cblr-8632	233	47	,	,	PUNCT
cblr-8632	233	48	there	there	PRON
cblr-8632	233	49	are	be	VERB
cblr-8632	233	50	sixteen	sixteen	NUM
cblr-8632	233	51	u.s	u.s	PROPN
cblr-8632	233	52	.	.	PROPN
cblr-8632	233	53	exchanges	exchange	NOUN
cblr-8632	233	54	that	that	PRON
cblr-8632	233	55	trade	trade	VERB
cblr-8632	233	56	equity	equity	NOUN
cblr-8632	233	57	securities	security	NOUN
cblr-8632	233	58	.	.	PUNCT
cblr-8632	234	1	see	see	VERB
cblr-8632	234	2	latency	latency	NOUN
cblr-8632	234	3	charts	chart	NOUN
cblr-8632	234	4	,	,	PUNCT
cblr-8632	234	5	consol	consol	NOUN
cblr-8632	234	6	.	.	PUNCT
cblr-8632	235	1	tape	tape	NOUN
cblr-8632	235	2	ass’n	ass’n	NOUN
cblr-8632	235	3	,	,	PUNCT
cblr-8632	235	4	https://www.ctaplan.com/latency-charts	https://www.ctaplan.com/latency-chart	VERB
cblr-8632	235	5	[	[	X
cblr-8632	235	6	https://perma.cc/x9nm-cd9z	https://perma.cc/x9nm-cd9z	X
cblr-8632	235	7	]	]	X
cblr-8632	235	8	(	(	PUNCT
cblr-8632	235	9	last	last	ADJ
cblr-8632	235	10	visited	visit	VERB
cblr-8632	235	11	may	may	AUX
cblr-8632	235	12	24	24	NUM
cblr-8632	235	13	,	,	PUNCT
cblr-8632	235	14	2021	2021	NUM
cblr-8632	235	15	)	)	PUNCT
cblr-8632	235	16	.	.	PUNCT
cblr-8632	236	1	35	35	NUM
cblr-8632	236	2	see	see	VERB
cblr-8632	236	3	market	market	NOUN
cblr-8632	236	4	data	datum	NOUN
cblr-8632	236	5	infrastructure	infrastructure	NOUN
cblr-8632	236	6	,	,	PUNCT
cblr-8632	236	7	86	86	NUM
cblr-8632	236	8	fed	fed	PROPN
cblr-8632	236	9	.	.	PUNCT
cblr-8632	237	1	reg	reg	PROPN
cblr-8632	237	2	.	.	PROPN
cblr-8632	238	1	18,596	18,596	NUM
cblr-8632	238	2	,	,	PUNCT
cblr-8632	238	3	18,621	18,621	NUM
cblr-8632	238	4	(	(	PUNCT
cblr-8632	238	5	apr	apr	NOUN
cblr-8632	238	6	.	.	PROPN
cblr-8632	238	7	9	9	NUM
cblr-8632	238	8	,	,	PUNCT
cblr-8632	238	9	2021	2021	NUM
cblr-8632	238	10	)	)	PUNCT
cblr-8632	238	11	(	(	PUNCT
cblr-8632	238	12	to	to	PART
cblr-8632	238	13	be	be	AUX
cblr-8632	238	14	codified	codify	VERB
cblr-8632	238	15	at	at	ADP
cblr-8632	238	16	17	17	NUM
cblr-8632	238	17	c.f.r	c.f.r	NOUN
cblr-8632	238	18	.	.	PUNCT
cblr-8632	239	1	pts	pts	PROPN
cblr-8632	239	2	.	.	PROPN
cblr-8632	239	3	240	240	NUM
cblr-8632	239	4	,	,	PUNCT
cblr-8632	239	5	242	242	NUM
cblr-8632	239	6	,	,	PUNCT
cblr-8632	239	7	249	249	NUM
cblr-8632	239	8	)	)	PUNCT
cblr-8632	239	9	(	(	PUNCT
cblr-8632	239	10	“	"	PUNCT
cblr-8632	239	11	[	[	X
cblr-8632	239	12	w]hile	w]hile	PROPN
cblr-8632	239	13	the	the	DET
cblr-8632	239	14	commission	commission	NOUN
cblr-8632	239	15	has	have	AUX
cblr-8632	239	16	reviewed	review	VERB
cblr-8632	239	17	the	the	DET
cblr-8632	239	18	comments	comment	NOUN
cblr-8632	239	19	about	about	ADP
cblr-8632	239	20	the	the	DET
cblr-8632	239	21	need	need	NOUN
cblr-8632	239	22	to	to	PART
cblr-8632	239	23	modernize	modernize	VERB
cblr-8632	239	24	and	and	CCONJ
cblr-8632	239	25	update	update	VERB
cblr-8632	239	26	rule	rule	NOUN
cblr-8632	239	27	605	605	NUM
cblr-8632	239	28	,	,	PUNCT
cblr-8632	239	29	any	any	DET
cblr-8632	239	30	changes	change	NOUN
cblr-8632	239	31	to	to	PART
cblr-8632	239	32	rule	rule	VERB
cblr-8632	239	33	605	605	NUM
cblr-8632	239	34	.	.	PUNCT
cblr-8632	239	35	.	.	PUNCT
cblr-8632	240	1	.	.	PUNCT
cblr-8632	241	1	are	be	AUX
cblr-8632	241	2	beyond	beyond	ADP
cblr-8632	241	3	the	the	DET
cblr-8632	241	4	scope	scope	NOUN
cblr-8632	241	5	of	of	ADP
cblr-8632	241	6	the	the	DET
cblr-8632	241	7	present	present	ADJ
cblr-8632	241	8	rulemaking	rulemaking	NOUN
cblr-8632	241	9	.	.	PUNCT
cblr-8632	241	10	”	"	PUNCT
cblr-8632	241	11	)	)	PUNCT
cblr-8632	241	12	.	.	PUNCT
cblr-8632	242	1	36	36	NUM
cblr-8632	242	2	market	market	NOUN
cblr-8632	242	3	data	datum	NOUN
cblr-8632	242	4	infrastructure	infrastructure	NOUN
cblr-8632	242	5	,	,	PUNCT
cblr-8632	242	6	86	86	NUM
cblr-8632	242	7	fed	fed	PROPN
cblr-8632	242	8	.	.	PUNCT
cblr-8632	243	1	reg	reg	PROPN
cblr-8632	243	2	.	.	PROPN
cblr-8632	244	1	18,596	18,596	NUM
cblr-8632	244	2	,	,	PUNCT
cblr-8632	244	3	18,612–13	18,612–13	NUM
cblr-8632	244	4	(	(	PUNCT
cblr-8632	244	5	apr	apr	NOUN
cblr-8632	244	6	.	.	PROPN
cblr-8632	244	7	9	9	NUM
cblr-8632	244	8	,	,	PUNCT
cblr-8632	244	9	2021	2021	NUM
cblr-8632	244	10	)	)	PUNCT
cblr-8632	244	11	(	(	PUNCT
cblr-8632	244	12	to	to	PART
cblr-8632	244	13	be	be	AUX
cblr-8632	244	14	codified	codify	VERB
cblr-8632	244	15	at	at	ADP
cblr-8632	244	16	17	17	NUM
cblr-8632	244	17	c.f.r	c.f.r	NOUN
cblr-8632	244	18	.	.	PUNCT
cblr-8632	245	1	pts	pts	PROPN
cblr-8632	245	2	.	.	PROPN
cblr-8632	245	3	240	240	NUM
cblr-8632	245	4	,	,	PUNCT
cblr-8632	245	5	242	242	NUM
cblr-8632	245	6	,	,	PUNCT
cblr-8632	245	7	249	249	NUM
cblr-8632	245	8	)	)	PUNCT
cblr-8632	245	9	.	.	PUNCT
cblr-8632	246	1	bartlett	bartlett	PROPN
cblr-8632	246	2	8/20/2021	8/20/2021	NUM
cblr-8632	246	3	6:20	6:20	NUM
cblr-8632	246	4	pm	pm	NOUN
cblr-8632	246	5	536	536	NUM
cblr-8632	246	6	columbia	columbia	PROPN
cblr-8632	246	7	business	business	NOUN
cblr-8632	246	8	law	law	NOUN
cblr-8632	246	9	review	review	NOUN
cblr-8632	246	10	[	[	X
cblr-8632	246	11	vol	vol	NOUN
cblr-8632	246	12	.	.	NOUN
cblr-8632	246	13	2021	2021	NUM
cblr-8632	246	14	best	good	ADJ
cblr-8632	246	15	execution	execution	NOUN
cblr-8632	246	16	to	to	PART
cblr-8632	246	17	ensure	ensure	VERB
cblr-8632	246	18	that	that	PRON
cblr-8632	246	19	odd	odd	ADJ
cblr-8632	246	20	lot	lot	NOUN
cblr-8632	246	21	quotes	quote	NOUN
cblr-8632	246	22	are	be	AUX
cblr-8632	246	23	considered	consider	VERB
cblr-8632	246	24	by	by	ADP
cblr-8632	246	25	brokers	broker	NOUN
cblr-8632	246	26	and	and	CCONJ
cblr-8632	246	27	internalizers	internalizer	NOUN
cblr-8632	246	28	when	when	SCONJ
cblr-8632	246	29	executing	execute	VERB
cblr-8632	246	30	trades.37	trades.37	NOUN
cblr-8632	246	31	given	give	VERB
cblr-8632	246	32	these	these	DET
cblr-8632	246	33	findings	finding	NOUN
cblr-8632	246	34	,	,	PUNCT
cblr-8632	246	35	this	this	DET
cblr-8632	246	36	article	article	NOUN
cblr-8632	246	37	therefore	therefore	ADV
cblr-8632	246	38	echoes	echo	VERB
cblr-8632	246	39	those	those	PRON
cblr-8632	246	40	who	who	PRON
cblr-8632	246	41	have	have	AUX
cblr-8632	246	42	been	be	AUX
cblr-8632	246	43	advocating	advocate	VERB
cblr-8632	246	44	for	for	ADP
cblr-8632	246	45	a	a	DET
cblr-8632	246	46	substantial	substantial	ADJ
cblr-8632	246	47	update	update	NOUN
cblr-8632	246	48	to	to	PART
cblr-8632	246	49	rule	rule	VERB
cblr-8632	246	50	605	605	NUM
cblr-8632	246	51	to	to	PART
cblr-8632	246	52	,	,	PUNCT
cblr-8632	246	53	among	among	ADP
cblr-8632	246	54	other	other	ADJ
cblr-8632	246	55	things	thing	NOUN
cblr-8632	246	56	,	,	PUNCT
cblr-8632	246	57	require	require	VERB
cblr-8632	246	58	trade	trade	NOUN
cblr-8632	246	59	execution	execution	NOUN
cblr-8632	246	60	statistics	statistic	NOUN
cblr-8632	246	61	for	for	ADP
cblr-8632	246	62	small	small	ADJ
cblr-8632	246	63	-	-	PUNCT
cblr-8632	246	64	sized	sized	ADJ
cblr-8632	246	65	orders.38	orders.38	NOUN
cblr-8632	246	66	it	it	PRON
cblr-8632	246	67	additionally	additionally	ADV
cblr-8632	246	68	argues	argue	VERB
cblr-8632	246	69	for	for	ADP
cblr-8632	246	70	eliminating	eliminate	VERB
cblr-8632	246	71	the	the	DET
cblr-8632	246	72	preference	preference	NOUN
cblr-8632	246	73	for	for	ADP
cblr-8632	246	74	round	round	ADJ
cblr-8632	246	75	lot	lot	NOUN
cblr-8632	246	76	trades	trade	NOUN
cblr-8632	246	77	in	in	ADP
cblr-8632	246	78	rule	rule	NOUN
cblr-8632	246	79	611	611	NUM
cblr-8632	246	80	once	once	ADV
cblr-8632	246	81	odd	odd	ADJ
cblr-8632	246	82	lot	lot	NOUN
cblr-8632	246	83	quotes	quote	NOUN
cblr-8632	246	84	and	and	CCONJ
cblr-8632	246	85	depth	depth	NOUN
cblr-8632	246	86	-	-	PUNCT
cblr-8632	246	87	of	of	ADP
cblr-8632	246	88	-	-	PUNCT
cblr-8632	246	89	book	book	NOUN
cblr-8632	246	90	data	datum	NOUN
cblr-8632	246	91	appear	appear	VERB
cblr-8632	246	92	in	in	ADP
cblr-8632	246	93	the	the	DET
cblr-8632	246	94	consolidated	consolidated	ADJ
cblr-8632	246	95	trade	trade	NOUN
cblr-8632	246	96	and	and	CCONJ
cblr-8632	246	97	quote	quote	INTJ
cblr-8632	246	98	system	system	NOUN
cblr-8632	246	99	,	,	PUNCT
cblr-8632	246	100	as	as	SCONJ
cblr-8632	246	101	is	be	AUX
cblr-8632	246	102	required	require	VERB
cblr-8632	246	103	by	by	ADP
cblr-8632	246	104	the	the	DET
cblr-8632	246	105	2020	2020	NUM
cblr-8632	246	106	market	market	NOUN
cblr-8632	246	107	data	datum	NOUN
cblr-8632	246	108	reform	reform	NOUN
cblr-8632	246	109	:	:	PUNCT
cblr-8632	246	110	to	to	ADP
cblr-8632	246	111	the	the	DET
cblr-8632	246	112	extent	extent	NOUN
cblr-8632	246	113	rule	rule	VERB
cblr-8632	246	114	611	611	NUM
cblr-8632	246	115	protects	protect	VERB
cblr-8632	246	116	orders	order	NOUN
cblr-8632	246	117	against	against	ADP
cblr-8632	246	118	trade	trade	NOUN
cblr-8632	246	119	-	-	PUNCT
cblr-8632	246	120	throughs	throughs	NOUN
cblr-8632	246	121	,	,	PUNCT
cblr-8632	246	122	it	it	PRON
cblr-8632	246	123	should	should	AUX
cblr-8632	246	124	protect	protect	VERB
cblr-8632	246	125	all	all	DET
cblr-8632	246	126	orders	order	NOUN
cblr-8632	246	127	regardless	regardless	ADV
cblr-8632	246	128	of	of	ADP
cblr-8632	246	129	size	size	NOUN
cblr-8632	246	130	.	.	PUNCT
cblr-8632	247	1	lastly	lastly	ADV
cblr-8632	247	2	,	,	PUNCT
cblr-8632	247	3	reforming	reform	VERB
cblr-8632	247	4	the	the	DET
cblr-8632	247	5	regulatory	regulatory	ADJ
cblr-8632	247	6	treatment	treatment	NOUN
cblr-8632	247	7	of	of	ADP
cblr-8632	247	8	odd	odd	ADJ
cblr-8632	247	9	lot	lot	NOUN
cblr-8632	247	10	trades	trade	NOUN
cblr-8632	247	11	also	also	ADV
cblr-8632	247	12	points	point	VERB
cblr-8632	247	13	to	to	ADP
cblr-8632	247	14	the	the	DET
cblr-8632	247	15	desirability	desirability	NOUN
cblr-8632	247	16	of	of	ADP
cblr-8632	247	17	modernizing	modernize	VERB
cblr-8632	247	18	trade	trade	NOUN
cblr-8632	247	19	execution	execution	NOUN
cblr-8632	247	20	metrics	metric	NOUN
cblr-8632	247	21	to	to	PART
cblr-8632	247	22	utilize	utilize	VERB
cblr-8632	247	23	size	size	NOUN
cblr-8632	247	24	-	-	PUNCT
cblr-8632	247	25	weighted	weight	VERB
cblr-8632	247	26	price	price	NOUN
cblr-8632	247	27	benchmarks	benchmark	NOUN
cblr-8632	247	28	,	,	PUNCT
cblr-8632	247	29	rather	rather	ADV
cblr-8632	247	30	than	than	ADP
cblr-8632	247	31	simply	simply	ADV
cblr-8632	247	32	the	the	DET
cblr-8632	247	33	nbbo	nbbo	NOUN
cblr-8632	247	34	.	.	PUNCT
cblr-8632	248	1	this	this	DET
cblr-8632	248	2	article	article	NOUN
cblr-8632	248	3	proceeds	proceed	VERB
cblr-8632	248	4	as	as	SCONJ
cblr-8632	248	5	follows	follow	VERB
cblr-8632	248	6	.	.	PUNCT
cblr-8632	249	1	part	part	PROPN
cblr-8632	249	2	ii	ii	PROPN
cblr-8632	249	3	presents	present	VERB
cblr-8632	249	4	the	the	DET
cblr-8632	249	5	empirical	empirical	ADJ
cblr-8632	249	6	analysis	analysis	NOUN
cblr-8632	249	7	of	of	ADP
cblr-8632	249	8	price	price	NOUN
cblr-8632	249	9	improvement	improvement	NOUN
cblr-8632	249	10	levels	level	NOUN
cblr-8632	249	11	for	for	ADP
cblr-8632	249	12	trades	trade	NOUN
cblr-8632	249	13	of	of	ADP
cblr-8632	249	14	fewer	few	ADJ
cblr-8632	249	15	than	than	ADP
cblr-8632	249	16	100	100	NUM
cblr-8632	249	17	shares	share	NOUN
cblr-8632	249	18	relative	relative	ADJ
cblr-8632	249	19	to	to	ADP
cblr-8632	249	20	larger	large	ADJ
cblr-8632	249	21	-	-	PUNCT
cblr-8632	249	22	sized	sized	ADJ
cblr-8632	249	23	trades	trade	NOUN
cblr-8632	249	24	.	.	PUNCT
cblr-8632	250	1	part	part	NOUN
cblr-8632	250	2	iii	iii	X
cblr-8632	250	3	examines	examine	VERB
cblr-8632	250	4	whether	whether	SCONJ
cblr-8632	250	5	non	non	ADJ
cblr-8632	250	6	-	-	ADJ
cblr-8632	250	7	exchange	exchange	ADJ
cblr-8632	250	8	odd	odd	ADJ
cblr-8632	250	9	lot	lot	NOUN
cblr-8632	250	10	trades	trade	NOUN
cblr-8632	250	11	in	in	ADP
cblr-8632	250	12	amazon	amazon	NOUN
cblr-8632	250	13	and	and	CCONJ
cblr-8632	250	14	gamestop	gamestop	NOUN
cblr-8632	250	15	on	on	ADP
cblr-8632	250	16	january	january	PROPN
cblr-8632	250	17	27	27	NUM
cblr-8632	250	18	,	,	PUNCT
cblr-8632	250	19	2021	2021	NUM
cblr-8632	250	20	could	could	AUX
cblr-8632	250	21	have	have	AUX
cblr-8632	250	22	received	receive	VERB
cblr-8632	250	23	superior	superior	ADJ
cblr-8632	250	24	pricing	pricing	NOUN
cblr-8632	250	25	based	base	VERB
cblr-8632	250	26	on	on	ADP
cblr-8632	250	27	nasdaq	nasdaq	PROPN
cblr-8632	250	28	’s	’s	PART
cblr-8632	250	29	odd	odd	ADJ
cblr-8632	250	30	lot	lot	NOUN
cblr-8632	250	31	quotes	quote	NOUN
cblr-8632	250	32	.	.	PUNCT
cblr-8632	251	1	part	part	NOUN
cblr-8632	251	2	iv	iv	NUM
cblr-8632	251	3	examines	examine	VERB
cblr-8632	251	4	potential	potential	ADJ
cblr-8632	251	5	regulatory	regulatory	ADJ
cblr-8632	251	6	interventions	intervention	NOUN
cblr-8632	251	7	to	to	PART
cblr-8632	251	8	address	address	VERB
cblr-8632	251	9	the	the	DET
cblr-8632	251	10	odd	odd	ADJ
cblr-8632	251	11	lot	lot	NOUN
cblr-8632	251	12	problem	problem	NOUN
cblr-8632	251	13	.	.	PUNCT
cblr-8632	252	1	part	part	NOUN
cblr-8632	252	2	v	v	NOUN
cblr-8632	252	3	concludes	conclude	VERB
cblr-8632	252	4	.	.	PUNCT
cblr-8632	253	1	ii	ii	PROPN
cblr-8632	253	2	.	.	PUNCT
cblr-8632	253	3	price	price	NOUN
cblr-8632	253	4	improvement	improvement	NOUN
cblr-8632	253	5	and	and	CCONJ
cblr-8632	253	6	odd	odd	ADJ
cblr-8632	253	7	lot	lot	NOUN
cblr-8632	253	8	trading	trading	NOUN
cblr-8632	253	9	this	this	DET
cblr-8632	253	10	part	part	NOUN
cblr-8632	253	11	examines	examine	VERB
cblr-8632	253	12	whether	whether	SCONJ
cblr-8632	253	13	trades	trade	NOUN
cblr-8632	253	14	for	for	ADP
cblr-8632	253	15	fewer	few	ADJ
cblr-8632	253	16	than	than	ADP
cblr-8632	253	17	100	100	NUM
cblr-8632	253	18	shares	share	NOUN
cblr-8632	253	19	executed	execute	VERB
cblr-8632	253	20	in	in	ADP
cblr-8632	253	21	non	non	ADJ
cblr-8632	253	22	-	-	ADJ
cblr-8632	253	23	exchange	exchange	ADJ
cblr-8632	253	24	venues	venue	NOUN
cblr-8632	253	25	receive	receive	VERB
cblr-8632	253	26	different	different	ADJ
cblr-8632	253	27	levels	level	NOUN
cblr-8632	253	28	of	of	ADP
cblr-8632	253	29	price	price	NOUN
cblr-8632	253	30	improvement	improvement	NOUN
cblr-8632	253	31	relative	relative	ADJ
cblr-8632	253	32	to	to	ADP
cblr-8632	253	33	trades	trade	NOUN
cblr-8632	253	34	involving	involve	VERB
cblr-8632	253	35	100	100	NUM
cblr-8632	253	36	shares	share	NOUN
cblr-8632	253	37	or	or	CCONJ
cblr-8632	253	38	more	more	ADJ
cblr-8632	253	39	.	.	PUNCT
cblr-8632	254	1	for	for	ADP
cblr-8632	254	2	this	this	DET
cblr-8632	254	3	purpose	purpose	NOUN
cblr-8632	254	4	,	,	PUNCT
cblr-8632	254	5	price	price	NOUN
cblr-8632	254	6	improvement	improvement	NOUN
cblr-8632	254	7	is	be	AUX
cblr-8632	254	8	defined	define	VERB
cblr-8632	254	9	using	use	VERB
cblr-8632	254	10	the	the	DET
cblr-8632	254	11	same	same	ADJ
cblr-8632	254	12	definition	definition	NOUN
cblr-8632	254	13	of	of	ADP
cblr-8632	254	14	the	the	DET
cblr-8632	254	15	nbbo	nbbo	NOUN
cblr-8632	254	16	that	that	PRON
cblr-8632	254	17	is	be	AUX
cblr-8632	254	18	utilized	utilize	VERB
cblr-8632	254	19	37	37	NUM
cblr-8632	254	20	i	i	PROPN
cblr-8632	254	21	d.	d.	PROPN
cblr-8632	254	22	at	at	ADP
cblr-8632	254	23	18,614	18,614	NUM
cblr-8632	254	24	(	(	PUNCT
cblr-8632	254	25	“	"	PUNCT
cblr-8632	254	26	[	[	X
cblr-8632	254	27	o]dd	o]dd	NOUN
cblr-8632	254	28	-	-	PUNCT
cblr-8632	254	29	lots	lot	NOUN
cblr-8632	254	30	are	be	AUX
cblr-8632	254	31	subject	subject	ADJ
cblr-8632	254	32	to	to	ADP
cblr-8632	254	33	best	good	ADJ
cblr-8632	254	34	execution	execution	NOUN
cblr-8632	254	35	requirements	requirement	NOUN
cblr-8632	254	36	,	,	PUNCT
cblr-8632	254	37	so	so	SCONJ
cblr-8632	254	38	investors	investor	NOUN
cblr-8632	254	39	have	have	VERB
cblr-8632	254	40	the	the	DET
cblr-8632	254	41	assurance	assurance	NOUN
cblr-8632	254	42	that	that	PRON
cblr-8632	254	43	their	their	PRON
cblr-8632	254	44	broker	broker	NOUN
cblr-8632	254	45	dealers	dealer	NOUN
cblr-8632	254	46	are	be	AUX
cblr-8632	254	47	required	require	VERB
cblr-8632	254	48	to	to	PART
cblr-8632	254	49	seek	seek	VERB
cblr-8632	254	50	the	the	DET
cblr-8632	254	51	most	most	ADV
cblr-8632	254	52	favorable	favorable	ADJ
cblr-8632	254	53	terms	term	NOUN
cblr-8632	254	54	reasonably	reasonably	ADV
cblr-8632	254	55	available	available	ADJ
cblr-8632	254	56	under	under	ADP
cblr-8632	254	57	the	the	DET
cblr-8632	254	58	circumstances	circumstance	NOUN
cblr-8632	254	59	for	for	ADP
cblr-8632	254	60	such	such	ADJ
cblr-8632	254	61	orders	order	NOUN
cblr-8632	254	62	despite	despite	SCONJ
cblr-8632	254	63	the	the	DET
cblr-8632	254	64	fact	fact	NOUN
cblr-8632	254	65	that	that	SCONJ
cblr-8632	254	66	the	the	DET
cblr-8632	254	67	odd	odd	ADJ
cblr-8632	254	68	-	-	PUNCT
cblr-8632	254	69	lot	lot	NOUN
cblr-8632	254	70	quotes	quote	NOUN
cblr-8632	254	71	are	be	AUX
cblr-8632	254	72	not	not	PART
cblr-8632	254	73	protected	protect	VERB
cblr-8632	254	74	quotations	quotation	NOUN
cblr-8632	254	75	pursuant	pursuant	ADJ
cblr-8632	254	76	to	to	PART
cblr-8632	254	77	rule	rule	VERB
cblr-8632	254	78	611	611	NUM
cblr-8632	254	79	.	.	PUNCT
cblr-8632	254	80	”	"	PUNCT
cblr-8632	254	81	)	)	PUNCT
cblr-8632	254	82	.	.	PUNCT
cblr-8632	255	1	38	38	NUM
cblr-8632	255	2	see	see	VERB
cblr-8632	255	3	virtu	virtu	PROPN
cblr-8632	255	4	fin	fin	PROPN
cblr-8632	255	5	.	.	PROPN
cblr-8632	255	6	,	,	PUNCT
cblr-8632	255	7	inc	inc	PROPN
cblr-8632	255	8	.	.	PROPN
cblr-8632	255	9	,	,	PUNCT
cblr-8632	255	10	comment	comment	NOUN
cblr-8632	255	11	letter	letter	NOUN
cblr-8632	255	12	on	on	ADP
cblr-8632	255	13	proposed	propose	VERB
cblr-8632	255	14	rule	rule	NOUN
cblr-8632	255	15	on	on	ADP
cblr-8632	255	16	market	market	NOUN
cblr-8632	255	17	data	datum	NOUN
cblr-8632	255	18	infrastructure	infrastructure	NOUN
cblr-8632	255	19	4	4	NUM
cblr-8632	255	20	(	(	PUNCT
cblr-8632	255	21	may	may	PROPN
cblr-8632	255	22	26	26	NUM
cblr-8632	255	23	,	,	PUNCT
cblr-8632	255	24	2020	2020	NUM
cblr-8632	255	25	)	)	PUNCT
cblr-8632	255	26	,	,	PUNCT
cblr-8632	255	27	https://www.sec.gov/comments/s7-0320/s70320-7229972-217068.pdf	https://www.sec.gov/comments/s7-0320/s70320-7229972-217068.pdf	PROPN
cblr-8632	256	1	[	[	X
cblr-8632	256	2	https://perma.cc/wfh5-5hks	https://perma.cc/wfh5-5hks	PROPN
cblr-8632	256	3	]	]	PUNCT
cblr-8632	256	4	.	.	PUNCT
cblr-8632	257	1	bartlett	bartlett	PROPN
cblr-8632	257	2	8/20/2021	8/20/2021	NUM
cblr-8632	257	3	6:20	6:20	NUM
cblr-8632	257	4	pm	pm	NOUN
cblr-8632	257	5	no	no	INTJ
cblr-8632	257	6	.	.	PUNCT
cblr-8632	258	1	2:520	2:520	NUM
cblr-8632	258	2	]	]	X
cblr-8632	258	3	modernizing	modernize	VERB
cblr-8632	258	4	odd	odd	ADJ
cblr-8632	258	5	lot	lot	NOUN
cblr-8632	258	6	trading	trade	VERB
cblr-8632	258	7	537	537	NUM
cblr-8632	258	8	for	for	ADP
cblr-8632	258	9	rule	rule	NOUN
cblr-8632	258	10	605.39	605.39	NUM
cblr-8632	258	11	that	that	PRON
cblr-8632	258	12	is	be	AUX
cblr-8632	258	13	,	,	PUNCT
cblr-8632	258	14	the	the	DET
cblr-8632	258	15	nbbo	nbbo	NOUN
cblr-8632	258	16	is	be	AUX
cblr-8632	258	17	calculated	calculate	VERB
cblr-8632	258	18	based	base	VERB
cblr-8632	258	19	on	on	ADP
cblr-8632	258	20	each	each	DET
cblr-8632	258	21	exchange	exchange	NOUN
cblr-8632	258	22	’s	’s	PART
cblr-8632	258	23	best	good	ADJ
cblr-8632	258	24	bid	bid	NOUN
cblr-8632	258	25	and	and	CCONJ
cblr-8632	258	26	best	good	ADJ
cblr-8632	258	27	offer	offer	NOUN
cblr-8632	258	28	disseminated	disseminate	VERB
cblr-8632	258	29	on	on	ADP
cblr-8632	258	30	the	the	DET
cblr-8632	258	31	consolidated	consolidated	ADJ
cblr-8632	258	32	trade	trade	NOUN
cblr-8632	258	33	and	and	CCONJ
cblr-8632	258	34	quote	quote	INTJ
cblr-8632	258	35	system.40	system.40	NOUN
cblr-8632	258	36	because	because	SCONJ
cblr-8632	258	37	the	the	DET
cblr-8632	258	38	sample	sample	NOUN
cblr-8632	258	39	of	of	ADP
cblr-8632	258	40	trades	trade	NOUN
cblr-8632	258	41	precedes	precede	VERB
cblr-8632	258	42	the	the	DET
cblr-8632	258	43	2020	2020	NUM
cblr-8632	258	44	market	market	NOUN
cblr-8632	258	45	data	datum	NOUN
cblr-8632	258	46	reform	reform	NOUN
cblr-8632	258	47	,	,	PUNCT
cblr-8632	258	48	the	the	DET
cblr-8632	258	49	nbbo	nbbo	NOUN
cblr-8632	258	50	used	use	VERB
cblr-8632	258	51	for	for	ADP
cblr-8632	258	52	this	this	DET
cblr-8632	258	53	purpose	purpose	NOUN
cblr-8632	258	54	therefore	therefore	ADV
cblr-8632	258	55	excludes	exclude	VERB
cblr-8632	258	56	any	any	DET
cblr-8632	258	57	bids	bid	NOUN
cblr-8632	258	58	or	or	CCONJ
cblr-8632	258	59	offers	offer	VERB
cblr-8632	258	60	having	have	VERB
cblr-8632	258	61	a	a	DET
cblr-8632	258	62	size	size	NOUN
cblr-8632	258	63	of	of	ADP
cblr-8632	258	64	less	less	ADJ
cblr-8632	258	65	than	than	ADP
cblr-8632	258	66	100	100	NUM
cblr-8632	258	67	shares.41	shares.41	NOUN
cblr-8632	258	68	to	to	PART
cblr-8632	258	69	conduct	conduct	VERB
cblr-8632	258	70	the	the	DET
cblr-8632	258	71	analysis	analysis	NOUN
cblr-8632	258	72	,	,	PUNCT
cblr-8632	258	73	i	i	PRON
cblr-8632	258	74	turn	turn	VERB
cblr-8632	258	75	to	to	ADP
cblr-8632	258	76	the	the	DET
cblr-8632	258	77	daily	daily	ADJ
cblr-8632	258	78	taq	taq	PROPN
cblr-8632	258	79	data	datum	NOUN
cblr-8632	258	80	,	,	PUNCT
cblr-8632	258	81	which	which	PRON
cblr-8632	258	82	includes	include	VERB
cblr-8632	258	83	all	all	DET
cblr-8632	258	84	u.s	u.s	PROPN
cblr-8632	258	85	trades	trade	NOUN
cblr-8632	258	86	in	in	ADP
cblr-8632	258	87	exchange	exchange	NOUN
cblr-8632	258	88	-	-	PUNCT
cblr-8632	258	89	listed	list	VERB
cblr-8632	258	90	securities	security	NOUN
cblr-8632	258	91	that	that	PRON
cblr-8632	258	92	are	be	AUX
cblr-8632	258	93	printed	print	VERB
cblr-8632	258	94	to	to	ADP
cblr-8632	258	95	the	the	DET
cblr-8632	258	96	consolidated	consolidated	ADJ
cblr-8632	258	97	tape	tape	NOUN
cblr-8632	258	98	as	as	ADV
cblr-8632	258	99	well	well	ADV
cblr-8632	258	100	as	as	ADP
cblr-8632	258	101	each	each	DET
cblr-8632	258	102	update	update	NOUN
cblr-8632	258	103	to	to	ADP
cblr-8632	258	104	a	a	DET
cblr-8632	258	105	market	market	NOUN
cblr-8632	258	106	center	center	NOUN
cblr-8632	258	107	’s	’s	PART
cblr-8632	258	108	best	well	ADV
cblr-8632	258	109	bid	bid	NOUN
cblr-8632	258	110	or	or	CCONJ
cblr-8632	258	111	offer	offer	NOUN
cblr-8632	258	112	published	publish	VERB
cblr-8632	258	113	throughout	throughout	ADP
cblr-8632	258	114	the	the	DET
cblr-8632	258	115	trading	trading	NOUN
cblr-8632	258	116	day.42	day.42	NOUN
cblr-8632	258	117	given	give	VERB
cblr-8632	258	118	that	that	DET
cblr-8632	258	119	odd	odd	ADJ
cblr-8632	258	120	lot	lot	NOUN
cblr-8632	258	121	trades	trade	NOUN
cblr-8632	258	122	were	be	AUX
cblr-8632	258	123	omitted	omit	VERB
cblr-8632	258	124	from	from	ADP
cblr-8632	258	125	the	the	DET
cblr-8632	258	126	consolidated	consolidated	ADJ
cblr-8632	258	127	tape	tape	NOUN
cblr-8632	258	128	prior	prior	ADV
cblr-8632	258	129	to	to	ADP
cblr-8632	258	130	october	october	PROPN
cblr-8632	258	131	2013,43	2013,43	PROPN
cblr-8632	258	132	i	i	PRON
cblr-8632	258	133	begin	begin	VERB
cblr-8632	258	134	by	by	ADP
cblr-8632	258	135	examining	examine	VERB
cblr-8632	258	136	the	the	DET
cblr-8632	258	137	time	time	NOUN
cblr-8632	258	138	series	series	NOUN
cblr-8632	258	139	variation	variation	NOUN
cblr-8632	258	140	in	in	ADP
cblr-8632	258	141	price	price	NOUN
cblr-8632	258	142	improvement	improvement	NOUN
cblr-8632	258	143	for	for	ADP
cblr-8632	258	144	odd	odd	ADJ
cblr-8632	258	145	lot	lot	NOUN
cblr-8632	258	146	trades	trade	NOUN
cblr-8632	258	147	since	since	SCONJ
cblr-8632	258	148	2014	2014	NUM
cblr-8632	258	149	,	,	PUNCT
cblr-8632	258	150	the	the	DET
cblr-8632	258	151	first	first	ADJ
cblr-8632	258	152	full	full	ADJ
cblr-8632	258	153	year	year	NOUN
cblr-8632	258	154	that	that	SCONJ
cblr-8632	258	155	they	they	PRON
cblr-8632	258	156	were	be	AUX
cblr-8632	258	157	included	include	VERB
cblr-8632	258	158	in	in	ADP
cblr-8632	258	159	the	the	DET
cblr-8632	258	160	consolidated	consolidated	ADJ
cblr-8632	258	161	tape	tape	NOUN
cblr-8632	258	162	.	.	PUNCT
cblr-8632	259	1	because	because	SCONJ
cblr-8632	259	2	of	of	ADP
cblr-8632	259	3	the	the	DET
cblr-8632	259	4	extraordinarily	extraordinarily	ADV
cblr-8632	259	5	large	large	ADJ
cblr-8632	259	6	number	number	NOUN
cblr-8632	259	7	of	of	ADP
cblr-8632	259	8	trade	trade	NOUN
cblr-8632	259	9	and	and	CCONJ
cblr-8632	259	10	quote	quote	INTJ
cblr-8632	259	11	updates	update	NOUN
cblr-8632	259	12	during	during	ADP
cblr-8632	259	13	this	this	DET
cblr-8632	259	14	time	time	NOUN
cblr-8632	259	15	period	period	NOUN
cblr-8632	259	16	,	,	PUNCT
cblr-8632	259	17	i	i	PRON
cblr-8632	259	18	confine	confine	VERB
cblr-8632	259	19	the	the	DET
cblr-8632	259	20	analysis	analysis	NOUN
cblr-8632	259	21	to	to	ADP
cblr-8632	259	22	trades	trade	NOUN
cblr-8632	259	23	in	in	ADP
cblr-8632	259	24	the	the	DET
cblr-8632	259	25	39	39	NUM
cblr-8632	259	26	see	see	NOUN
cblr-8632	259	27	17	17	NUM
cblr-8632	259	28	c.f.r	c.f.r	NOUN
cblr-8632	259	29	.	.	PUNCT
cblr-8632	260	1	§	§	PROPN
cblr-8632	260	2	242.600(b)(29	242.600(b)(29	PROPN
cblr-8632	260	3	)	)	PUNCT
cblr-8632	260	4	(	(	PUNCT
cblr-8632	260	5	2020	2020	NUM
cblr-8632	260	6	)	)	PUNCT
cblr-8632	260	7	(	(	PUNCT
cblr-8632	260	8	“	"	PUNCT
cblr-8632	260	9	executed	execute	VERB
cblr-8632	260	10	with	with	ADP
cblr-8632	260	11	price	price	NOUN
cblr-8632	260	12	improvement	improvement	NOUN
cblr-8632	260	13	means	mean	NOUN
cblr-8632	260	14	,	,	PUNCT
cblr-8632	260	15	for	for	SCONJ
cblr-8632	260	16	buy	buy	NOUN
cblr-8632	260	17	orders	order	NOUN
cblr-8632	260	18	,	,	PUNCT
cblr-8632	260	19	execution	execution	NOUN
cblr-8632	260	20	at	at	ADP
cblr-8632	260	21	a	a	DET
cblr-8632	260	22	price	price	NOUN
cblr-8632	260	23	lower	low	ADJ
cblr-8632	260	24	than	than	ADP
cblr-8632	260	25	the	the	DET
cblr-8632	260	26	national	national	ADJ
cblr-8632	260	27	best	good	ADJ
cblr-8632	260	28	offer	offer	NOUN
cblr-8632	260	29	at	at	ADP
cblr-8632	260	30	the	the	DET
cblr-8632	260	31	time	time	NOUN
cblr-8632	260	32	of	of	ADP
cblr-8632	260	33	order	order	NOUN
cblr-8632	260	34	receipt	receipt	NOUN
cblr-8632	260	35	and	and	CCONJ
cblr-8632	260	36	,	,	PUNCT
cblr-8632	260	37	for	for	ADP
cblr-8632	260	38	sell	sell	NOUN
cblr-8632	260	39	orders	order	NOUN
cblr-8632	260	40	,	,	PUNCT
cblr-8632	260	41	execution	execution	NOUN
cblr-8632	260	42	at	at	ADP
cblr-8632	260	43	a	a	DET
cblr-8632	260	44	price	price	NOUN
cblr-8632	260	45	higher	high	ADJ
cblr-8632	260	46	than	than	ADP
cblr-8632	260	47	the	the	DET
cblr-8632	260	48	national	national	ADJ
cblr-8632	260	49	best	good	ADJ
cblr-8632	260	50	bid	bid	NOUN
cblr-8632	260	51	at	at	ADP
cblr-8632	260	52	the	the	DET
cblr-8632	260	53	time	time	NOUN
cblr-8632	260	54	of	of	ADP
cblr-8632	260	55	order	order	NOUN
cblr-8632	260	56	receipt	receipt	NOUN
cblr-8632	260	57	.	.	PUNCT
cblr-8632	260	58	”	"	PUNCT
cblr-8632	261	1	(	(	PUNCT
cblr-8632	261	2	emphasis	emphasis	NOUN
cblr-8632	261	3	deleted	delete	VERB
cblr-8632	261	4	)	)	PUNCT
cblr-8632	261	5	)	)	PUNCT
cblr-8632	261	6	.	.	PUNCT
cblr-8632	262	1	40	40	NUM
cblr-8632	262	2	see	see	VERB
cblr-8632	262	3	i	i	PRON
cblr-8632	262	4	d.	d.	PROPN
cblr-8632	262	5	§	§	PROPN
cblr-8632	262	6	242.600(b)(43	242.600(b)(43	PROPN
cblr-8632	262	7	)	)	PUNCT
cblr-8632	262	8	(	(	PUNCT
cblr-8632	262	9	“	"	PUNCT
cblr-8632	262	10	national	national	ADJ
cblr-8632	262	11	best	well	ADV
cblr-8632	262	12	bid	bid	NOUN
cblr-8632	262	13	and	and	CCONJ
cblr-8632	262	14	national	national	ADJ
cblr-8632	262	15	best	good	ADJ
cblr-8632	262	16	offer	offer	NOUN
cblr-8632	262	17	means	mean	NOUN
cblr-8632	262	18	,	,	PUNCT
cblr-8632	262	19	with	with	ADP
cblr-8632	262	20	respect	respect	NOUN
cblr-8632	262	21	to	to	ADP
cblr-8632	262	22	quotations	quotation	NOUN
cblr-8632	262	23	for	for	ADP
cblr-8632	262	24	an	an	DET
cblr-8632	262	25	nms	nms	NOUN
cblr-8632	262	26	security	security	NOUN
cblr-8632	262	27	,	,	PUNCT
cblr-8632	262	28	the	the	DET
cblr-8632	262	29	best	good	ADJ
cblr-8632	262	30	bid	bid	NOUN
cblr-8632	262	31	and	and	CCONJ
cblr-8632	262	32	best	good	ADJ
cblr-8632	262	33	offer	offer	NOUN
cblr-8632	262	34	for	for	ADP
cblr-8632	262	35	such	such	ADJ
cblr-8632	262	36	security	security	NOUN
cblr-8632	262	37	that	that	PRON
cblr-8632	262	38	are	be	AUX
cblr-8632	262	39	calculated	calculate	VERB
cblr-8632	262	40	and	and	CCONJ
cblr-8632	262	41	disseminated	disseminate	VERB
cblr-8632	262	42	on	on	ADP
cblr-8632	262	43	a	a	DET
cblr-8632	262	44	current	current	ADJ
cblr-8632	262	45	and	and	CCONJ
cblr-8632	262	46	continuing	continue	VERB
cblr-8632	262	47	basis	basis	NOUN
cblr-8632	262	48	by	by	ADP
cblr-8632	262	49	a	a	DET
cblr-8632	262	50	plan	plan	NOUN
cblr-8632	262	51	processor	processor	NOUN
cblr-8632	262	52	pursuant	pursuant	ADJ
cblr-8632	262	53	to	to	ADP
cblr-8632	262	54	an	an	DET
cblr-8632	262	55	effective	effective	ADJ
cblr-8632	262	56	national	national	ADJ
cblr-8632	262	57	market	market	NOUN
cblr-8632	262	58	system	system	NOUN
cblr-8632	262	59	plan	plan	NOUN
cblr-8632	262	60	;	;	PUNCT
cblr-8632	262	61	provided	provide	VERB
cblr-8632	262	62	,	,	PUNCT
cblr-8632	262	63	that	that	SCONJ
cblr-8632	262	64	in	in	ADP
cblr-8632	262	65	the	the	DET
cblr-8632	262	66	event	event	NOUN
cblr-8632	262	67	two	two	NUM
cblr-8632	262	68	or	or	CCONJ
cblr-8632	262	69	more	more	ADJ
cblr-8632	262	70	market	market	NOUN
cblr-8632	262	71	centers	center	NOUN
cblr-8632	262	72	transmit	transmit	VERB
cblr-8632	262	73	to	to	ADP
cblr-8632	262	74	the	the	DET
cblr-8632	262	75	plan	plan	NOUN
cblr-8632	262	76	processor	processor	NOUN
cblr-8632	262	77	pursuant	pursuant	ADV
cblr-8632	262	78	to	to	ADP
cblr-8632	262	79	such	such	ADJ
cblr-8632	262	80	plan	plan	NOUN
cblr-8632	262	81	identical	identical	ADJ
cblr-8632	262	82	bids	bid	NOUN
cblr-8632	262	83	or	or	CCONJ
cblr-8632	262	84	offers	offer	NOUN
cblr-8632	262	85	for	for	ADP
cblr-8632	262	86	an	an	DET
cblr-8632	262	87	nms	nms	NOUN
cblr-8632	262	88	security	security	NOUN
cblr-8632	262	89	,	,	PUNCT
cblr-8632	262	90	the	the	DET
cblr-8632	262	91	best	good	ADJ
cblr-8632	262	92	bid	bid	NOUN
cblr-8632	262	93	or	or	CCONJ
cblr-8632	262	94	best	good	ADJ
cblr-8632	262	95	offer	offer	NOUN
cblr-8632	262	96	(	(	PUNCT
cblr-8632	262	97	as	as	SCONJ
cblr-8632	262	98	the	the	DET
cblr-8632	262	99	case	case	NOUN
cblr-8632	262	100	may	may	AUX
cblr-8632	262	101	be	be	AUX
cblr-8632	262	102	)	)	PUNCT
cblr-8632	262	103	shall	shall	AUX
cblr-8632	262	104	be	be	AUX
cblr-8632	262	105	determined	determine	VERB
cblr-8632	262	106	by	by	ADP
cblr-8632	262	107	ranking	rank	VERB
cblr-8632	262	108	all	all	DET
cblr-8632	262	109	such	such	ADJ
cblr-8632	262	110	identical	identical	ADJ
cblr-8632	262	111	bids	bid	NOUN
cblr-8632	262	112	or	or	CCONJ
cblr-8632	262	113	offers	offer	NOUN
cblr-8632	262	114	(	(	PUNCT
cblr-8632	262	115	as	as	SCONJ
cblr-8632	262	116	the	the	DET
cblr-8632	262	117	case	case	NOUN
cblr-8632	262	118	may	may	AUX
cblr-8632	262	119	be	be	AUX
cblr-8632	262	120	)	)	PUNCT
cblr-8632	262	121	first	first	ADV
cblr-8632	262	122	by	by	ADP
cblr-8632	262	123	size	size	NOUN
cblr-8632	262	124	(	(	PUNCT
cblr-8632	262	125	giving	give	VERB
cblr-8632	262	126	the	the	DET
cblr-8632	262	127	highest	high	ADJ
cblr-8632	262	128	ranking	ranking	NOUN
cblr-8632	262	129	to	to	ADP
cblr-8632	262	130	the	the	DET
cblr-8632	262	131	bid	bid	NOUN
cblr-8632	262	132	or	or	CCONJ
cblr-8632	262	133	offer	offer	NOUN
cblr-8632	262	134	associated	associate	VERB
cblr-8632	262	135	with	with	ADP
cblr-8632	262	136	the	the	DET
cblr-8632	262	137	largest	large	ADJ
cblr-8632	262	138	size	size	NOUN
cblr-8632	262	139	)	)	PUNCT
cblr-8632	262	140	,	,	PUNCT
cblr-8632	262	141	and	and	CCONJ
cblr-8632	262	142	then	then	ADV
cblr-8632	262	143	by	by	ADP
cblr-8632	262	144	time	time	NOUN
cblr-8632	262	145	(	(	PUNCT
cblr-8632	262	146	giving	give	VERB
cblr-8632	262	147	the	the	DET
cblr-8632	262	148	highest	high	ADJ
cblr-8632	262	149	ranking	ranking	NOUN
cblr-8632	262	150	to	to	ADP
cblr-8632	262	151	the	the	DET
cblr-8632	262	152	bid	bid	NOUN
cblr-8632	262	153	or	or	CCONJ
cblr-8632	262	154	offer	offer	NOUN
cblr-8632	262	155	received	receive	VERB
cblr-8632	262	156	first	first	ADV
cblr-8632	262	157	in	in	ADP
cblr-8632	262	158	time	time	NOUN
cblr-8632	262	159	)	)	PUNCT
cblr-8632	262	160	.	.	PUNCT
cblr-8632	262	161	”	"	PUNCT
cblr-8632	263	1	(	(	PUNCT
cblr-8632	263	2	emphasis	emphasis	NOUN
cblr-8632	263	3	deleted	delete	VERB
cblr-8632	263	4	)	)	PUNCT
cblr-8632	263	5	)	)	PUNCT
cblr-8632	263	6	.	.	PUNCT
cblr-8632	264	1	41	41	NUM
cblr-8632	264	2	see	see	VERB
cblr-8632	264	3	supra	supra	PROPN
cblr-8632	264	4	notes	note	NOUN
cblr-8632	264	5	19–20	19–20	NUM
cblr-8632	264	6	and	and	CCONJ
cblr-8632	264	7	accompany	accompany	NOUN
cblr-8632	264	8	text	text	NOUN
cblr-8632	264	9	.	.	PUNCT
cblr-8632	265	1	42	42	NUM
cblr-8632	265	2	n.y	n.y	PROPN
cblr-8632	265	3	.	.	PROPN
cblr-8632	265	4	stock	stock	PROPN
cblr-8632	265	5	exch	exch	PROPN
cblr-8632	265	6	.	.	PROPN
cblr-8632	265	7	,	,	PUNCT
cblr-8632	265	8	daily	daily	PROPN
cblr-8632	265	9	taq	taq	PROPN
cblr-8632	265	10	client	client	NOUN
cblr-8632	265	11	specifications	specification	NOUN
cblr-8632	265	12	4	4	NUM
cblr-8632	265	13	(	(	PUNCT
cblr-8632	265	14	2020	2020	NUM
cblr-8632	265	15	)	)	PUNCT
cblr-8632	265	16	,	,	PUNCT
cblr-8632	265	17	https://www.nyse.com/publicdocs/nyse/data/daily_taq_client_spec_v3.3a	https://www.nyse.com/publicdocs/nyse/data/daily_taq_client_spec_v3.3a	PROPN
cblr-8632	265	18	.	.	PUNCT
cblr-8632	266	1	pdf	pdf	NOUN
cblr-8632	267	1	[	[	X
cblr-8632	267	2	https://perma.cc/6hdl-aj65	https://perma.cc/6hdl-aj65	X
cblr-8632	267	3	]	]	X
cblr-8632	267	4	(	(	PUNCT
cblr-8632	267	5	“	"	PUNCT
cblr-8632	267	6	daily	daily	ADJ
cblr-8632	267	7	taq	taq	NOUN
cblr-8632	267	8	(	(	PUNCT
cblr-8632	267	9	trades	trade	NOUN
cblr-8632	267	10	and	and	CCONJ
cblr-8632	267	11	quotes	quote	NOUN
cblr-8632	267	12	)	)	PUNCT
cblr-8632	267	13	is	be	AUX
cblr-8632	267	14	a	a	DET
cblr-8632	267	15	set	set	NOUN
cblr-8632	267	16	of	of	ADP
cblr-8632	267	17	files	file	NOUN
cblr-8632	267	18	that	that	PRON
cblr-8632	267	19	contain	contain	VERB
cblr-8632	267	20	all	all	DET
cblr-8632	267	21	trades	trade	NOUN
cblr-8632	267	22	and	and	CCONJ
cblr-8632	267	23	quotes	quote	NOUN
cblr-8632	267	24	for	for	ADP
cblr-8632	267	25	all	all	DET
cblr-8632	267	26	issues	issue	NOUN
cblr-8632	267	27	listed	list	VERB
cblr-8632	267	28	and	and	CCONJ
cblr-8632	267	29	traded	trade	VERB
cblr-8632	267	30	on	on	ADP
cblr-8632	267	31	us	we	PRON
cblr-8632	267	32	regulated	regulate	VERB
cblr-8632	267	33	exchanges	exchange	NOUN
cblr-8632	267	34	for	for	ADP
cblr-8632	267	35	a	a	DET
cblr-8632	267	36	single	single	ADJ
cblr-8632	267	37	trading	trading	NOUN
cblr-8632	267	38	day	day	NOUN
cblr-8632	267	39	.	.	PUNCT
cblr-8632	268	1	the	the	DET
cblr-8632	268	2	daily	daily	PROPN
cblr-8632	268	3	taq	taq	NOUN
cblr-8632	268	4	data	datum	NOUN
cblr-8632	268	5	is	be	AUX
cblr-8632	268	6	derived	derive	VERB
cblr-8632	268	7	from	from	ADP
cblr-8632	268	8	the	the	DET
cblr-8632	268	9	output	output	NOUN
cblr-8632	268	10	of	of	ADP
cblr-8632	268	11	the	the	DET
cblr-8632	268	12	cta	cta	PROPN
cblr-8632	268	13	and	and	CCONJ
cblr-8632	268	14	utp	utp	VERB
cblr-8632	268	15	sips	sip	NOUN
cblr-8632	268	16	(	(	PUNCT
cblr-8632	268	17	tape	tape	NOUN
cblr-8632	268	18	a	a	NOUN
cblr-8632	268	19	,	,	PUNCT
cblr-8632	268	20	tape	tape	NOUN
cblr-8632	268	21	b	b	NOUN
cblr-8632	268	22	,	,	PUNCT
cblr-8632	268	23	and	and	CCONJ
cblr-8632	268	24	tape	tape	NOUN
cblr-8632	268	25	c	c	NOUN
cblr-8632	268	26	)	)	PUNCT
cblr-8632	268	27	.	.	PUNCT
cblr-8632	268	28	”	"	PUNCT
cblr-8632	268	29	)	)	PUNCT
cblr-8632	268	30	.	.	PUNCT
cblr-8632	269	1	43	43	NUM
cblr-8632	269	2	supra	supra	PROPN
cblr-8632	269	3	note	note	NOUN
cblr-8632	269	4	3	3	X
cblr-8632	269	5	.	.	PUNCT
cblr-8632	269	6	bartlett	bartlett	PROPN
cblr-8632	269	7	8/20/2021	8/20/2021	NUM
cblr-8632	269	8	6:20	6:20	NUM
cblr-8632	269	9	pm	pm	NOUN
cblr-8632	269	10	538	538	NUM
cblr-8632	269	11	columbia	columbia	PROPN
cblr-8632	269	12	business	business	NOUN
cblr-8632	269	13	law	law	NOUN
cblr-8632	269	14	review	review	NOUN
cblr-8632	269	15	[	[	X
cblr-8632	269	16	vol	vol	NOUN
cblr-8632	269	17	.	.	NOUN
cblr-8632	269	18	2021	2021	NUM
cblr-8632	269	19	thirty	thirty	NUM
cblr-8632	269	20	securities	security	NOUN
cblr-8632	269	21	that	that	PRON
cblr-8632	269	22	comprise	comprise	VERB
cblr-8632	269	23	the	the	DET
cblr-8632	269	24	dow	dow	PROPN
cblr-8632	269	25	jones	jones	PROPN
cblr-8632	269	26	industrial	industrial	PROPN
cblr-8632	269	27	average.44	average.44	PROPN
cblr-8632	269	28	trades	trade	NOUN
cblr-8632	269	29	marked	mark	VERB
cblr-8632	269	30	as	as	ADP
cblr-8632	269	31	intermarket	intermarket	NOUN
cblr-8632	269	32	sweep	sweep	NOUN
cblr-8632	269	33	orders	order	NOUN
cblr-8632	269	34	(	(	PUNCT
cblr-8632	269	35	isos	isos	PROPN
cblr-8632	269	36	)	)	PUNCT
cblr-8632	269	37	can	can	AUX
cblr-8632	269	38	execute	execute	VERB
cblr-8632	269	39	through	through	ADP
cblr-8632	269	40	multiple	multiple	ADJ
cblr-8632	269	41	levels	level	NOUN
cblr-8632	269	42	of	of	ADP
cblr-8632	269	43	quotations;45	quotations;45	NOUN
cblr-8632	269	44	therefore	therefore	ADV
cblr-8632	269	45	,	,	PUNCT
cblr-8632	269	46	the	the	DET
cblr-8632	269	47	sample	sample	NOUN
cblr-8632	269	48	of	of	ADP
cblr-8632	269	49	trades	trade	NOUN
cblr-8632	269	50	includes	include	VERB
cblr-8632	269	51	all	all	DET
cblr-8632	269	52	non	non	ADJ
cblr-8632	269	53	-	-	ADJ
cblr-8632	269	54	iso	iso	ADJ
cblr-8632	269	55	trades	trade	NOUN
cblr-8632	269	56	for	for	ADP
cblr-8632	269	57	1,000	1,000	NUM
cblr-8632	269	58	shares	share	NOUN
cblr-8632	269	59	or	or	CCONJ
cblr-8632	269	60	less	less	ADJ
cblr-8632	269	61	that	that	PRON
cblr-8632	269	62	were	be	AUX
cblr-8632	269	63	completed	complete	VERB
cblr-8632	269	64	during	during	ADP
cblr-8632	269	65	normal	normal	ADJ
cblr-8632	269	66	trading	trading	NOUN
cblr-8632	269	67	hours	hour	NOUN
cblr-8632	269	68	and	and	CCONJ
cblr-8632	269	69	when	when	SCONJ
cblr-8632	269	70	the	the	DET
cblr-8632	269	71	nbbo	nbbo	NOUN
cblr-8632	269	72	was	be	AUX
cblr-8632	269	73	neither	neither	CCONJ
cblr-8632	269	74	locked	lock	VERB
cblr-8632	269	75	or	or	CCONJ
cblr-8632	269	76	crossed	cross	VERB
cblr-8632	269	77	.	.	PUNCT
cblr-8632	270	1	with	with	ADP
cblr-8632	270	2	these	these	DET
cblr-8632	270	3	restrictions	restriction	NOUN
cblr-8632	270	4	,	,	PUNCT
cblr-8632	270	5	the	the	DET
cblr-8632	270	6	final	final	ADJ
cblr-8632	270	7	sample	sample	NOUN
cblr-8632	270	8	consists	consist	VERB
cblr-8632	270	9	of	of	ADP
cblr-8632	270	10	approximately	approximately	ADV
cblr-8632	270	11	2	2	NUM
cblr-8632	270	12	billion	billion	NUM
cblr-8632	270	13	trades	trade	NOUN
cblr-8632	270	14	,	,	PUNCT
cblr-8632	270	15	of	of	ADP
cblr-8632	270	16	which	which	PRON
cblr-8632	270	17	roughly	roughly	ADV
cblr-8632	270	18	830	830	NUM
cblr-8632	270	19	million	million	NUM
cblr-8632	270	20	were	be	AUX
cblr-8632	270	21	filled	fill	VERB
cblr-8632	270	22	in	in	ADP
cblr-8632	270	23	non	non	ADJ
cblr-8632	270	24	-	-	ADJ
cblr-8632	270	25	exchange	exchange	ADJ
cblr-8632	270	26	venues	venue	NOUN
cblr-8632	270	27	.	.	PUNCT
cblr-8632	271	1	for	for	ADP
cblr-8632	271	2	each	each	DET
cblr-8632	271	3	trade	trade	NOUN
cblr-8632	271	4	,	,	PUNCT
cblr-8632	271	5	price	price	NOUN
cblr-8632	271	6	improvement	improvement	NOUN
cblr-8632	271	7	was	be	AUX
cblr-8632	271	8	calculated	calculate	VERB
cblr-8632	271	9	based	base	VERB
cblr-8632	271	10	on	on	ADP
cblr-8632	271	11	the	the	DET
cblr-8632	271	12	nbbo	nbbo	NOUN
cblr-8632	271	13	prevailing	prevail	VERB
cblr-8632	271	14	at	at	ADP
cblr-8632	271	15	the	the	DET
cblr-8632	271	16	time	time	NOUN
cblr-8632	271	17	of	of	ADP
cblr-8632	271	18	the	the	DET
cblr-8632	271	19	trade.46	trade.46	NOUN
cblr-8632	271	20	for	for	ADP
cblr-8632	271	21	this	this	DET
cblr-8632	271	22	purpose	purpose	NOUN
cblr-8632	271	23	,	,	PUNCT
cblr-8632	271	24	and	and	CCONJ
cblr-8632	271	25	consistent	consistent	ADJ
cblr-8632	271	26	with	with	ADP
cblr-8632	271	27	rule	rule	NOUN
cblr-8632	271	28	605	605	NUM
cblr-8632	271	29	,	,	PUNCT
cblr-8632	271	30	the	the	DET
cblr-8632	271	31	nbbo	nbbo	NOUN
cblr-8632	271	32	was	be	AUX
cblr-8632	271	33	determined	determine	VERB
cblr-8632	271	34	based	base	VERB
cblr-8632	271	35	on	on	ADP
cblr-8632	271	36	the	the	DET
cblr-8632	271	37	best	good	ADJ
cblr-8632	271	38	bid	bid	NOUN
cblr-8632	271	39	and	and	CCONJ
cblr-8632	271	40	offer	offer	VERB
cblr-8632	271	41	for	for	ADP
cblr-8632	271	42	each	each	DET
cblr-8632	271	43	exchange	exchange	NOUN
cblr-8632	271	44	as	as	SCONJ
cblr-8632	271	45	disseminated	disseminate	VERB
cblr-8632	271	46	by	by	ADP
cblr-8632	271	47	the	the	DET
cblr-8632	271	48	two	two	NUM
cblr-8632	271	49	sips.47	sips.47	NOUN
cblr-8632	271	50	following	follow	VERB
cblr-8632	271	51	this	this	DET
cblr-8632	271	52	procedure	procedure	NOUN
cblr-8632	271	53	,	,	PUNCT
cblr-8632	271	54	trade	trade	NOUN
cblr-8632	271	55	direction	direction	NOUN
cblr-8632	271	56	was	be	AUX
cblr-8632	271	57	then	then	ADV
cblr-8632	271	58	determined	determine	VERB
cblr-8632	271	59	using	use	VERB
cblr-8632	271	60	the	the	DET
cblr-8632	271	61	lee	lee	PROPN
cblr-8632	271	62	-	-	PUNCT
cblr-8632	271	63	ready	ready	ADJ
cblr-8632	271	64	44	44	NUM
cblr-8632	271	65	for	for	ADP
cblr-8632	271	66	a	a	DET
cblr-8632	271	67	list	list	NOUN
cblr-8632	271	68	of	of	ADP
cblr-8632	271	69	the	the	DET
cblr-8632	271	70	thirty	thirty	NUM
cblr-8632	271	71	securities	security	NOUN
cblr-8632	271	72	that	that	PRON
cblr-8632	271	73	comprise	comprise	VERB
cblr-8632	271	74	the	the	DET
cblr-8632	271	75	dow	dow	PROPN
cblr-8632	271	76	jones	jones	PROPN
cblr-8632	271	77	industrial	industrial	PROPN
cblr-8632	271	78	average	average	PROPN
cblr-8632	271	79	,	,	PUNCT
cblr-8632	271	80	see	see	VERB
cblr-8632	271	81	dow	dow	PROPN
cblr-8632	271	82	30	30	NUM
cblr-8632	271	83	,	,	PUNCT
cblr-8632	271	84	cnbc	cnbc	PROPN
cblr-8632	271	85	,	,	PUNCT
cblr-8632	271	86	https://www.cnbc.com/dow-30/	https://www.cnbc.com/dow-30/	PROPN
cblr-8632	272	1	[	[	X
cblr-8632	272	2	https://perma.cc/67as-je45	https://perma.cc/67as-je45	X
cblr-8632	272	3	]	]	X
cblr-8632	272	4	(	(	PUNCT
cblr-8632	272	5	last	last	ADV
cblr-8632	272	6	visited	visit	VERB
cblr-8632	272	7	mar	mar	PROPN
cblr-8632	272	8	.	.	PROPN
cblr-8632	272	9	22	22	NUM
cblr-8632	272	10	,	,	PUNCT
cblr-8632	272	11	2021	2021	NUM
cblr-8632	272	12	)	)	PUNCT
cblr-8632	272	13	.	.	PUNCT
cblr-8632	273	1	45	45	NUM
cblr-8632	273	2	17	17	NUM
cblr-8632	273	3	c.f.r	c.f.r	NOUN
cblr-8632	273	4	.	.	PUNCT
cblr-8632	274	1	§	§	PROPN
cblr-8632	274	2	242.611(b)(5	242.611(b)(5	NUM
cblr-8632	274	3	)	)	PUNCT
cblr-8632	274	4	(	(	PUNCT
cblr-8632	274	5	exempting	exempt	VERB
cblr-8632	274	6	from	from	ADP
cblr-8632	274	7	the	the	DET
cblr-8632	274	8	scope	scope	NOUN
cblr-8632	274	9	of	of	ADP
cblr-8632	274	10	rule	rule	NOUN
cblr-8632	274	11	611	611	NUM
cblr-8632	274	12	trade	trade	NOUN
cblr-8632	274	13	-	-	PUNCT
cblr-8632	274	14	through	through	ADP
cblr-8632	274	15	protection	protection	NOUN
cblr-8632	274	16	“	"	PUNCT
cblr-8632	274	17	the	the	DET
cblr-8632	274	18	execution	execution	NOUN
cblr-8632	274	19	of	of	ADP
cblr-8632	274	20	an	an	DET
cblr-8632	274	21	order	order	NOUN
cblr-8632	274	22	identified	identify	VERB
cblr-8632	274	23	as	as	ADP
cblr-8632	274	24	an	an	DET
cblr-8632	274	25	intermarket	intermarket	NOUN
cblr-8632	274	26	sweep	sweep	NOUN
cblr-8632	274	27	order	order	NOUN
cblr-8632	274	28	”	"	PUNCT
cblr-8632	274	29	)	)	PUNCT
cblr-8632	275	1	;	;	PUNCT
cblr-8632	275	2	see	see	VERB
cblr-8632	275	3	also	also	ADV
cblr-8632	275	4	div	div	PROPN
cblr-8632	275	5	.	.	PROPN
cblr-8632	275	6	of	of	ADP
cblr-8632	275	7	mkt	mkt	PROPN
cblr-8632	275	8	.	.	PUNCT
cblr-8632	276	1	regul	regul	PROPN
cblr-8632	276	2	.	.	PUNCT
cblr-8632	276	3	,	,	PUNCT
cblr-8632	276	4	u.s	u.s	PROPN
cblr-8632	276	5	.	.	PROPN
cblr-8632	276	6	sec	sec	PROPN
cblr-8632	276	7	.	.	PROPN
cblr-8632	276	8	&	&	CCONJ
cblr-8632	276	9	exch	exch	PROPN
cblr-8632	276	10	.	.	PUNCT
cblr-8632	277	1	comm’n	comm’n	PROPN
cblr-8632	277	2	,	,	PUNCT
cblr-8632	277	3	responses	response	NOUN
cblr-8632	277	4	to	to	ADP
cblr-8632	277	5	frequently	frequently	ADV
cblr-8632	277	6	asked	ask	VERB
cblr-8632	277	7	questions	question	NOUN
cblr-8632	277	8	concerning	concern	VERB
cblr-8632	277	9	rule	rule	NOUN
cblr-8632	277	10	611	611	NUM
cblr-8632	277	11	and	and	CCONJ
cblr-8632	277	12	rule	rule	VERB
cblr-8632	277	13	610	610	NUM
cblr-8632	277	14	of	of	ADP
cblr-8632	277	15	regulation	regulation	NOUN
cblr-8632	277	16	nms	nms	NOUN
cblr-8632	277	17	1	1	NUM
cblr-8632	277	18	(	(	PUNCT
cblr-8632	277	19	2008	2008	NUM
cblr-8632	277	20	)	)	PUNCT
cblr-8632	277	21	,	,	PUNCT
cblr-8632	277	22	https://www.sec.gov/divisions/marketreg/rule611faq.pdf	https://www.sec.gov/divisions/marketreg/rule611faq.pdf	NOUN
cblr-8632	278	1	[	[	X
cblr-8632	278	2	https://perma.cc/x8yg-xzw6	https://perma.cc/x8yg-xzw6	X
cblr-8632	278	3	]	]	X
cblr-8632	278	4	(	(	PUNCT
cblr-8632	278	5	“	"	PUNCT
cblr-8632	278	6	the	the	DET
cblr-8632	278	7	iso	iso	NOUN
cblr-8632	278	8	exception	exception	NOUN
cblr-8632	278	9	enables	enable	VERB
cblr-8632	278	10	a	a	DET
cblr-8632	278	11	destination	destination	NOUN
cblr-8632	278	12	trading	trading	NOUN
cblr-8632	278	13	center	center	NOUN
cblr-8632	278	14	to	to	PART
cblr-8632	278	15	execute	execute	VERB
cblr-8632	278	16	an	an	DET
cblr-8632	278	17	iso	iso	NOUN
cblr-8632	278	18	immediately	immediately	ADV
cblr-8632	278	19	at	at	ADP
cblr-8632	278	20	its	its	PRON
cblr-8632	278	21	limit	limit	NOUN
cblr-8632	278	22	price	price	NOUN
cblr-8632	278	23	or	or	CCONJ
cblr-8632	278	24	better	well	ADJ
cblr-8632	278	25	,	,	PUNCT
cblr-8632	278	26	while	while	SCONJ
cblr-8632	278	27	also	also	ADV
cblr-8632	278	28	requiring	require	VERB
cblr-8632	278	29	that	that	SCONJ
cblr-8632	278	30	additional	additional	ADJ
cblr-8632	278	31	isos	iso	NOUN
cblr-8632	278	32	,	,	PUNCT
cblr-8632	278	33	as	as	ADP
cblr-8632	278	34	necessary	necessary	ADJ
cblr-8632	278	35	,	,	PUNCT
cblr-8632	278	36	be	be	AUX
cblr-8632	278	37	routed	route	VERB
cblr-8632	278	38	to	to	PART
cblr-8632	278	39	execute	execute	VERB
cblr-8632	278	40	against	against	ADP
cblr-8632	278	41	the	the	DET
cblr-8632	278	42	full	full	ADJ
cblr-8632	278	43	displayed	display	VERB
cblr-8632	278	44	size	size	NOUN
cblr-8632	278	45	of	of	ADP
cblr-8632	278	46	any	any	DET
cblr-8632	278	47	better	well	ADV
cblr-8632	278	48	-	-	PUNCT
cblr-8632	278	49	priced	price	VERB
cblr-8632	278	50	protected	protect	VERB
cblr-8632	278	51	quotations	quotation	NOUN
cblr-8632	278	52	displayed	display	VERB
cblr-8632	278	53	by	by	ADP
cblr-8632	278	54	other	other	ADJ
cblr-8632	278	55	trading	trading	NOUN
cblr-8632	278	56	centers	center	NOUN
cblr-8632	278	57	.	.	PUNCT
cblr-8632	278	58	”	"	PUNCT
cblr-8632	278	59	)	)	PUNCT
cblr-8632	278	60	.	.	PUNCT
cblr-8632	279	1	46	46	NUM
cblr-8632	279	2	as	as	SCONJ
cblr-8632	279	3	discussed	discuss	VERB
cblr-8632	279	4	in	in	ADP
cblr-8632	279	5	bartlett	bartlett	PROPN
cblr-8632	279	6	&	&	CCONJ
cblr-8632	279	7	mccrary	mccrary	PROPN
cblr-8632	279	8	,	,	PUNCT
cblr-8632	279	9	supra	supra	PROPN
cblr-8632	279	10	note	note	NOUN
cblr-8632	279	11	3	3	NUM
cblr-8632	279	12	,	,	PUNCT
cblr-8632	279	13	at	at	ADP
cblr-8632	279	14	41–42	41–42	NUM
cblr-8632	279	15	,	,	PUNCT
cblr-8632	279	16	the	the	DET
cblr-8632	279	17	sips	sip	NOUN
cblr-8632	279	18	responsible	responsible	ADJ
cblr-8632	279	19	for	for	ADP
cblr-8632	279	20	processing	processing	NOUN
cblr-8632	279	21	and	and	CCONJ
cblr-8632	279	22	disseminating	disseminate	VERB
cblr-8632	279	23	transaction	transaction	NOUN
cblr-8632	279	24	data	datum	NOUN
cblr-8632	279	25	from	from	ADP
cblr-8632	279	26	market	market	NOUN
cblr-8632	279	27	centers	center	NOUN
cblr-8632	279	28	include	include	VERB
cblr-8632	279	29	two	two	NUM
cblr-8632	279	30	timestamps	timestamp	NOUN
cblr-8632	279	31	for	for	ADP
cblr-8632	279	32	each	each	DET
cblr-8632	279	33	trade	trade	NOUN
cblr-8632	279	34	and	and	CCONJ
cblr-8632	279	35	quote	quote	INTJ
cblr-8632	279	36	report	report	NOUN
cblr-8632	279	37	disseminated	disseminate	VERB
cblr-8632	279	38	since	since	SCONJ
cblr-8632	279	39	august	august	PROPN
cblr-8632	279	40	2015	2015	NUM
cblr-8632	279	41	:	:	PUNCT
cblr-8632	279	42	a	a	DET
cblr-8632	279	43	participant	participant	ADJ
cblr-8632	279	44	timestamp	timestamp	NOUN
cblr-8632	279	45	(	(	PUNCT
cblr-8632	279	46	reflecting	reflect	VERB
cblr-8632	279	47	the	the	DET
cblr-8632	279	48	time	time	NOUN
cblr-8632	279	49	,	,	PUNCT
cblr-8632	279	50	generally	generally	ADV
cblr-8632	279	51	in	in	ADP
cblr-8632	279	52	microseconds	microsecond	NOUN
cblr-8632	279	53	,	,	PUNCT
cblr-8632	279	54	that	that	SCONJ
cblr-8632	279	55	a	a	DET
cblr-8632	279	56	trade	trade	NOUN
cblr-8632	279	57	or	or	CCONJ
cblr-8632	279	58	quote	quote	INTJ
cblr-8632	279	59	update	update	NOUN
cblr-8632	279	60	occurred	occur	VERB
cblr-8632	279	61	at	at	ADP
cblr-8632	279	62	the	the	DET
cblr-8632	279	63	market	market	NOUN
cblr-8632	279	64	center	center	NOUN
cblr-8632	279	65	)	)	PUNCT
cblr-8632	279	66	and	and	CCONJ
cblr-8632	279	67	the	the	DET
cblr-8632	279	68	“	"	PUNCT
cblr-8632	279	69	sip	sip	NOUN
cblr-8632	279	70	”	"	PUNCT
cblr-8632	279	71	timestamp	timestamp	NOUN
cblr-8632	279	72	(	(	PUNCT
cblr-8632	279	73	reflecting	reflect	VERB
cblr-8632	279	74	the	the	DET
cblr-8632	279	75	time	time	NOUN
cblr-8632	279	76	,	,	PUNCT
cblr-8632	279	77	generally	generally	ADV
cblr-8632	279	78	in	in	ADP
cblr-8632	279	79	microseconds	microsecond	NOUN
cblr-8632	279	80	,	,	PUNCT
cblr-8632	279	81	that	that	SCONJ
cblr-8632	279	82	a	a	DET
cblr-8632	279	83	trade	trade	NOUN
cblr-8632	279	84	or	or	CCONJ
cblr-8632	279	85	quote	quote	INTJ
cblr-8632	279	86	was	be	AUX
cblr-8632	279	87	processed	process	VERB
cblr-8632	279	88	by	by	ADP
cblr-8632	279	89	the	the	DET
cblr-8632	279	90	relevant	relevant	ADJ
cblr-8632	279	91	sip	sip	NOUN
cblr-8632	279	92	)	)	PUNCT
cblr-8632	279	93	.	.	PUNCT
cblr-8632	280	1	the	the	DET
cblr-8632	280	2	analysis	analysis	NOUN
cblr-8632	280	3	in	in	ADP
cblr-8632	280	4	this	this	DET
cblr-8632	280	5	part	part	NOUN
cblr-8632	280	6	uses	use	VERB
cblr-8632	280	7	the	the	DET
cblr-8632	280	8	participant	participant	ADJ
cblr-8632	280	9	timestamp	timestamp	NOUN
cblr-8632	280	10	to	to	PART
cblr-8632	280	11	match	match	VERB
cblr-8632	280	12	trades	trade	NOUN
cblr-8632	280	13	to	to	ADP
cblr-8632	280	14	the	the	DET
cblr-8632	280	15	nbbo	nbbo	NOUN
cblr-8632	280	16	for	for	ADP
cblr-8632	280	17	trades	trade	NOUN
cblr-8632	280	18	occurring	occur	VERB
cblr-8632	280	19	after	after	ADP
cblr-8632	280	20	2015	2015	NUM
cblr-8632	280	21	;	;	PUNCT
cblr-8632	280	22	for	for	ADP
cblr-8632	280	23	trades	trade	NOUN
cblr-8632	280	24	occurring	occur	VERB
cblr-8632	280	25	before	before	ADP
cblr-8632	280	26	this	this	DET
cblr-8632	280	27	time	time	NOUN
cblr-8632	280	28	period	period	NOUN
cblr-8632	280	29	,	,	PUNCT
cblr-8632	280	30	trades	trade	NOUN
cblr-8632	280	31	are	be	AUX
cblr-8632	280	32	matched	match	VERB
cblr-8632	280	33	to	to	ADP
cblr-8632	280	34	the	the	DET
cblr-8632	280	35	nbbo	nbbo	NOUN
cblr-8632	280	36	using	use	VERB
cblr-8632	280	37	the	the	DET
cblr-8632	280	38	sip	sip	NOUN
cblr-8632	280	39	timestamp	timestamp	NOUN
cblr-8632	280	40	.	.	PUNCT
cblr-8632	281	1	47	47	NUM
cblr-8632	281	2	quote	quote	NOUN
cblr-8632	281	3	updates	update	VERB
cblr-8632	281	4	that	that	PRON
cblr-8632	281	5	are	be	AUX
cblr-8632	281	6	eligible	eligible	ADJ
cblr-8632	281	7	to	to	PART
cblr-8632	281	8	establish	establish	VERB
cblr-8632	281	9	an	an	DET
cblr-8632	281	10	exchange	exchange	NOUN
cblr-8632	281	11	’s	’s	PART
cblr-8632	281	12	best	good	ADJ
cblr-8632	281	13	offer	offer	NOUN
cblr-8632	281	14	or	or	CCONJ
cblr-8632	281	15	best	good	ADJ
cblr-8632	281	16	bid	bid	NOUN
cblr-8632	281	17	include	include	VERB
cblr-8632	281	18	those	those	PRON
cblr-8632	281	19	having	have	VERB
cblr-8632	281	20	a	a	DET
cblr-8632	281	21	condition	condition	NOUN
cblr-8632	281	22	of	of	ADP
cblr-8632	281	23	a	a	DET
cblr-8632	281	24	,	,	PUNCT
cblr-8632	281	25	b	b	PROPN
cblr-8632	281	26	,	,	PUNCT
cblr-8632	281	27	h	h	NOUN
cblr-8632	281	28	,	,	PUNCT
cblr-8632	281	29	o	o	NOUN
cblr-8632	281	30	,	,	PUNCT
cblr-8632	281	31	r	r	NOUN
cblr-8632	281	32	,	,	PUNCT
cblr-8632	281	33	w	w	NOUN
cblr-8632	281	34	,	,	PUNCT
cblr-8632	281	35	or	or	CCONJ
cblr-8632	281	36	y.	y.	PROPN
cblr-8632	281	37	i	i	PRON
cblr-8632	281	38	d.	d.	PROPN
cblr-8632	281	39	at	at	ADP
cblr-8632	281	40	42	42	NUM
cblr-8632	281	41	.	.	PUNCT
cblr-8632	282	1	bartlett	bartlett	PROPN
cblr-8632	282	2	8/20/2021	8/20/2021	NUM
cblr-8632	282	3	6:20	6:20	NUM
cblr-8632	282	4	pm	pm	NOUN
cblr-8632	282	5	no	no	INTJ
cblr-8632	282	6	.	.	PUNCT
cblr-8632	283	1	2:520	2:520	NUM
cblr-8632	283	2	]	]	X
cblr-8632	283	3	modernizing	modernize	VERB
cblr-8632	283	4	odd	odd	ADJ
cblr-8632	283	5	lot	lot	NOUN
cblr-8632	283	6	trading	trade	VERB
cblr-8632	283	7	539	539	NUM
cblr-8632	283	8	procedure,48	procedure,48	NOUN
cblr-8632	283	9	and	and	CCONJ
cblr-8632	283	10	price	price	NOUN
cblr-8632	283	11	improvement	improvement	NOUN
cblr-8632	283	12	was	be	AUX
cblr-8632	283	13	calculated	calculate	VERB
cblr-8632	283	14	as	as	ADP
cblr-8632	283	15	the	the	DET
cblr-8632	283	16	fraction	fraction	NOUN
cblr-8632	283	17	of	of	ADP
cblr-8632	283	18	the	the	DET
cblr-8632	283	19	quoted	quote	VERB
cblr-8632	283	20	half	half	NOUN
cblr-8632	283	21	-	-	PUNCT
cblr-8632	283	22	spread	spread	NOUN
cblr-8632	283	23	provided	provide	VERB
cblr-8632	283	24	to	to	ADP
cblr-8632	283	25	the	the	DET
cblr-8632	283	26	trade	trade	NOUN
cblr-8632	283	27	.	.	PUNCT
cblr-8632	284	1	thus	thus	ADV
cblr-8632	284	2	,	,	PUNCT
cblr-8632	284	3	for	for	ADP
cblr-8632	284	4	buy	buy	NOUN
cblr-8632	284	5	orders	order	NOUN
cblr-8632	284	6	,	,	PUNCT
cblr-8632	284	7	price	price	NOUN
cblr-8632	284	8	improvement	improvement	NOUN
cblr-8632	284	9	is	be	AUX
cblr-8632	284	10	defined	define	VERB
cblr-8632	284	11	as	as	ADP
cblr-8632	284	12	:	:	PUNCT
cblr-8632	284	13	pi	pi	NOUN
cblr-8632	284	14	=	=	PUNCT
cblr-8632	284	15	(	(	PUNCT
cblr-8632	284	16	best	good	ADJ
cblr-8632	284	17	offer	offer	NOUN
cblr-8632	284	18	-	-	PUNCT
cblr-8632	284	19	trade	trade	NOUN
cblr-8632	284	20	price	price	NOUN
cblr-8632	284	21	)	)	PUNCT
cblr-8632	284	22	(	(	PUNCT
cblr-8632	284	23	best	good	ADJ
cblr-8632	284	24	offer	offer	NOUN
cblr-8632	284	25	-	-	PUNCT
cblr-8632	284	26	nbbo	nbbo	NOUN
cblr-8632	284	27	midpoint	midpoint	NOUN
cblr-8632	284	28	)	)	PUNCT
cblr-8632	284	29	.	.	PUNCT
cblr-8632	285	1	and	and	CCONJ
cblr-8632	285	2	for	for	ADP
cblr-8632	285	3	sell	sell	NOUN
cblr-8632	285	4	orders	order	NOUN
cblr-8632	285	5	,	,	PUNCT
cblr-8632	285	6	it	it	PRON
cblr-8632	285	7	is	be	AUX
cblr-8632	285	8	defined	define	VERB
cblr-8632	285	9	as	as	ADP
cblr-8632	285	10	:	:	PUNCT
cblr-8632	285	11	pi	pi	NOUN
cblr-8632	285	12	=	=	SYM
cblr-8632	285	13	(	(	PUNCT
cblr-8632	285	14	trade	trade	NOUN
cblr-8632	285	15	price	price	NOUN
cblr-8632	285	16	-	-	PUNCT
cblr-8632	285	17	best	good	ADJ
cblr-8632	285	18	bid	bid	NOUN
cblr-8632	285	19	)	)	PUNCT
cblr-8632	285	20	(	(	PUNCT
cblr-8632	285	21	nbbo	nbbo	VERB
cblr-8632	285	22	midpoint	midpoint	NOUN
cblr-8632	285	23	-	-	PUNCT
cblr-8632	285	24	best	good	ADJ
cblr-8632	285	25	bid	bid	NOUN
cblr-8632	285	26	)	)	PUNCT
cblr-8632	285	27	.	.	PUNCT
cblr-8632	286	1	each	each	DET
cblr-8632	286	2	trade	trade	NOUN
cblr-8632	286	3	was	be	AUX
cblr-8632	286	4	also	also	ADV
cblr-8632	286	5	marked	mark	VERB
cblr-8632	286	6	with	with	ADP
cblr-8632	286	7	an	an	DET
cblr-8632	286	8	indicator	indicator	NOUN
cblr-8632	286	9	variable	variable	NOUN
cblr-8632	286	10	for	for	ADP
cblr-8632	286	11	whether	whether	SCONJ
cblr-8632	286	12	the	the	DET
cblr-8632	286	13	trade	trade	NOUN
cblr-8632	286	14	received	receive	VERB
cblr-8632	286	15	any	any	DET
cblr-8632	286	16	price	price	NOUN
cblr-8632	286	17	improvement	improvement	NOUN
cblr-8632	286	18	at	at	ADV
cblr-8632	286	19	all	all	ADV
cblr-8632	286	20	.	.	PUNCT
cblr-8632	287	1	figure	figure	VERB
cblr-8632	287	2	4	4	NUM
cblr-8632	287	3	plots	plot	NOUN
cblr-8632	287	4	the	the	DET
cblr-8632	287	5	fraction	fraction	NOUN
cblr-8632	287	6	of	of	ADP
cblr-8632	287	7	trades	trade	NOUN
cblr-8632	287	8	receiving	receive	VERB
cblr-8632	287	9	price	price	NOUN
cblr-8632	287	10	improvement	improvement	NOUN
cblr-8632	287	11	on	on	ADP
cblr-8632	287	12	a	a	DET
cblr-8632	287	13	daily	daily	ADJ
cblr-8632	287	14	basis	basis	NOUN
cblr-8632	287	15	between	between	ADP
cblr-8632	287	16	2014	2014	NUM
cblr-8632	287	17	and	and	CCONJ
cblr-8632	287	18	2020	2020	NUM
cblr-8632	287	19	across	across	ADP
cblr-8632	287	20	the	the	DET
cblr-8632	287	21	following	follow	VERB
cblr-8632	287	22	three	three	NUM
cblr-8632	287	23	categories	category	NOUN
cblr-8632	287	24	of	of	ADP
cblr-8632	287	25	trades	trade	NOUN
cblr-8632	287	26	:	:	PUNCT
cblr-8632	287	27	odd	odd	ADJ
cblr-8632	287	28	lots	lot	NOUN
cblr-8632	287	29	(	(	PUNCT
cblr-8632	287	30	trade	trade	NOUN
cblr-8632	287	31	size	size	NOUN
cblr-8632	287	32	is	be	AUX
cblr-8632	287	33	less	less	ADJ
cblr-8632	287	34	than	than	ADP
cblr-8632	287	35	100	100	NUM
cblr-8632	287	36	shares	share	NOUN
cblr-8632	287	37	)	)	PUNCT
cblr-8632	287	38	,	,	PUNCT
cblr-8632	287	39	round	round	ADP
cblr-8632	287	40	lots	lot	NOUN
cblr-8632	287	41	(	(	PUNCT
cblr-8632	287	42	trade	trade	NOUN
cblr-8632	287	43	size	size	NOUN
cblr-8632	287	44	is	be	AUX
cblr-8632	287	45	a	a	DET
cblr-8632	287	46	multiple	multiple	NOUN
cblr-8632	287	47	of	of	ADP
cblr-8632	287	48	100	100	NUM
cblr-8632	287	49	)	)	PUNCT
cblr-8632	287	50	,	,	PUNCT
cblr-8632	287	51	and	and	CCONJ
cblr-8632	287	52	mixed	mixed	ADJ
cblr-8632	287	53	lots	lot	NOUN
cblr-8632	287	54	(	(	PUNCT
cblr-8632	287	55	all	all	DET
cblr-8632	287	56	other	other	ADJ
cblr-8632	287	57	trades).49	trades).49	NOUN
cblr-8632	287	58	notably	notably	ADV
cblr-8632	287	59	,	,	PUNCT
cblr-8632	287	60	except	except	SCONJ
cblr-8632	287	61	in	in	ADP
cblr-8632	287	62	2014	2014	NUM
cblr-8632	287	63	,	,	PUNCT
cblr-8632	287	64	the	the	DET
cblr-8632	287	65	fraction	fraction	NOUN
cblr-8632	287	66	of	of	ADP
cblr-8632	287	67	non	non	ADJ
cblr-8632	287	68	-	-	ADJ
cblr-8632	287	69	exchange	exchange	ADJ
cblr-8632	287	70	odd	odd	ADJ
cblr-8632	287	71	lot	lot	NOUN
cblr-8632	287	72	trades	trade	NOUN
cblr-8632	287	73	receiving	receive	VERB
cblr-8632	287	74	some	some	DET
cblr-8632	287	75	amount	amount	NOUN
cblr-8632	287	76	of	of	ADP
cblr-8632	287	77	price	price	NOUN
cblr-8632	287	78	improvement	improvement	NOUN
cblr-8632	287	79	has	have	AUX
cblr-8632	287	80	generally	generally	ADV
cblr-8632	287	81	exceeded	exceed	VERB
cblr-8632	287	82	that	that	PRON
cblr-8632	287	83	of	of	ADP
cblr-8632	287	84	round	round	ADJ
cblr-8632	287	85	lot	lot	NOUN
cblr-8632	287	86	trades	trade	NOUN
cblr-8632	287	87	.	.	PUNCT
cblr-8632	288	1	figure	figure	NOUN
cblr-8632	288	2	4	4	NUM
cblr-8632	288	3	also	also	ADV
cblr-8632	288	4	reveals	reveal	VERB
cblr-8632	288	5	a	a	DET
cblr-8632	288	6	sudden	sudden	ADJ
cblr-8632	288	7	jump	jump	NOUN
cblr-8632	288	8	in	in	ADP
cblr-8632	288	9	the	the	DET
cblr-8632	288	10	fraction	fraction	NOUN
cblr-8632	288	11	of	of	ADP
cblr-8632	288	12	odd	odd	ADJ
cblr-8632	288	13	lot	lot	NOUN
cblr-8632	288	14	trades	trade	NOUN
cblr-8632	288	15	receiving	receive	VERB
cblr-8632	288	16	price	price	NOUN
cblr-8632	288	17	improvement	improvement	NOUN
cblr-8632	288	18	on	on	ADP
cblr-8632	288	19	exactly	exactly	ADV
cblr-8632	288	20	may	may	AUX
cblr-8632	288	21	6	6	NUM
cblr-8632	288	22	,	,	PUNCT
cblr-8632	288	23	2015	2015	NUM
cblr-8632	288	24	.	.	PUNCT
cblr-8632	289	1	more	more	ADV
cblr-8632	289	2	specifically	specifically	ADV
cblr-8632	289	3	,	,	PUNCT
cblr-8632	289	4	the	the	DET
cblr-8632	289	5	rate	rate	NOUN
cblr-8632	289	6	of	of	ADP
cblr-8632	289	7	price	price	NOUN
cblr-8632	289	8	improvement	improvement	NOUN
cblr-8632	289	9	for	for	ADP
cblr-8632	289	10	odd	odd	ADJ
cblr-8632	289	11	lot	lot	NOUN
cblr-8632	289	12	trades	trade	NOUN
cblr-8632	289	13	jumped	jump	VERB
cblr-8632	289	14	from	from	ADP
cblr-8632	289	15	54.8	54.8	NUM
cblr-8632	289	16	%	%	NOUN
cblr-8632	289	17	on	on	ADP
cblr-8632	289	18	may	may	PROPN
cblr-8632	289	19	5	5	NUM
cblr-8632	289	20	,	,	PUNCT
cblr-8632	289	21	2015	2015	NUM
cblr-8632	289	22	to	to	ADP
cblr-8632	289	23	65.2	65.2	NUM
cblr-8632	289	24	%	%	NOUN
cblr-8632	289	25	on	on	ADP
cblr-8632	289	26	may	may	PROPN
cblr-8632	289	27	6	6	NUM
cblr-8632	289	28	,	,	PUNCT
cblr-8632	289	29	2015	2015	NUM
cblr-8632	289	30	.	.	PUNCT
cblr-8632	290	1	48	48	NUM
cblr-8632	290	2	see	see	VERB
cblr-8632	290	3	generally	generally	ADV
cblr-8632	290	4	charles	charles	PROPN
cblr-8632	290	5	m.c	m.c	PROPN
cblr-8632	290	6	.	.	PROPN
cblr-8632	290	7	lee	lee	PROPN
cblr-8632	290	8	&	&	CCONJ
cblr-8632	290	9	mark	mark	PROPN
cblr-8632	290	10	j.	j.	PROPN
cblr-8632	290	11	ready	ready	PROPN
cblr-8632	290	12	,	,	PUNCT
cblr-8632	290	13	inferring	infer	VERB
cblr-8632	290	14	trade	trade	NOUN
cblr-8632	290	15	direction	direction	NOUN
cblr-8632	290	16	from	from	ADP
cblr-8632	290	17	intraday	intraday	PROPN
cblr-8632	290	18	data	datum	NOUN
cblr-8632	290	19	,	,	PUNCT
cblr-8632	290	20	46	46	NUM
cblr-8632	290	21	j.	j.	PROPN
cblr-8632	290	22	fin	fin	PROPN
cblr-8632	290	23	.	.	PUNCT
cblr-8632	291	1	733	733	NUM
cblr-8632	291	2	(	(	PUNCT
cblr-8632	291	3	1991	1991	NUM
cblr-8632	291	4	)	)	PUNCT
cblr-8632	291	5	.	.	PUNCT
cblr-8632	292	1	49	49	NUM
cblr-8632	292	2	round	round	ADJ
cblr-8632	292	3	lots	lot	NOUN
cblr-8632	292	4	are	be	AUX
cblr-8632	292	5	presented	present	VERB
cblr-8632	292	6	separately	separately	ADV
cblr-8632	292	7	from	from	ADP
cblr-8632	292	8	mixed	mixed	ADJ
cblr-8632	292	9	lots	lot	NOUN
cblr-8632	292	10	to	to	PART
cblr-8632	292	11	account	account	VERB
cblr-8632	292	12	for	for	ADP
cblr-8632	292	13	the	the	DET
cblr-8632	292	14	large	large	ADJ
cblr-8632	292	15	number	number	NOUN
cblr-8632	292	16	of	of	ADP
cblr-8632	292	17	trades	trade	NOUN
cblr-8632	292	18	in	in	ADP
cblr-8632	292	19	trade	trade	NOUN
cblr-8632	292	20	sizes	size	NOUN
cblr-8632	292	21	having	have	VERB
cblr-8632	292	22	a	a	DET
cblr-8632	292	23	multiple	multiple	NOUN
cblr-8632	292	24	of	of	ADP
cblr-8632	292	25	100	100	NUM
cblr-8632	292	26	shares	share	NOUN
cblr-8632	292	27	.	.	PUNCT
cblr-8632	293	1	bartlett	bartlett	PROPN
cblr-8632	293	2	8/20/2021	8/20/2021	NUM
cblr-8632	293	3	6:20	6:20	NUM
cblr-8632	293	4	pm	pm	NOUN
cblr-8632	293	5	540	540	NUM
cblr-8632	293	6	columbia	columbia	PROPN
cblr-8632	293	7	business	business	NOUN
cblr-8632	293	8	law	law	PROPN
cblr-8632	293	9	review	review	NOUN
cblr-8632	293	10	[	[	X
cblr-8632	293	11	vol	vol	NOUN
cblr-8632	293	12	.	.	PUNCT
cblr-8632	293	13	2021	2021	NUM
cblr-8632	293	14	figure	figure	NOUN
cblr-8632	293	15	4	4	NUM
cblr-8632	293	16	.	.	PUNCT
cblr-8632	293	17	rate	rate	NOUN
cblr-8632	293	18	of	of	ADP
cblr-8632	293	19	price	price	NOUN
cblr-8632	293	20	improvement	improvement	NOUN
cblr-8632	293	21	in	in	ADP
cblr-8632	293	22	non	non	ADJ
cblr-8632	293	23	-	-	ADJ
cblr-8632	293	24	exchange	exchange	ADJ
cblr-8632	293	25	trades	trade	NOUN
cblr-8632	293	26	in	in	ADP
cblr-8632	293	27	dow	dow	NOUN
cblr-8632	293	28	stocks	stock	NOUN
cblr-8632	293	29	,	,	PUNCT
cblr-8632	293	30	2014–20	2014–20	PROPN
cblr-8632	293	31	the	the	DET
cblr-8632	293	32	may	may	PROPN
cblr-8632	293	33	6	6	NUM
cblr-8632	293	34	,	,	PUNCT
cblr-8632	293	35	2015	2015	NUM
cblr-8632	293	36	increase	increase	NOUN
cblr-8632	293	37	in	in	ADP
cblr-8632	293	38	price	price	NOUN
cblr-8632	293	39	improvement	improvement	NOUN
cblr-8632	293	40	for	for	ADP
cblr-8632	293	41	odd	odd	ADJ
cblr-8632	293	42	lots	lot	NOUN
cblr-8632	293	43	may	may	AUX
cblr-8632	293	44	be	be	AUX
cblr-8632	293	45	related	relate	VERB
cblr-8632	293	46	to	to	ADP
cblr-8632	293	47	the	the	DET
cblr-8632	293	48	initiation	initiation	NOUN
cblr-8632	293	49	of	of	ADP
cblr-8632	293	50	a	a	DET
cblr-8632	293	51	voluntary	voluntary	ADJ
cblr-8632	293	52	disclosure	disclosure	NOUN
cblr-8632	293	53	regime	regime	NOUN
cblr-8632	293	54	.	.	PUNCT
cblr-8632	294	1	partly	partly	ADV
cblr-8632	294	2	in	in	ADP
cblr-8632	294	3	response	response	NOUN
cblr-8632	294	4	to	to	ADP
cblr-8632	294	5	the	the	DET
cblr-8632	294	6	publication	publication	NOUN
cblr-8632	294	7	of	of	ADP
cblr-8632	294	8	michael	michael	PROPN
cblr-8632	294	9	lewis	lewis	PROPN
cblr-8632	294	10	’s	’s	PART
cblr-8632	294	11	flash	flash	NOUN
cblr-8632	294	12	boys50	boys50	NOUN
cblr-8632	294	13	in	in	ADP
cblr-8632	294	14	2014	2014	NUM
cblr-8632	294	15	,	,	PUNCT
cblr-8632	294	16	the	the	DET
cblr-8632	294	17	financial	financial	ADJ
cblr-8632	294	18	information	information	NOUN
cblr-8632	294	19	forum	forum	PROPN
cblr-8632	294	20	(	(	PUNCT
cblr-8632	294	21	fif	fif	PROPN
cblr-8632	294	22	)	)	PUNCT
cblr-8632	294	23	(	(	PUNCT
cblr-8632	294	24	a	a	DET
cblr-8632	294	25	consortium	consortium	NOUN
cblr-8632	294	26	of	of	ADP
cblr-8632	294	27	retail	retail	ADJ
cblr-8632	294	28	brokerage	brokerage	NOUN
cblr-8632	294	29	firms	firm	NOUN
cblr-8632	294	30	,	,	PUNCT
cblr-8632	294	31	wholesale	wholesale	ADJ
cblr-8632	294	32	market	market	NOUN
cblr-8632	294	33	makers	maker	NOUN
cblr-8632	294	34	,	,	PUNCT
cblr-8632	294	35	and	and	CCONJ
cblr-8632	294	36	data	datum	NOUN
cblr-8632	294	37	providers	provider	NOUN
cblr-8632	294	38	)	)	PUNCT
cblr-8632	294	39	assembled	assemble	VERB
cblr-8632	294	40	a	a	DET
cblr-8632	294	41	working	work	VERB
cblr-8632	294	42	group	group	NOUN
cblr-8632	294	43	to	to	PART
cblr-8632	294	44	examine	examine	VERB
cblr-8632	294	45	trade	trade	NOUN
cblr-8632	294	46	execution	execution	NOUN
cblr-8632	294	47	quality	quality	NOUN
cblr-8632	294	48	for	for	ADP
cblr-8632	294	49	retail	retail	ADJ
cblr-8632	294	50	trades.51	trades.51	NOUN
cblr-8632	294	51	in	in	ADP
cblr-8632	294	52	2015	2015	NUM
cblr-8632	294	53	,	,	PUNCT
cblr-8632	294	54	the	the	DET
cblr-8632	294	55	initiative	initiative	NOUN
cblr-8632	294	56	resulted	result	VERB
cblr-8632	294	57	in	in	ADP
cblr-8632	294	58	three	three	NUM
cblr-8632	294	59	prominent	prominent	ADJ
cblr-8632	294	60	retail	retail	ADJ
cblr-8632	294	61	brokerage	brokerage	NOUN
cblr-8632	294	62	firms	firm	NOUN
cblr-8632	294	63	(	(	PUNCT
cblr-8632	294	64	charles	charles	PROPN
cblr-8632	294	65	schwab	schwab	PROPN
cblr-8632	294	66	,	,	PUNCT
cblr-8632	294	67	fidelity	fidelity	NOUN
cblr-8632	294	68	,	,	PUNCT
cblr-8632	294	69	and	and	CCONJ
cblr-8632	294	70	scottrade	scottrade	NOUN
cblr-8632	294	71	)	)	PUNCT
cblr-8632	294	72	and	and	CCONJ
cblr-8632	294	73	four	four	NUM
cblr-8632	294	74	wholesale	wholesale	ADJ
cblr-8632	294	75	market	market	NOUN
cblr-8632	294	76	makers	maker	NOUN
cblr-8632	294	77	(	(	PUNCT
cblr-8632	294	78	citadel	citadel	PROPN
cblr-8632	294	79	securities	securities	PROPN
cblr-8632	294	80	,	,	PUNCT
cblr-8632	294	81	kcg	kcg	PROPN
cblr-8632	294	82	,	,	PUNCT
cblr-8632	294	83	two	two	NUM
cblr-8632	294	84	sigma	sigma	PROPN
cblr-8632	294	85	securities	security	NOUN
cblr-8632	294	86	,	,	PUNCT
cblr-8632	294	87	and	and	CCONJ
cblr-8632	294	88	ubs	ub	NOUN
cblr-8632	294	89	)	)	PUNCT
cblr-8632	294	90	committing	commit	VERB
cblr-8632	294	91	to	to	PART
cblr-8632	294	92	release	release	VERB
cblr-8632	294	93	voluntary	voluntary	ADJ
cblr-8632	294	94	,	,	PUNCT
cblr-8632	294	95	enhanced	enhance	VERB
cblr-8632	294	96	statistics	statistic	NOUN
cblr-8632	294	97	on	on	ADP
cblr-8632	294	98	retail	retail	ADJ
cblr-8632	294	99	execution	execution	NOUN
cblr-8632	294	100	50	50	NUM
cblr-8632	294	101	michael	michael	PROPN
cblr-8632	294	102	lewis	lewis	PROPN
cblr-8632	294	103	,	,	PUNCT
cblr-8632	294	104	flash	flash	VERB
cblr-8632	294	105	boys	boy	NOUN
cblr-8632	294	106	:	:	PUNCT
cblr-8632	294	107	a	a	DET
cblr-8632	294	108	wall	wall	PROPN
cblr-8632	294	109	street	street	PROPN
cblr-8632	294	110	revolt	revolt	NOUN
cblr-8632	294	111	(	(	PUNCT
cblr-8632	294	112	2014	2014	NUM
cblr-8632	294	113	)	)	PUNCT
cblr-8632	294	114	.	.	PUNCT
cblr-8632	295	1	51	51	NUM
cblr-8632	295	2	see	see	VERB
cblr-8632	295	3	bill	bill	PROPN
cblr-8632	295	4	alpert	alpert	PROPN
cblr-8632	295	5	,	,	PUNCT
cblr-8632	295	6	exclusive	exclusive	ADJ
cblr-8632	295	7	:	:	PUNCT
cblr-8632	295	8	who	who	PRON
cblr-8632	295	9	makes	make	VERB
cblr-8632	295	10	money	money	NOUN
cblr-8632	295	11	on	on	ADP
cblr-8632	295	12	your	your	PRON
cblr-8632	295	13	stock	stock	NOUN
cblr-8632	295	14	trades	trade	NOUN
cblr-8632	295	15	,	,	PUNCT
cblr-8632	295	16	barron	barron	PROPN
cblr-8632	295	17	’s	’s	PART
cblr-8632	295	18	(	(	PUNCT
cblr-8632	295	19	feb	feb	PROPN
cblr-8632	295	20	.	.	PROPN
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cblr-8632	295	27	[	[	X
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cblr-8632	295	30	.	.	PUNCT
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cblr-8632	296	2	%	%	NOUN
cblr-8632	296	3	40	40	NUM
cblr-8632	296	4	%	%	NOUN
cblr-8632	296	5	60	60	NUM
cblr-8632	296	6	%	%	NOUN
cblr-8632	296	7	80	80	NUM
cblr-8632	296	8	%	%	NOUN
cblr-8632	296	9	10	10	NUM
cblr-8632	296	10	0	0	NUM
cblr-8632	296	11	%	%	NOUN
cblr-8632	297	1	%	%	NOUN
cblr-8632	298	1	o	o	X
cblr-8632	298	2	f	f	PROPN
cblr-8632	299	1	t	t	PROPN
cblr-8632	299	2	ra	ra	PROPN
cblr-8632	299	3	de	de	X
cblr-8632	299	4	s	s	PROPN
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cblr-8632	300	2	g	g	PROPN
cblr-8632	300	3	p	p	PROPN
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cblr-8632	300	5	ce	ce	INTJ
cblr-8632	301	1	i	i	PRON
cblr-8632	301	2	m	m	VERB
cblr-8632	301	3	pr	pr	INTJ
cblr-8632	302	1	ov	ov	INTJ
cblr-8632	302	2	em	em	PRON
cblr-8632	302	3	en	en	ADP
cblr-8632	302	4	t	t	X
cblr-8632	302	5	07/01/2014	07/01/2014	NUM
cblr-8632	302	6	01/01/2016	01/01/2016	NUM
cblr-8632	303	1	07/01/2017	07/01/2017	NUM
cblr-8632	303	2	01/01/2019	01/01/2019	NUM
cblr-8632	303	3	07/01/2020	07/01/2020	NUM
cblr-8632	303	4	odd	odd	ADJ
cblr-8632	303	5	lots	lot	NOUN
cblr-8632	303	6	mixed	mix	VERB
cblr-8632	303	7	lots	lot	NOUN
cblr-8632	303	8	round	round	VERB
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cblr-8632	303	12	6:20	6:20	NUM
cblr-8632	303	13	pm	pm	NOUN
cblr-8632	303	14	no	no	INTJ
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cblr-8632	304	3	modernizing	modernize	VERB
cblr-8632	304	4	odd	odd	ADJ
cblr-8632	304	5	lot	lot	NOUN
cblr-8632	304	6	trading	trade	VERB
cblr-8632	304	7	541	541	NUM
cblr-8632	304	8	quality.52	quality.52	NOUN
cblr-8632	304	9	the	the	DET
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cblr-8632	304	14	in	in	ADP
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cblr-8632	304	17	,	,	PUNCT
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cblr-8632	304	19	,	,	PUNCT
cblr-8632	304	20	in	in	ADP
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cblr-8632	304	22	to	to	PART
cblr-8632	304	23	rule	rule	VERB
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cblr-8632	304	25	reports	report	NOUN
cblr-8632	304	26	,	,	PUNCT
cblr-8632	304	27	these	these	DET
cblr-8632	304	28	reports	report	NOUN
cblr-8632	304	29	disclosed	disclose	VERB
cblr-8632	304	30	average	average	ADJ
cblr-8632	304	31	price	price	NOUN
cblr-8632	304	32	improvement	improvement	NOUN
cblr-8632	304	33	rates	rate	NOUN
cblr-8632	304	34	and	and	CCONJ
cblr-8632	304	35	levels	level	NOUN
cblr-8632	304	36	for	for	ADP
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cblr-8632	304	40	overall	overall	ADJ
cblr-8632	304	41	,	,	PUNCT
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cblr-8632	304	43	with	with	ADP
cblr-8632	304	44	figure	figure	NOUN
cblr-8632	304	45	4	4	NUM
cblr-8632	304	46	,	,	PUNCT
cblr-8632	304	47	the	the	DET
cblr-8632	304	48	fif	fif	PROPN
cblr-8632	304	49	working	working	PROPN
cblr-8632	304	50	group	group	PROPN
cblr-8632	304	51	reports	report	NOUN
cblr-8632	304	52	revealed	reveal	VERB
cblr-8632	304	53	that	that	SCONJ
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cblr-8632	304	57	for	for	ADP
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cblr-8632	304	61	were	be	AUX
cblr-8632	304	62	substantially	substantially	ADV
cblr-8632	304	63	lower	low	ADJ
cblr-8632	304	64	than	than	ADP
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cblr-8632	304	66	non	non	ADJ
cblr-8632	304	67	-	-	ADJ
cblr-8632	304	68	odd	odd	ADJ
cblr-8632	304	69	lot	lot	NOUN
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cblr-8632	304	71	for	for	ADP
cblr-8632	304	72	virtually	virtually	ADV
cblr-8632	304	73	all	all	PRON
cblr-8632	304	74	participants.54	participants.54	NOUN
cblr-8632	304	75	writing	writing	NOUN
cblr-8632	304	76	for	for	ADP
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cblr-8632	304	85	noted	note	VERB
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cblr-8632	304	88	market	market	NOUN
cblr-8632	304	89	makers	maker	NOUN
cblr-8632	304	90	had	have	AUX
cblr-8632	304	91	acknowledged	acknowledge	VERB
cblr-8632	304	92	the	the	DET
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cblr-8632	304	94	in	in	ADP
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cblr-8632	304	99	,	,	PUNCT
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cblr-8632	304	101	that	that	SCONJ
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cblr-8632	304	104	also	also	ADV
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cblr-8632	304	108	in	in	ADP
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cblr-8632	304	112	,	,	PUNCT
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cblr-8632	304	119	.	.	PUNCT
cblr-8632	305	1	”55	”55	PROPN
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cblr-8632	305	3	not	not	PART
cblr-8632	305	4	all	all	DET
cblr-8632	305	5	market	market	NOUN
cblr-8632	305	6	makers	maker	NOUN
cblr-8632	305	7	continued	continue	VERB
cblr-8632	305	8	to	to	PART
cblr-8632	305	9	disclose	disclose	VERB
cblr-8632	305	10	quarterly	quarterly	ADJ
cblr-8632	305	11	performance	performance	NOUN
cblr-8632	305	12	data	datum	NOUN
cblr-8632	305	13	under	under	ADP
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cblr-8632	305	15	fif	fif	PROPN
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cblr-8632	305	17	initiative	initiative	NOUN
cblr-8632	305	18	,	,	PUNCT
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cblr-8632	305	20	filed	file	VERB
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cblr-8632	305	29	claim	claim	NOUN
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cblr-8632	305	31	showed	show	VERB
cblr-8632	305	32	a	a	DET
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cblr-8632	305	35	in	in	ADP
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cblr-8632	305	37	improvement	improvement	NOUN
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cblr-8632	305	39	for	for	ADP
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cblr-8632	305	43	in	in	ADP
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cblr-8632	305	47	.	.	PUNCT
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cblr-8632	306	12	for	for	ADP
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cblr-8632	306	41	in	in	ADP
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cblr-8632	310	18	(	(	PUNCT
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cblr-8632	310	79	/	/	SYM
cblr-8632	310	80	fif	fif	PROPN
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cblr-8632	310	90	quality	quality	NOUN
cblr-8632	310	91	-	-	PUNCT
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cblr-8632	310	93	;	;	PUNCT
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cblr-8632	310	100	-	-	PUNCT
cblr-8632	310	101	2015	2015	NUM
cblr-8632	310	102	fif	fif	PROPN
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cblr-8632	310	108	(	(	PUNCT
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cblr-8632	310	113	file	file	NOUN
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cblr-8632	310	116	columbia	columbia	PROPN
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cblr-8632	310	119	review	review	PROPN
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cblr-8632	310	121	,	,	PUNCT
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cblr-8632	310	124	files	file	NOUN
cblr-8632	310	125	/	/	SYM
cblr-8632	310	126	uploads	upload	NOUN
cblr-8632	310	127	/	/	SYM
cblr-8632	310	128	sites/2/2013/08	sites/2/2013/08	NOUN
cblr-8632	310	129	/	/	SYM
cblr-8632	310	130	fif	fif	PROPN
cblr-8632	310	131	-	-	PUNCT
cblr-8632	310	132	rule-605	rule-605	NOUN
cblr-8632	310	133	-	-	PUNCT
cblr-8632	310	134	606	606	NUM
cblr-8632	310	135	-	-	PUNCT
cblr-8632	310	136	wgcitadelsecurities_retail	wgcitadelsecurities_retail	NOUN
cblr-8632	310	137	-	-	PUNCT
cblr-8632	310	138	execution	execution	NOUN
cblr-8632	310	139	-	-	PUNCT
cblr-8632	310	140	quality	quality	NOUN
cblr-8632	310	141	-	-	PUNCT
cblr-8632	310	142	stats_q4_2015.pdf	stats_q4_2015.pdf	NOUN
cblr-8632	310	143	.	.	PUNCT
cblr-8632	311	1	bartlett	bartlett	PROPN
cblr-8632	311	2	8/20/2021	8/20/2021	NUM
cblr-8632	311	3	6:20	6:20	NUM
cblr-8632	311	4	pm	pm	PROPN
cblr-8632	311	5	542	542	NUM
cblr-8632	311	6	columbia	columbia	PROPN
cblr-8632	311	7	business	business	NOUN
cblr-8632	311	8	law	law	PROPN
cblr-8632	311	9	review	review	NOUN
cblr-8632	311	10	[	[	X
cblr-8632	311	11	vol	vol	NOUN
cblr-8632	311	12	.	.	NOUN
cblr-8632	311	13	2021	2021	NUM
cblr-8632	311	14	table	table	NOUN
cblr-8632	311	15	1	1	NUM
cblr-8632	311	16	.	.	PUNCT
cblr-8632	312	1	citadel	citadel	PROPN
cblr-8632	312	2	fif	fif	PROPN
cblr-8632	312	3	disclosures	disclosure	VERB
cblr-8632	312	4	for	for	ADP
cblr-8632	312	5	odd	odd	ADJ
cblr-8632	312	6	lot	lot	NOUN
cblr-8632	312	7	trades	trade	NOUN
cblr-8632	312	8	in	in	ADP
cblr-8632	312	9	s&p	s&p	PROPN
cblr-8632	312	10	500	500	NUM
cblr-8632	312	11	stocks	stock	NOUN
cblr-8632	312	12	2015	2015	NUM
cblr-8632	312	13	q1	q1	PROPN
cblr-8632	312	14	q2	q2	PROPN
cblr-8632	312	15	q3	q3	PROPN
cblr-8632	312	16	q4	q4	PROPN
cblr-8632	312	17	price	price	NOUN
cblr-8632	312	18	improvement	improvement	NOUN
cblr-8632	312	19	(	(	PUNCT
cblr-8632	312	20	%	%	NOUN
cblr-8632	312	21	)	)	PUNCT
cblr-8632	312	22	45.33	45.33	NUM
cblr-8632	312	23	%	%	NOUN
cblr-8632	312	24	77.93	77.93	NUM
cblr-8632	312	25	%	%	NOUN
cblr-8632	312	26	n	n	CCONJ
cblr-8632	312	27	/	/	SYM
cblr-8632	312	28	a	a	DET
cblr-8632	312	29	99.32	99.32	NUM
cblr-8632	312	30	%	%	NOUN
cblr-8632	312	31	average	average	ADJ
cblr-8632	312	32	savings	saving	NOUN
cblr-8632	312	33	per	per	ADP
cblr-8632	312	34	order	order	NOUN
cblr-8632	312	35	(	(	PUNCT
cblr-8632	312	36	$	$	SYM
cblr-8632	312	37	)	)	PUNCT
cblr-8632	312	38	$	$	SYM
cblr-8632	312	39	0.15	0.15	NUM
cblr-8632	312	40	$	$	SYM
cblr-8632	312	41	0.13	0.13	NUM
cblr-8632	312	42	n	n	CCONJ
cblr-8632	312	43	/	/	SYM
cblr-8632	312	44	a	a	DET
cblr-8632	312	45	$	$	SYM
cblr-8632	312	46	0.28	0.28	NUM
cblr-8632	312	47	to	to	ADP
cblr-8632	312	48	the	the	DET
cblr-8632	312	49	extent	extent	NOUN
cblr-8632	312	50	these	these	DET
cblr-8632	312	51	fif	fif	PROPN
cblr-8632	312	52	disclosures	disclosure	NOUN
cblr-8632	312	53	encouraged	encourage	VERB
cblr-8632	312	54	wholesale	wholesale	ADJ
cblr-8632	312	55	market	market	NOUN
cblr-8632	312	56	makers	maker	NOUN
cblr-8632	312	57	to	to	PART
cblr-8632	312	58	offer	offer	VERB
cblr-8632	312	59	greater	great	ADJ
cblr-8632	312	60	price	price	NOUN
cblr-8632	312	61	improvement	improvement	NOUN
cblr-8632	312	62	for	for	ADP
cblr-8632	312	63	odd	odd	ADJ
cblr-8632	312	64	lot	lot	NOUN
cblr-8632	312	65	trades	trade	NOUN
cblr-8632	312	66	,	,	PUNCT
cblr-8632	312	67	the	the	DET
cblr-8632	312	68	fif	fif	PROPN
cblr-8632	312	69	data	data	PROPN
cblr-8632	312	70	suggest	suggest	VERB
cblr-8632	312	71	that	that	SCONJ
cblr-8632	312	72	the	the	DET
cblr-8632	312	73	lack	lack	NOUN
cblr-8632	312	74	of	of	ADP
cblr-8632	312	75	transparency	transparency	NOUN
cblr-8632	312	76	concerning	concern	VERB
cblr-8632	312	77	odd	odd	ADJ
cblr-8632	312	78	lot	lot	NOUN
cblr-8632	312	79	trade	trade	NOUN
cblr-8632	312	80	executions	execution	NOUN
cblr-8632	312	81	may	may	AUX
cblr-8632	312	82	have	have	AUX
cblr-8632	312	83	contributed	contribute	VERB
cblr-8632	312	84	to	to	ADP
cblr-8632	312	85	the	the	DET
cblr-8632	312	86	lack	lack	NOUN
cblr-8632	312	87	of	of	ADP
cblr-8632	312	88	price	price	NOUN
cblr-8632	312	89	improvement	improvement	NOUN
cblr-8632	312	90	for	for	ADP
cblr-8632	312	91	odd	odd	ADJ
cblr-8632	312	92	lot	lot	NOUN
cblr-8632	312	93	trades	trade	NOUN
cblr-8632	312	94	prior	prior	ADV
cblr-8632	312	95	to	to	ADP
cblr-8632	312	96	2015	2015	NUM
cblr-8632	312	97	.	.	PUNCT
cblr-8632	313	1	at	at	ADP
cblr-8632	313	2	the	the	DET
cblr-8632	313	3	same	same	ADJ
cblr-8632	313	4	time	time	NOUN
cblr-8632	313	5	,	,	PUNCT
cblr-8632	313	6	the	the	DET
cblr-8632	313	7	fif	fif	PROPN
cblr-8632	313	8	initiative	initiative	PROPN
cblr-8632	313	9	also	also	ADV
cblr-8632	313	10	highlights	highlight	VERB
cblr-8632	313	11	important	important	ADJ
cblr-8632	313	12	limitations	limitation	NOUN
cblr-8632	313	13	of	of	ADP
cblr-8632	313	14	an	an	DET
cblr-8632	313	15	entirely	entirely	ADV
cblr-8632	313	16	voluntary	voluntary	ADJ
cblr-8632	313	17	disclosure	disclosure	NOUN
cblr-8632	313	18	regime	regime	NOUN
cblr-8632	313	19	.	.	PUNCT
cblr-8632	314	1	first	first	ADV
cblr-8632	314	2	,	,	PUNCT
cblr-8632	314	3	many	many	ADJ
cblr-8632	314	4	participants	participant	NOUN
cblr-8632	314	5	chose	choose	VERB
cblr-8632	314	6	to	to	PART
cblr-8632	314	7	refrain	refrain	VERB
cblr-8632	314	8	from	from	ADP
cblr-8632	314	9	disclosing	disclose	VERB
cblr-8632	314	10	statistics	statistic	NOUN
cblr-8632	314	11	after	after	ADP
cblr-8632	314	12	2015	2015	NUM
cblr-8632	314	13	and	and	CCONJ
cblr-8632	314	14	subsequently	subsequently	ADV
cblr-8632	314	15	left	leave	VERB
cblr-8632	314	16	the	the	DET
cblr-8632	314	17	working	work	VERB
cblr-8632	314	18	group.57	group.57	NOUN
cblr-8632	314	19	as	as	ADP
cblr-8632	314	20	of	of	ADP
cblr-8632	314	21	this	this	DET
cblr-8632	314	22	writing	writing	NOUN
cblr-8632	314	23	,	,	PUNCT
cblr-8632	314	24	fif	fif	PROPN
cblr-8632	314	25	lists	list	VERB
cblr-8632	314	26	only	only	ADV
cblr-8632	314	27	one	one	NUM
cblr-8632	314	28	retail	retail	ADJ
cblr-8632	314	29	brokerage	brokerage	NOUN
cblr-8632	314	30	firm	firm	NOUN
cblr-8632	314	31	(	(	PUNCT
cblr-8632	314	32	fidelity	fidelity	PROPN
cblr-8632	314	33	)	)	PUNCT
cblr-8632	314	34	and	and	CCONJ
cblr-8632	314	35	one	one	NUM
cblr-8632	314	36	wholesale	wholesale	ADJ
cblr-8632	314	37	market	market	NOUN
cblr-8632	314	38	maker	maker	NOUN
cblr-8632	314	39	(	(	PUNCT
cblr-8632	314	40	two	two	NUM
cblr-8632	314	41	sigma	sigma	PROPN
cblr-8632	314	42	securities	security	NOUN
cblr-8632	314	43	)	)	PUNCT
cblr-8632	314	44	as	as	SCONJ
cblr-8632	314	45	participants	participant	NOUN
cblr-8632	314	46	in	in	ADP
cblr-8632	314	47	the	the	DET
cblr-8632	314	48	disclosure	disclosure	NOUN
cblr-8632	314	49	program.58	program.58	VERB
cblr-8632	314	50	57	57	NUM
cblr-8632	314	51	for	for	ADP
cblr-8632	314	52	instance	instance	NOUN
cblr-8632	314	53	,	,	PUNCT
cblr-8632	314	54	ubs	ubs	PROPN
cblr-8632	314	55	does	do	AUX
cblr-8632	314	56	not	not	PART
cblr-8632	314	57	appear	appear	VERB
cblr-8632	314	58	to	to	PART
cblr-8632	314	59	have	have	AUX
cblr-8632	314	60	ever	ever	ADV
cblr-8632	314	61	disclosed	disclose	VERB
cblr-8632	314	62	its	its	PRON
cblr-8632	314	63	retail	retail	ADJ
cblr-8632	314	64	execution	execution	NOUN
cblr-8632	314	65	statistics	statistic	NOUN
cblr-8632	314	66	on	on	ADP
cblr-8632	314	67	the	the	DET
cblr-8632	314	68	fif	fif	PROPN
cblr-8632	314	69	website	website	NOUN
cblr-8632	314	70	,	,	PUNCT
cblr-8632	314	71	see	see	VERB
cblr-8632	314	72	,	,	PUNCT
cblr-8632	314	73	e.g.	e.g.	ADV
cblr-8632	314	74	,	,	PUNCT
cblr-8632	314	75	retail	retail	ADJ
cblr-8632	314	76	execution	execution	NOUN
cblr-8632	314	77	quality	quality	NOUN
cblr-8632	314	78	statistics	statistic	NOUN
cblr-8632	314	79	,	,	PUNCT
cblr-8632	314	80	fin	fin	NOUN
cblr-8632	314	81	.	.	PUNCT
cblr-8632	314	82	info	info	PROPN
cblr-8632	314	83	.	.	PUNCT
cblr-8632	315	1	f.	f.	PROPN
cblr-8632	315	2	(	(	PUNCT
cblr-8632	315	3	on	on	ADP
cblr-8632	315	4	file	file	NOUN
cblr-8632	315	5	with	with	ADP
cblr-8632	315	6	the	the	DET
cblr-8632	315	7	columbia	columbia	PROPN
cblr-8632	315	8	business	business	PROPN
cblr-8632	315	9	law	law	PROPN
cblr-8632	315	10	review	review	PROPN
cblr-8632	315	11	)	)	PUNCT
cblr-8632	315	12	,	,	PUNCT
cblr-8632	315	13	https://web.archive.org/web/20150725075259/https://www.fif.com/	https://web.archive.org/web/20150725075259/https://www.fif.com/	NOUN
cblr-8632	315	14	(	(	PUNCT
cblr-8632	315	15	last	last	ADJ
cblr-8632	315	16	visited	visit	VERB
cblr-8632	315	17	may	may	AUX
cblr-8632	315	18	25	25	NUM
cblr-8632	315	19	,	,	PUNCT
cblr-8632	315	20	2021	2021	NUM
cblr-8632	315	21	)	)	PUNCT
cblr-8632	315	22	(	(	PUNCT
cblr-8632	315	23	capturing	capture	VERB
cblr-8632	315	24	fif	fif	PROPN
cblr-8632	315	25	’s	’s	PART
cblr-8632	315	26	collection	collection	NOUN
cblr-8632	315	27	of	of	ADP
cblr-8632	315	28	execution	execution	NOUN
cblr-8632	315	29	statistics	statistic	NOUN
cblr-8632	315	30	on	on	ADP
cblr-8632	315	31	july	july	PROPN
cblr-8632	315	32	25	25	NUM
cblr-8632	315	33	,	,	PUNCT
cblr-8632	315	34	2015	2015	NUM
cblr-8632	315	35	)	)	PUNCT
cblr-8632	315	36	,	,	PUNCT
cblr-8632	315	37	and	and	CCONJ
cblr-8632	315	38	was	be	AUX
cblr-8632	315	39	no	no	ADV
cblr-8632	315	40	longer	long	ADV
cblr-8632	315	41	reported	report	VERB
cblr-8632	315	42	as	as	ADP
cblr-8632	315	43	a	a	DET
cblr-8632	315	44	member	member	NOUN
cblr-8632	315	45	of	of	ADP
cblr-8632	315	46	the	the	DET
cblr-8632	315	47	working	working	NOUN
cblr-8632	315	48	group	group	NOUN
cblr-8632	315	49	by	by	ADP
cblr-8632	315	50	early	early	ADJ
cblr-8632	315	51	2016	2016	NUM
cblr-8632	315	52	.	.	PUNCT
cblr-8632	316	1	see	see	VERB
cblr-8632	316	2	retail	retail	ADJ
cblr-8632	316	3	execution	execution	NOUN
cblr-8632	316	4	quality	quality	NOUN
cblr-8632	316	5	statistics	statistic	NOUN
cblr-8632	316	6	,	,	PUNCT
cblr-8632	316	7	fin	fin	NOUN
cblr-8632	316	8	.	.	PUNCT
cblr-8632	316	9	info	info	PROPN
cblr-8632	316	10	.	.	PUNCT
cblr-8632	317	1	f.	f.	PROPN
cblr-8632	317	2	(	(	PUNCT
cblr-8632	317	3	on	on	ADP
cblr-8632	317	4	file	file	NOUN
cblr-8632	317	5	with	with	ADP
cblr-8632	317	6	the	the	DET
cblr-8632	317	7	columbia	columbia	PROPN
cblr-8632	317	8	business	business	PROPN
cblr-8632	317	9	law	law	PROPN
cblr-8632	317	10	review	review	PROPN
cblr-8632	317	11	)	)	PUNCT
cblr-8632	317	12	,	,	PUNCT
cblr-8632	317	13	https://web.archive.org/web/20160331181259/https://fif.com/	https://web.archive.org/web/20160331181259/https://fif.com/	PROPN
cblr-8632	317	14	(	(	PUNCT
cblr-8632	317	15	last	last	ADJ
cblr-8632	317	16	visited	visit	VERB
cblr-8632	317	17	may	may	AUX
cblr-8632	317	18	25	25	NUM
cblr-8632	317	19	,	,	PUNCT
cblr-8632	317	20	2021	2021	NUM
cblr-8632	317	21	)	)	PUNCT
cblr-8632	317	22	(	(	PUNCT
cblr-8632	317	23	capturing	capture	VERB
cblr-8632	317	24	fif	fif	PROPN
cblr-8632	317	25	’s	’s	PART
cblr-8632	317	26	collection	collection	NOUN
cblr-8632	317	27	of	of	ADP
cblr-8632	317	28	execution	execution	NOUN
cblr-8632	317	29	statistics	statistic	NOUN
cblr-8632	317	30	on	on	ADP
cblr-8632	317	31	march	march	PROPN
cblr-8632	317	32	31	31	NUM
cblr-8632	317	33	,	,	PUNCT
cblr-8632	317	34	2015	2015	NUM
cblr-8632	317	35	)	)	PUNCT
cblr-8632	317	36	.	.	PUNCT
cblr-8632	318	1	58	58	NUM
cblr-8632	318	2	see	see	VERB
cblr-8632	318	3	retail	retail	ADJ
cblr-8632	318	4	execution	execution	NOUN
cblr-8632	318	5	quality	quality	NOUN
cblr-8632	318	6	statistics	statistic	NOUN
cblr-8632	318	7	,	,	PUNCT
cblr-8632	318	8	fin	fin	NOUN
cblr-8632	318	9	.	.	PUNCT
cblr-8632	318	10	info	info	PROPN
cblr-8632	318	11	.	.	PUNCT
cblr-8632	319	1	f.	f.	PROPN
cblr-8632	319	2	,	,	PUNCT
cblr-8632	319	3	https://fif.com/index.php/retail-execution-quality-statistics	https://fif.com/index.php/retail-execution-quality-statistic	NOUN
cblr-8632	320	1	[	[	X
cblr-8632	320	2	https://perma.cc/k8qw-v96z	https://perma.cc/k8qw-v96z	X
cblr-8632	320	3	]	]	X
cblr-8632	320	4	(	(	PUNCT
cblr-8632	320	5	last	last	ADV
cblr-8632	320	6	visited	visit	VERB
cblr-8632	320	7	mar	mar	PROPN
cblr-8632	320	8	.	.	PROPN
cblr-8632	320	9	15	15	NUM
cblr-8632	320	10	,	,	PUNCT
cblr-8632	320	11	2021	2021	NUM
cblr-8632	320	12	)	)	PUNCT
cblr-8632	320	13	.	.	PUNCT
cblr-8632	321	1	but	but	CCONJ
cblr-8632	321	2	see	see	VERB
cblr-8632	321	3	rule	rule	NOUN
cblr-8632	321	4	605	605	NUM
cblr-8632	321	5	and	and	CCONJ
cblr-8632	321	6	606	606	NUM
cblr-8632	321	7	reporting	reporting	NOUN
cblr-8632	321	8	,	,	PUNCT
cblr-8632	321	9	virtu	virtu	PROPN
cblr-8632	321	10	fin	fin	PROPN
cblr-8632	321	11	.	.	PUNCT
cblr-8632	321	12	,	,	PUNCT
cblr-8632	321	13	https://www.virtu.com/about/transparency/rule-605-and-606reporting/#:~:text=rule%20605%20requires%20%e2%80%9cmarket%20ce	https://www.virtu.com/about/transparency/rule-605-and-606reporting/#:~:text=rule%20605%20requires%20%e2%80%9cmarket%20ce	PROPN
cblr-8632	321	14	nters	nter	NOUN
cblr-8632	321	15	,	,	PUNCT
cblr-8632	321	16	about%20%e2%80%9ccovered%20order%e2%80%9d%20executions	about%20%e2%80%9ccovered%20order%e2%80%9d%20execution	NOUN
cblr-8632	321	17	.	.	PUNCT
cblr-8632	322	1	[	[	X
cblr-8632	322	2	https://perma.cc/u6rj-gcml	https://perma.cc/u6rj-gcml	NOUN
cblr-8632	322	3	]	]	X
cblr-8632	322	4	(	(	PUNCT
cblr-8632	322	5	last	last	ADJ
cblr-8632	322	6	visited	visit	VERB
cblr-8632	322	7	may	may	AUX
cblr-8632	322	8	25	25	NUM
cblr-8632	322	9	,	,	PUNCT
cblr-8632	322	10	2021	2021	NUM
cblr-8632	322	11	)	)	PUNCT
cblr-8632	322	12	(	(	PUNCT
cblr-8632	322	13	claiming	claim	VERB
cblr-8632	322	14	that	that	SCONJ
cblr-8632	322	15	virtu	virtu	PROPN
cblr-8632	322	16	financial	financial	PROPN
cblr-8632	322	17	continues	continue	VERB
cblr-8632	322	18	to	to	PART
cblr-8632	322	19	participate	participate	VERB
cblr-8632	322	20	)	)	PUNCT
cblr-8632	322	21	.	.	PUNCT
cblr-8632	323	1	bartlett	bartlett	PROPN
cblr-8632	323	2	8/20/2021	8/20/2021	NUM
cblr-8632	323	3	6:20	6:20	NUM
cblr-8632	323	4	pm	pm	NOUN
cblr-8632	323	5	no	no	INTJ
cblr-8632	323	6	.	.	PUNCT
cblr-8632	324	1	2:520	2:520	NUM
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cblr-8632	324	3	modernizing	modernize	VERB
cblr-8632	324	4	odd	odd	ADJ
cblr-8632	324	5	lot	lot	NOUN
cblr-8632	324	6	trading	trade	VERB
cblr-8632	324	7	543	543	NUM
cblr-8632	324	8	second	second	ADJ
cblr-8632	324	9	,	,	PUNCT
cblr-8632	324	10	the	the	DET
cblr-8632	324	11	choice	choice	NOUN
cblr-8632	324	12	of	of	ADP
cblr-8632	324	13	execution	execution	NOUN
cblr-8632	324	14	metric	metric	ADJ
cblr-8632	324	15	may	may	AUX
cblr-8632	324	16	lead	lead	VERB
cblr-8632	324	17	to	to	ADP
cblr-8632	324	18	a	a	DET
cblr-8632	324	19	misleading	misleading	ADJ
cblr-8632	324	20	depiction	depiction	NOUN
cblr-8632	324	21	of	of	ADP
cblr-8632	324	22	trade	trade	NOUN
cblr-8632	324	23	execution	execution	NOUN
cblr-8632	324	24	performance	performance	NOUN
cblr-8632	324	25	.	.	PUNCT
cblr-8632	325	1	the	the	DET
cblr-8632	325	2	typical	typical	ADJ
cblr-8632	325	3	metric	metric	NOUN
cblr-8632	325	4	for	for	ADP
cblr-8632	325	5	price	price	NOUN
cblr-8632	325	6	improvement	improvement	NOUN
cblr-8632	325	7	follows	follow	VERB
cblr-8632	325	8	the	the	DET
cblr-8632	325	9	rule	rule	NOUN
cblr-8632	325	10	605	605	NUM
cblr-8632	325	11	report	report	NOUN
cblr-8632	325	12	convention	convention	NOUN
cblr-8632	325	13	,	,	PUNCT
cblr-8632	325	14	which	which	PRON
cblr-8632	325	15	is	be	AUX
cblr-8632	325	16	the	the	DET
cblr-8632	325	17	fraction	fraction	NOUN
cblr-8632	325	18	of	of	ADP
cblr-8632	325	19	trades	trade	NOUN
cblr-8632	325	20	receiving	receive	VERB
cblr-8632	325	21	any	any	DET
cblr-8632	325	22	price	price	NOUN
cblr-8632	325	23	improvement.59	improvement.59	NOUN
cblr-8632	325	24	a	a	DET
cblr-8632	325	25	problem	problem	NOUN
cblr-8632	325	26	with	with	ADP
cblr-8632	325	27	this	this	DET
cblr-8632	325	28	metric	metric	NOUN
cblr-8632	325	29	is	be	AUX
cblr-8632	325	30	that	that	SCONJ
cblr-8632	325	31	the	the	DET
cblr-8632	325	32	overall	overall	ADJ
cblr-8632	325	33	rate	rate	NOUN
cblr-8632	325	34	of	of	ADP
cblr-8632	325	35	price	price	NOUN
cblr-8632	325	36	improvement	improvement	NOUN
cblr-8632	325	37	may	may	AUX
cblr-8632	325	38	be	be	AUX
cblr-8632	325	39	high	high	ADJ
cblr-8632	325	40	,	,	PUNCT
cblr-8632	325	41	but	but	CCONJ
cblr-8632	325	42	the	the	DET
cblr-8632	325	43	amount	amount	NOUN
cblr-8632	325	44	of	of	ADP
cblr-8632	325	45	price	price	NOUN
cblr-8632	325	46	improvement	improvement	NOUN
cblr-8632	325	47	may	may	AUX
cblr-8632	325	48	be	be	AUX
cblr-8632	325	49	de	de	X
cblr-8632	325	50	minimis	minimis	PROPN
cblr-8632	325	51	.	.	PUNCT
cblr-8632	326	1	indeed	indeed	ADV
cblr-8632	326	2	,	,	PUNCT
cblr-8632	326	3	rule	rule	VERB
cblr-8632	326	4	612	612	NUM
cblr-8632	326	5	of	of	ADP
cblr-8632	326	6	reg	reg	NOUN
cblr-8632	326	7	nms	nms	NOUN
cblr-8632	326	8	provides	provide	VERB
cblr-8632	326	9	that	that	DET
cblr-8632	326	10	quotes	quote	NOUN
cblr-8632	326	11	for	for	ADP
cblr-8632	326	12	more	more	ADJ
cblr-8632	326	13	than	than	ADP
cblr-8632	326	14	$	$	SYM
cblr-8632	326	15	1.00	1.00	NUM
cblr-8632	326	16	per	per	ADP
cblr-8632	326	17	share	share	NOUN
cblr-8632	326	18	must	must	AUX
cblr-8632	326	19	be	be	AUX
cblr-8632	326	20	made	make	VERB
cblr-8632	326	21	in	in	ADP
cblr-8632	326	22	the	the	DET
cblr-8632	326	23	minimum	minimum	NOUN
cblr-8632	326	24	price	price	NOUN
cblr-8632	326	25	increment	increment	NOUN
cblr-8632	326	26	of	of	ADP
cblr-8632	326	27	a	a	DET
cblr-8632	326	28	penny	penny	NOUN
cblr-8632	326	29	,	,	PUNCT
cblr-8632	326	30	but	but	CCONJ
cblr-8632	326	31	it	it	PRON
cblr-8632	326	32	provides	provide	VERB
cblr-8632	326	33	that	that	SCONJ
cblr-8632	326	34	trades	trade	NOUN
cblr-8632	326	35	may	may	AUX
cblr-8632	326	36	be	be	AUX
cblr-8632	326	37	executed	execute	VERB
cblr-8632	326	38	in	in	ADP
cblr-8632	326	39	subpenny	subpenny	NOUN
cblr-8632	326	40	increments	increment	NOUN
cblr-8632	326	41	in	in	ADP
cblr-8632	326	42	part	part	NOUN
cblr-8632	326	43	to	to	PART
cblr-8632	326	44	enable	enable	VERB
cblr-8632	326	45	sub	sub	ADJ
cblr-8632	326	46	-	-	ADJ
cblr-8632	326	47	penny	penny	ADJ
cblr-8632	326	48	price	price	NOUN
cblr-8632	326	49	improvement.60	improvement.60	PROPN
cblr-8632	326	50	a	a	DET
cblr-8632	326	51	common	common	ADJ
cblr-8632	326	52	amount	amount	NOUN
cblr-8632	326	53	of	of	ADP
cblr-8632	326	54	price	price	NOUN
cblr-8632	326	55	improvement	improvement	NOUN
cblr-8632	326	56	observed	observe	VERB
cblr-8632	326	57	in	in	ADP
cblr-8632	326	58	market	market	NOUN
cblr-8632	326	59	data	datum	NOUN
cblr-8632	326	60	is	be	AUX
cblr-8632	326	61	$	$	SYM
cblr-8632	326	62	0.001	0.001	NUM
cblr-8632	326	63	or	or	CCONJ
cblr-8632	326	64	less	less	ADJ
cblr-8632	326	65	per	per	ADP
cblr-8632	326	66	share	share	NOUN
cblr-8632	326	67	.	.	PUNCT
cblr-8632	327	1	the	the	DET
cblr-8632	327	2	other	other	ADJ
cblr-8632	327	3	commonly	commonly	ADV
cblr-8632	327	4	reported	report	VERB
cblr-8632	327	5	metrics	metric	NOUN
cblr-8632	327	6	may	may	AUX
cblr-8632	327	7	also	also	ADV
cblr-8632	327	8	provide	provide	VERB
cblr-8632	327	9	only	only	ADJ
cblr-8632	327	10	partial	partial	ADJ
cblr-8632	327	11	information	information	NOUN
cblr-8632	327	12	.	.	PUNCT
cblr-8632	328	1	for	for	ADP
cblr-8632	328	2	example	example	NOUN
cblr-8632	328	3	,	,	PUNCT
cblr-8632	328	4	the	the	DET
cblr-8632	328	5	disclosure	disclosure	NOUN
cblr-8632	328	6	of	of	ADP
cblr-8632	328	7	average	average	ADJ
cblr-8632	328	8	savings	saving	NOUN
cblr-8632	328	9	per	per	ADP
cblr-8632	328	10	order	order	NOUN
cblr-8632	328	11	does	do	VERB
cblr-8632	328	12	little	little	ADJ
cblr-8632	328	13	to	to	PART
cblr-8632	328	14	rule	rule	VERB
cblr-8632	328	15	out	out	ADP
cblr-8632	328	16	the	the	DET
cblr-8632	328	17	possibility	possibility	NOUN
cblr-8632	328	18	that	that	SCONJ
cblr-8632	328	19	price	price	NOUN
cblr-8632	328	20	improvement	improvement	NOUN
cblr-8632	328	21	rates	rate	NOUN
cblr-8632	328	22	reflect	reflect	VERB
cblr-8632	328	23	a	a	DET
cblr-8632	328	24	market	market	NOUN
cblr-8632	328	25	center	center	NOUN
cblr-8632	328	26	providing	provide	VERB
cblr-8632	328	27	only	only	ADV
cblr-8632	328	28	subpennies	subpennie	NOUN
cblr-8632	328	29	of	of	ADP
cblr-8632	328	30	price	price	NOUN
cblr-8632	328	31	improvement	improvement	NOUN
cblr-8632	328	32	per	per	ADP
cblr-8632	328	33	share	share	NOUN
cblr-8632	328	34	.	.	PUNCT
cblr-8632	329	1	for	for	ADP
cblr-8632	329	2	instance	instance	NOUN
cblr-8632	329	3	,	,	PUNCT
cblr-8632	329	4	in	in	ADP
cblr-8632	329	5	table	table	NOUN
cblr-8632	329	6	1	1	NUM
cblr-8632	329	7	,	,	PUNCT
cblr-8632	329	8	the	the	DET
cblr-8632	329	9	$	$	SYM
cblr-8632	329	10	0.28	0.28	NUM
cblr-8632	329	11	of	of	ADP
cblr-8632	329	12	savings	saving	NOUN
cblr-8632	329	13	per	per	ADP
cblr-8632	329	14	order	order	NOUN
cblr-8632	329	15	during	during	ADP
cblr-8632	329	16	the	the	DET
cblr-8632	329	17	fourth	fourth	ADJ
cblr-8632	329	18	quarter	quarter	NOUN
cblr-8632	329	19	of	of	ADP
cblr-8632	329	20	2015	2015	NUM
cblr-8632	329	21	would	would	AUX
cblr-8632	329	22	reflect	reflect	VERB
cblr-8632	329	23	price	price	NOUN
cblr-8632	329	24	improvement	improvement	NOUN
cblr-8632	329	25	of	of	ADP
cblr-8632	329	26	$	$	SYM
cblr-8632	329	27	0.028	0.028	NUM
cblr-8632	329	28	per	per	ADP
cblr-8632	329	29	share	share	NOUN
cblr-8632	329	30	for	for	ADP
cblr-8632	329	31	a	a	DET
cblr-8632	329	32	trade	trade	NOUN
cblr-8632	329	33	of	of	ADP
cblr-8632	329	34	ten	ten	NUM
cblr-8632	329	35	shares	share	NOUN
cblr-8632	329	36	but	but	CCONJ
cblr-8632	329	37	just	just	ADV
cblr-8632	329	38	$	$	SYM
cblr-8632	329	39	0.003	0.003	NUM
cblr-8632	329	40	for	for	ADP
cblr-8632	329	41	a	a	DET
cblr-8632	329	42	trade	trade	NOUN
cblr-8632	329	43	of	of	ADP
cblr-8632	329	44	ninety	ninety	NUM
cblr-8632	329	45	shares	share	NOUN
cblr-8632	329	46	.	.	PUNCT
cblr-8632	330	1	to	to	PART
cblr-8632	330	2	examine	examine	VERB
cblr-8632	330	3	whether	whether	SCONJ
cblr-8632	330	4	the	the	DET
cblr-8632	330	5	rise	rise	NOUN
cblr-8632	330	6	in	in	ADP
cblr-8632	330	7	price	price	NOUN
cblr-8632	330	8	improvement	improvement	NOUN
cblr-8632	330	9	rates	rate	NOUN
cblr-8632	330	10	shown	show	VERB
cblr-8632	330	11	in	in	ADP
cblr-8632	330	12	early	early	ADJ
cblr-8632	330	13	2015	2015	NUM
cblr-8632	330	14	may	may	AUX
cblr-8632	330	15	have	have	AUX
cblr-8632	330	16	resulted	result	VERB
cblr-8632	330	17	from	from	ADP
cblr-8632	330	18	an	an	DET
cblr-8632	330	19	increase	increase	NOUN
cblr-8632	330	20	in	in	ADP
cblr-8632	330	21	de	de	X
cblr-8632	330	22	minimis	minimis	NOUN
cblr-8632	330	23	levels	level	NOUN
cblr-8632	330	24	of	of	ADP
cblr-8632	330	25	price	price	NOUN
cblr-8632	330	26	improvement	improvement	NOUN
cblr-8632	330	27	,	,	PUNCT
cblr-8632	330	28	i	i	PRON
cblr-8632	330	29	also	also	ADV
cblr-8632	330	30	examine	examine	VERB
cblr-8632	330	31	in	in	ADP
cblr-8632	330	32	figure	figure	NOUN
cblr-8632	330	33	5	5	NUM
cblr-8632	330	34	the	the	DET
cblr-8632	330	35	rate	rate	NOUN
cblr-8632	330	36	of	of	ADP
cblr-8632	330	37	de	de	X
cblr-8632	330	38	minimis	minimis	NOUN
cblr-8632	330	39	price	price	NOUN
cblr-8632	330	40	improvement	improvement	NOUN
cblr-8632	330	41	for	for	ADP
cblr-8632	330	42	each	each	DET
cblr-8632	330	43	nonexchange	nonexchange	NOUN
cblr-8632	330	44	trade	trade	NOUN
cblr-8632	330	45	.	.	PUNCT
cblr-8632	331	1	during	during	ADP
cblr-8632	331	2	this	this	DET
cblr-8632	331	3	time	time	NOUN
cblr-8632	331	4	period	period	NOUN
cblr-8632	331	5	,	,	PUNCT
cblr-8632	331	6	the	the	DET
cblr-8632	331	7	intraday	intraday	NOUN
cblr-8632	331	8	average	average	NOUN
cblr-8632	331	9	quoted	quote	VERB
cblr-8632	331	10	spread	spread	NOUN
cblr-8632	331	11	for	for	ADP
cblr-8632	331	12	the	the	DET
cblr-8632	331	13	dow	dow	PROPN
cblr-8632	331	14	jones	jones	PROPN
cblr-8632	331	15	30	30	NUM
cblr-8632	331	16	was	be	AUX
cblr-8632	331	17	approximately	approximately	ADV
cblr-8632	331	18	$	$	SYM
cblr-8632	331	19	0.02	0.02	NUM
cblr-8632	331	20	per	per	ADP
cblr-8632	331	21	share	share	NOUN
cblr-8632	331	22	.	.	PUNCT
cblr-8632	332	1	for	for	ADP
cblr-8632	332	2	each	each	DET
cblr-8632	332	3	trade	trade	NOUN
cblr-8632	332	4	receiving	receive	VERB
cblr-8632	332	5	any	any	DET
cblr-8632	332	6	price	price	NOUN
cblr-8632	332	7	improvement	improvement	NOUN
cblr-8632	332	8	,	,	PUNCT
cblr-8632	332	9	the	the	DET
cblr-8632	332	10	trade	trade	NOUN
cblr-8632	332	11	was	be	AUX
cblr-8632	332	12	labeled	label	VERB
cblr-8632	332	13	as	as	ADP
cblr-8632	332	14	receiving	receive	VERB
cblr-8632	332	15	de	de	X
cblr-8632	332	16	minimis	minimis	NOUN
cblr-8632	332	17	price	price	NOUN
cblr-8632	332	18	improvement	improvement	NOUN
cblr-8632	332	19	(	(	PUNCT
cblr-8632	332	20	dmpi	dmpi	NOUN
cblr-8632	332	21	)	)	PUNCT
cblr-8632	332	22	if	if	SCONJ
cblr-8632	332	23	the	the	DET
cblr-8632	332	24	level	level	NOUN
cblr-8632	332	25	of	of	ADP
cblr-8632	332	26	price	price	NOUN
cblr-8632	332	27	improvement	improvement	NOUN
cblr-8632	332	28	was	be	AUX
cblr-8632	332	29	less	less	ADJ
cblr-8632	332	30	than	than	ADP
cblr-8632	332	31	ten	ten	NUM
cblr-8632	332	32	percent	percent	NOUN
cblr-8632	332	33	of	of	ADP
cblr-8632	332	34	the	the	DET
cblr-8632	332	35	quoted	quote	VERB
cblr-8632	332	36	half	half	NOUN
cblr-8632	332	37	-	-	PUNCT
cblr-8632	332	38	spread	spread	NOUN
cblr-8632	332	39	of	of	ADP
cblr-8632	332	40	the	the	DET
cblr-8632	332	41	59	59	NUM
cblr-8632	332	42	see	see	NOUN
cblr-8632	332	43	17	17	NUM
cblr-8632	332	44	c.f.r	c.f.r	NOUN
cblr-8632	332	45	.	.	PUNCT
cblr-8632	333	1	§	§	PROPN
cblr-8632	333	2	242.605(a)(ii)(b	242.605(a)(ii)(b	PROPN
cblr-8632	333	3	)	)	PUNCT
cblr-8632	333	4	(	(	PUNCT
cblr-8632	333	5	2020	2020	NUM
cblr-8632	333	6	)	)	PUNCT
cblr-8632	333	7	(	(	PUNCT
cblr-8632	333	8	setting	set	VERB
cblr-8632	333	9	forth	forth	ADP
cblr-8632	333	10	the	the	DET
cblr-8632	333	11	convention	convention	NOUN
cblr-8632	333	12	)	)	PUNCT
cblr-8632	333	13	.	.	PUNCT
cblr-8632	334	1	60	60	NUM
cblr-8632	334	2	see	see	VERB
cblr-8632	334	3	i	i	PRON
cblr-8632	334	4	d.	d.	PROPN
cblr-8632	334	5	§	§	PROPN
cblr-8632	334	6	242.612(a	242.612(a	NUM
cblr-8632	334	7	)	)	PUNCT
cblr-8632	334	8	(	(	PUNCT
cblr-8632	334	9	“	"	PUNCT
cblr-8632	334	10	no	no	DET
cblr-8632	334	11	national	national	ADJ
cblr-8632	334	12	securities	security	NOUN
cblr-8632	334	13	exchange	exchange	PROPN
cblr-8632	334	14	,	,	PUNCT
cblr-8632	334	15	national	national	PROPN
cblr-8632	334	16	securities	securities	PROPN
cblr-8632	334	17	association	association	PROPN
cblr-8632	334	18	,	,	PUNCT
cblr-8632	334	19	alternative	alternative	ADJ
cblr-8632	334	20	trading	trading	NOUN
cblr-8632	334	21	system	system	NOUN
cblr-8632	334	22	,	,	PUNCT
cblr-8632	334	23	vendor	vendor	NOUN
cblr-8632	334	24	,	,	PUNCT
cblr-8632	334	25	or	or	CCONJ
cblr-8632	334	26	broker	broker	NOUN
cblr-8632	334	27	or	or	CCONJ
cblr-8632	334	28	dealer	dealer	NOUN
cblr-8632	334	29	shall	shall	AUX
cblr-8632	334	30	display	display	VERB
cblr-8632	334	31	,	,	PUNCT
cblr-8632	334	32	rank	rank	NOUN
cblr-8632	334	33	,	,	PUNCT
cblr-8632	334	34	or	or	CCONJ
cblr-8632	334	35	accept	accept	VERB
cblr-8632	334	36	from	from	ADP
cblr-8632	334	37	any	any	DET
cblr-8632	334	38	person	person	NOUN
cblr-8632	334	39	a	a	DET
cblr-8632	334	40	bid	bid	NOUN
cblr-8632	334	41	or	or	CCONJ
cblr-8632	334	42	offer	offer	NOUN
cblr-8632	334	43	,	,	PUNCT
cblr-8632	334	44	an	an	DET
cblr-8632	334	45	order	order	NOUN
cblr-8632	334	46	,	,	PUNCT
cblr-8632	334	47	or	or	CCONJ
cblr-8632	334	48	an	an	DET
cblr-8632	334	49	indication	indication	NOUN
cblr-8632	334	50	of	of	ADP
cblr-8632	334	51	interest	interest	NOUN
cblr-8632	334	52	in	in	ADP
cblr-8632	334	53	any	any	DET
cblr-8632	334	54	nms	nms	NOUN
cblr-8632	334	55	stock	stock	NOUN
cblr-8632	334	56	priced	price	VERB
cblr-8632	334	57	in	in	ADP
cblr-8632	334	58	an	an	DET
cblr-8632	334	59	increment	increment	NOUN
cblr-8632	334	60	smaller	small	ADJ
cblr-8632	334	61	than	than	ADP
cblr-8632	334	62	$	$	SYM
cblr-8632	334	63	0.01	0.01	NUM
cblr-8632	334	64	if	if	SCONJ
cblr-8632	334	65	that	that	DET
cblr-8632	334	66	bid	bid	NOUN
cblr-8632	334	67	or	or	CCONJ
cblr-8632	334	68	offer	offer	VERB
cblr-8632	334	69	,	,	PUNCT
cblr-8632	334	70	order	order	NOUN
cblr-8632	334	71	,	,	PUNCT
cblr-8632	334	72	or	or	CCONJ
cblr-8632	334	73	indication	indication	NOUN
cblr-8632	334	74	of	of	ADP
cblr-8632	334	75	interest	interest	NOUN
cblr-8632	334	76	is	be	AUX
cblr-8632	334	77	priced	price	VERB
cblr-8632	334	78	equal	equal	ADJ
cblr-8632	334	79	to	to	ADP
cblr-8632	334	80	or	or	CCONJ
cblr-8632	334	81	greater	great	ADJ
cblr-8632	334	82	than	than	ADP
cblr-8632	334	83	$	$	SYM
cblr-8632	334	84	1.00	1.00	NUM
cblr-8632	334	85	per	per	ADP
cblr-8632	334	86	share	share	NOUN
cblr-8632	334	87	.	.	PUNCT
cblr-8632	334	88	”	"	PUNCT
cblr-8632	334	89	)	)	PUNCT
cblr-8632	334	90	.	.	PUNCT
cblr-8632	335	1	bartlett	bartlett	PROPN
cblr-8632	335	2	8/20/2021	8/20/2021	NUM
cblr-8632	335	3	6:20	6:20	NUM
cblr-8632	335	4	pm	pm	NOUN
cblr-8632	335	5	544	544	NUM
cblr-8632	335	6	columbia	columbia	PROPN
cblr-8632	335	7	business	business	NOUN
cblr-8632	335	8	law	law	PROPN
cblr-8632	335	9	review	review	NOUN
cblr-8632	335	10	[	[	X
cblr-8632	335	11	vol	vol	NOUN
cblr-8632	335	12	.	.	NOUN
cblr-8632	335	13	2021	2021	NUM
cblr-8632	335	14	prevailing	prevail	VERB
cblr-8632	335	15	nbbo	nbbo	NOUN
cblr-8632	335	16	.	.	PUNCT
cblr-8632	336	1	thus	thus	ADV
cblr-8632	336	2	,	,	PUNCT
cblr-8632	336	3	a	a	DET
cblr-8632	336	4	trade	trade	NOUN
cblr-8632	336	5	in	in	ADP
cblr-8632	336	6	a	a	DET
cblr-8632	336	7	security	security	NOUN
cblr-8632	336	8	whose	whose	DET
cblr-8632	336	9	quoted	quote	VERB
cblr-8632	336	10	spread	spread	NOUN
cblr-8632	336	11	is	be	AUX
cblr-8632	336	12	$	$	SYM
cblr-8632	336	13	0.02	0.02	NUM
cblr-8632	336	14	and	and	CCONJ
cblr-8632	336	15	that	that	PRON
cblr-8632	336	16	receives	receive	VERB
cblr-8632	336	17	less	less	ADJ
cblr-8632	336	18	than	than	ADP
cblr-8632	336	19	$	$	SYM
cblr-8632	336	20	0.001	0.001	NUM
cblr-8632	336	21	per	per	ADP
cblr-8632	336	22	share	share	NOUN
cblr-8632	336	23	of	of	ADP
cblr-8632	336	24	price	price	NOUN
cblr-8632	336	25	improvement	improvement	NOUN
cblr-8632	336	26	would	would	AUX
cblr-8632	336	27	be	be	AUX
cblr-8632	336	28	classified	classify	VERB
cblr-8632	336	29	as	as	ADP
cblr-8632	336	30	receiving	receive	VERB
cblr-8632	336	31	dmpi	dmpi	NOUN
cblr-8632	336	32	.	.	PUNCT
cblr-8632	337	1	the	the	DET
cblr-8632	337	2	dashed	dash	VERB
cblr-8632	337	3	vertical	vertical	ADJ
cblr-8632	337	4	line	line	NOUN
cblr-8632	337	5	in	in	ADP
cblr-8632	337	6	figure	figure	NOUN
cblr-8632	337	7	5	5	NUM
cblr-8632	337	8	represents	represent	VERB
cblr-8632	337	9	may	may	PROPN
cblr-8632	337	10	6	6	NUM
cblr-8632	337	11	,	,	PUNCT
cblr-8632	337	12	2015	2015	NUM
cblr-8632	337	13	.	.	PUNCT
cblr-8632	338	1	the	the	DET
cblr-8632	338	2	figure	figure	NOUN
cblr-8632	338	3	reveals	reveal	VERB
cblr-8632	338	4	a	a	DET
cblr-8632	338	5	general	general	ADJ
cblr-8632	338	6	increase	increase	NOUN
cblr-8632	338	7	in	in	ADP
cblr-8632	338	8	dmpi	dmpi	NOUN
cblr-8632	338	9	for	for	ADP
cblr-8632	338	10	odd	odd	ADJ
cblr-8632	338	11	lot	lot	NOUN
cblr-8632	338	12	trades	trade	NOUN
cblr-8632	338	13	commencing	commence	VERB
cblr-8632	338	14	in	in	ADP
cblr-8632	338	15	2015	2015	NUM
cblr-8632	338	16	,	,	PUNCT
cblr-8632	338	17	with	with	ADP
cblr-8632	338	18	a	a	DET
cblr-8632	338	19	sharp	sharp	ADJ
cblr-8632	338	20	,	,	PUNCT
cblr-8632	338	21	discontinuous	discontinuous	ADJ
cblr-8632	338	22	increase	increase	NOUN
cblr-8632	338	23	on	on	ADP
cblr-8632	338	24	exactly	exactly	ADV
cblr-8632	338	25	may	may	AUX
cblr-8632	338	26	6	6	NUM
cblr-8632	338	27	,	,	PUNCT
cblr-8632	338	28	2015	2015	NUM
cblr-8632	338	29	.	.	PUNCT
cblr-8632	339	1	figure	figure	NOUN
cblr-8632	339	2	5	5	NUM
cblr-8632	339	3	.	.	PUNCT
cblr-8632	340	1	rate	rate	NOUN
cblr-8632	340	2	of	of	ADP
cblr-8632	340	3	dmpi	dmpi	NOUN
cblr-8632	340	4	in	in	ADP
cblr-8632	340	5	non	non	ADJ
cblr-8632	340	6	-	-	ADJ
cblr-8632	340	7	exchange	exchange	ADJ
cblr-8632	340	8	trades	trade	NOUN
cblr-8632	340	9	in	in	ADP
cblr-8632	340	10	dow	dow	NOUN
cblr-8632	340	11	stocks	stock	NOUN
cblr-8632	340	12	,	,	PUNCT
cblr-8632	340	13	2014–20	2014–20	PROPN
cblr-8632	340	14	given	give	VERB
cblr-8632	340	15	the	the	DET
cblr-8632	340	16	important	important	ADJ
cblr-8632	340	17	role	role	NOUN
cblr-8632	340	18	of	of	ADP
cblr-8632	340	19	dmpi	dmpi	NOUN
cblr-8632	340	20	in	in	ADP
cblr-8632	340	21	the	the	DET
cblr-8632	340	22	price	price	NOUN
cblr-8632	340	23	improvement	improvement	NOUN
cblr-8632	340	24	rates	rate	NOUN
cblr-8632	340	25	presented	present	VERB
cblr-8632	340	26	in	in	ADP
cblr-8632	340	27	figure	figure	NOUN
cblr-8632	340	28	4	4	NUM
cblr-8632	340	29	,	,	PUNCT
cblr-8632	340	30	trades	trade	NOUN
cblr-8632	340	31	were	be	AUX
cblr-8632	340	32	also	also	ADV
cblr-8632	340	33	evaluated	evaluate	VERB
cblr-8632	340	34	based	base	VERB
cblr-8632	340	35	on	on	ADP
cblr-8632	340	36	a	a	DET
cblr-8632	340	37	trade	trade	NOUN
cblr-8632	340	38	’s	’s	PART
cblr-8632	340	39	overall	overall	ADJ
cblr-8632	340	40	level	level	NOUN
cblr-8632	340	41	of	of	ADP
cblr-8632	340	42	price	price	NOUN
cblr-8632	340	43	improvement	improvement	NOUN
cblr-8632	340	44	,	,	PUNCT
cblr-8632	340	45	as	as	SCONJ
cblr-8632	340	46	defined	define	VERB
cblr-8632	340	47	above	above	ADV
cblr-8632	340	48	.	.	PUNCT
cblr-8632	341	1	figure	figure	VERB
cblr-8632	341	2	6	6	NUM
cblr-8632	341	3	presents	present	VERB
cblr-8632	341	4	the	the	DET
cblr-8632	341	5	results	result	NOUN
cblr-8632	341	6	.	.	PUNCT
cblr-8632	342	1	using	use	VERB
cblr-8632	342	2	this	this	DET
cblr-8632	342	3	measure	measure	NOUN
cblr-8632	342	4	,	,	PUNCT
cblr-8632	342	5	price	price	NOUN
cblr-8632	342	6	improvement	improvement	NOUN
cblr-8632	342	7	for	for	ADP
cblr-8632	342	8	odd	odd	ADJ
cblr-8632	342	9	lots	lot	NOUN
cblr-8632	342	10	has	have	AUX
cblr-8632	342	11	converged	converge	VERB
cblr-8632	342	12	since	since	SCONJ
cblr-8632	342	13	2014	2014	NUM
cblr-8632	342	14	to	to	ADP
cblr-8632	342	15	nearly	nearly	ADV
cblr-8632	342	16	the	the	DET
cblr-8632	342	17	levels	level	NOUN
cblr-8632	342	18	observed	observe	VERB
cblr-8632	342	19	for	for	ADP
cblr-8632	342	20	round	round	ADJ
cblr-8632	342	21	and	and	CCONJ
cblr-8632	342	22	mixed	mixed	ADJ
cblr-8632	342	23	lots	lot	NOUN
cblr-8632	342	24	but	but	CCONJ
cblr-8632	342	25	persists	persist	NOUN
cblr-8632	342	26	in	in	ADP
cblr-8632	342	27	being	be	AUX
cblr-8632	342	28	lower	low	ADJ
cblr-8632	342	29	than	than	ADP
cblr-8632	342	30	that	that	PRON
cblr-8632	342	31	provided	provide	VERB
cblr-8632	342	32	for	for	ADP
cblr-8632	342	33	larger	large	ADJ
cblr-8632	342	34	-	-	PUNCT
cblr-8632	342	35	size	size	NOUN
cblr-8632	342	36	trades	trade	NOUN
cblr-8632	342	37	.	.	PUNCT
cblr-8632	343	1	0	0	PUNCT
cblr-8632	344	1	.1	.1	NUM
cblr-8632	345	1	.2	.2	NUM
cblr-8632	345	2	.3	.3	NUM
cblr-8632	345	3	.4	.4	NUM
cblr-8632	345	4	r	r	NOUN
cblr-8632	345	5	at	at	ADP
cblr-8632	345	6	e	e	NOUN
cblr-8632	345	7	of	of	ADP
cblr-8632	345	8	d	d	NOUN
cblr-8632	345	9	m	m	VERB
cblr-8632	345	10	p	p	NOUN
cblr-8632	345	11	i	i	PRON
cblr-8632	345	12	07/01/2014	07/01/2014	NOUN
cblr-8632	345	13	01/01/2016	01/01/2016	NUM
cblr-8632	346	1	07/01/2017	07/01/2017	NUM
cblr-8632	346	2	01/01/2019	01/01/2019	NUM
cblr-8632	346	3	07/01/2020	07/01/2020	NUM
cblr-8632	346	4	odd	odd	ADJ
cblr-8632	346	5	lots	lot	NOUN
cblr-8632	346	6	mixed	mix	VERB
cblr-8632	346	7	lots	lot	NOUN
cblr-8632	346	8	round	round	VERB
cblr-8632	346	9	lots	lot	NOUN
cblr-8632	346	10	bartlett	bartlett	PROPN
cblr-8632	346	11	8/20/2021	8/20/2021	NUM
cblr-8632	346	12	6:20	6:20	NUM
cblr-8632	346	13	pm	pm	NOUN
cblr-8632	346	14	no	no	INTJ
cblr-8632	346	15	.	.	PUNCT
cblr-8632	347	1	2:520	2:520	NUM
cblr-8632	347	2	]	]	X
cblr-8632	347	3	modernizing	modernize	VERB
cblr-8632	347	4	odd	odd	ADJ
cblr-8632	347	5	lot	lot	NOUN
cblr-8632	347	6	trading	trade	VERB
cblr-8632	347	7	545	545	NUM
cblr-8632	347	8	figure	figure	NOUN
cblr-8632	347	9	6	6	NUM
cblr-8632	347	10	.	.	PUNCT
cblr-8632	347	11	levels	level	NOUN
cblr-8632	347	12	of	of	ADP
cblr-8632	347	13	price	price	NOUN
cblr-8632	347	14	improvement	improvement	NOUN
cblr-8632	347	15	in	in	ADP
cblr-8632	347	16	nonexchange	nonexchange	NOUN
cblr-8632	347	17	trades	trade	NOUN
cblr-8632	347	18	in	in	ADP
cblr-8632	347	19	dow	dow	NOUN
cblr-8632	347	20	stocks	stock	NOUN
cblr-8632	347	21	,	,	PUNCT
cblr-8632	347	22	2014–20	2014–20	NOUN
cblr-8632	347	23	to	to	PART
cblr-8632	347	24	examine	examine	VERB
cblr-8632	347	25	more	more	ADV
cblr-8632	347	26	precisely	precisely	ADV
cblr-8632	347	27	the	the	DET
cblr-8632	347	28	extent	extent	NOUN
cblr-8632	347	29	to	to	PART
cblr-8632	347	30	which	which	PRON
cblr-8632	347	31	price	price	NOUN
cblr-8632	347	32	improvement	improvement	NOUN
cblr-8632	347	33	differs	differ	VERB
cblr-8632	347	34	for	for	ADP
cblr-8632	347	35	odd	odd	ADJ
cblr-8632	347	36	lot	lot	NOUN
cblr-8632	347	37	trades	trade	NOUN
cblr-8632	347	38	,	,	PUNCT
cblr-8632	347	39	i	i	PRON
cblr-8632	347	40	also	also	ADV
cblr-8632	347	41	conduct	conduct	VERB
cblr-8632	347	42	a	a	DET
cblr-8632	347	43	regression	regression	NOUN
cblr-8632	347	44	discontinuity	discontinuity	NOUN
cblr-8632	347	45	analysis	analysis	NOUN
cblr-8632	347	46	for	for	ADP
cblr-8632	347	47	a	a	DET
cblr-8632	347	48	large	large	ADJ
cblr-8632	347	49	sample	sample	NOUN
cblr-8632	347	50	of	of	ADP
cblr-8632	347	51	securities	security	NOUN
cblr-8632	347	52	during	during	ADP
cblr-8632	347	53	the	the	DET
cblr-8632	347	54	calendar	calendar	NOUN
cblr-8632	347	55	year	year	NOUN
cblr-8632	347	56	2020	2020	NUM
cblr-8632	347	57	.	.	PUNCT
cblr-8632	348	1	this	this	DET
cblr-8632	348	2	latter	latter	ADJ
cblr-8632	348	3	analysis	analysis	NOUN
cblr-8632	348	4	examines	examine	VERB
cblr-8632	348	5	the	the	DET
cblr-8632	348	6	conditional	conditional	ADJ
cblr-8632	348	7	expectation	expectation	NOUN
cblr-8632	348	8	of	of	ADP
cblr-8632	348	9	a	a	DET
cblr-8632	348	10	given	give	VERB
cblr-8632	348	11	trade	trade	NOUN
cblr-8632	348	12	receiving	receive	VERB
cblr-8632	348	13	price	price	NOUN
cblr-8632	348	14	improvement	improvement	NOUN
cblr-8632	348	15	based	base	VERB
cblr-8632	348	16	on	on	ADP
cblr-8632	348	17	its	its	PRON
cblr-8632	348	18	actual	actual	ADJ
cblr-8632	348	19	trade	trade	NOUN
cblr-8632	348	20	size.61	size.61	NOUN
cblr-8632	348	21	as	as	ADP
cblr-8632	348	22	such	such	ADJ
cblr-8632	348	23	,	,	PUNCT
cblr-8632	348	24	this	this	DET
cblr-8632	348	25	analysis	analysis	NOUN
cblr-8632	348	26	can	can	AUX
cblr-8632	348	27	be	be	AUX
cblr-8632	348	28	used	use	VERB
cblr-8632	348	29	to	to	PART
cblr-8632	348	30	derive	derive	VERB
cblr-8632	348	31	an	an	DET
cblr-8632	348	32	empirical	empirical	ADJ
cblr-8632	348	33	estimate	estimate	NOUN
cblr-8632	348	34	of	of	ADP
cblr-8632	348	35	the	the	DET
cblr-8632	348	36	degree	degree	NOUN
cblr-8632	348	37	to	to	PART
cblr-8632	348	38	which	which	PRON
cblr-8632	348	39	odd	odd	ADJ
cblr-8632	348	40	lot	lot	NOUN
cblr-8632	348	41	trades	trade	NOUN
cblr-8632	348	42	in	in	ADP
cblr-8632	348	43	non	non	ADJ
cblr-8632	348	44	-	-	ADJ
cblr-8632	348	45	exchange	exchange	ADJ
cblr-8632	348	46	venues	venue	NOUN
cblr-8632	348	47	receive	receive	VERB
cblr-8632	348	48	differential	differential	ADJ
cblr-8632	348	49	rates	rate	NOUN
cblr-8632	348	50	of	of	ADP
cblr-8632	348	51	price	price	NOUN
cblr-8632	348	52	improvement	improvement	NOUN
cblr-8632	348	53	outside	outside	ADP
cblr-8632	348	54	the	the	DET
cblr-8632	348	55	highly	highly	ADV
cblr-8632	348	56	liquid	liquid	ADJ
cblr-8632	348	57	securities	security	NOUN
cblr-8632	348	58	that	that	PRON
cblr-8632	348	59	comprise	comprise	VERB
cblr-8632	348	60	the	the	DET
cblr-8632	348	61	dow	dow	PROPN
cblr-8632	348	62	jones	jones	PROPN
cblr-8632	348	63	industrial	industrial	PROPN
cblr-8632	348	64	average	average	NOUN
cblr-8632	348	65	.	.	PUNCT
cblr-8632	349	1	to	to	PART
cblr-8632	349	2	build	build	VERB
cblr-8632	349	3	the	the	DET
cblr-8632	349	4	sample	sample	NOUN
cblr-8632	349	5	of	of	ADP
cblr-8632	349	6	securities	security	NOUN
cblr-8632	349	7	for	for	ADP
cblr-8632	349	8	this	this	DET
cblr-8632	349	9	analysis	analysis	NOUN
cblr-8632	349	10	,	,	PUNCT
cblr-8632	349	11	each	each	DET
cblr-8632	349	12	trading	trading	NOUN
cblr-8632	349	13	day	day	NOUN
cblr-8632	349	14	in	in	ADP
cblr-8632	349	15	2020	2020	NUM
cblr-8632	349	16	was	be	AUX
cblr-8632	349	17	separately	separately	ADV
cblr-8632	349	18	evaluated	evaluate	VERB
cblr-8632	349	19	to	to	PART
cblr-8632	349	20	identify	identify	VERB
cblr-8632	349	21	all	all	DET
cblr-8632	349	22	securities	security	NOUN
cblr-8632	349	23	whose	whose	DET
cblr-8632	349	24	dollar	dollar	NOUN
cblr-8632	349	25	volume	volume	NOUN
cblr-8632	349	26	of	of	ADP
cblr-8632	349	27	trades	trade	NOUN
cblr-8632	349	28	was	be	AUX
cblr-8632	349	29	at	at	ADV
cblr-8632	349	30	least	least	ADV
cblr-8632	349	31	$	$	SYM
cblr-8632	349	32	5,000,000	5,000,000	NUM
cblr-8632	349	33	during	during	ADP
cblr-8632	349	34	regular	regular	ADJ
cblr-8632	349	35	trading	trading	NOUN
cblr-8632	349	36	hours	hour	NOUN
cblr-8632	349	37	.	.	PUNCT
cblr-8632	350	1	on	on	ADP
cblr-8632	350	2	any	any	DET
cblr-8632	350	3	given	give	VERB
cblr-8632	350	4	61	61	NUM
cblr-8632	350	5	for	for	ADP
cblr-8632	350	6	a	a	DET
cblr-8632	350	7	brief	brief	ADJ
cblr-8632	350	8	introduction	introduction	NOUN
cblr-8632	350	9	to	to	PART
cblr-8632	350	10	regression	regression	VERB
cblr-8632	350	11	discontinuity	discontinuity	NOUN
cblr-8632	350	12	analysis	analysis	NOUN
cblr-8632	350	13	,	,	PUNCT
cblr-8632	350	14	see	see	VERB
cblr-8632	350	15	bartlett	bartlett	PROPN
cblr-8632	350	16	&	&	CCONJ
cblr-8632	350	17	mccrary	mccrary	PROPN
cblr-8632	350	18	,	,	PUNCT
cblr-8632	350	19	supra	supra	PROPN
cblr-8632	350	20	note	note	PROPN
cblr-8632	350	21	11	11	NUM
cblr-8632	350	22	,	,	PUNCT
cblr-8632	350	23	at	at	ADP
cblr-8632	350	24	307–08	307–08	PROPN
cblr-8632	350	25	(	(	PUNCT
cblr-8632	350	26	using	use	VERB
cblr-8632	350	27	a	a	DET
cblr-8632	350	28	regression	regression	NOUN
cblr-8632	350	29	discontinuity	discontinuity	NOUN
cblr-8632	350	30	design	design	NOUN
cblr-8632	350	31	to	to	PART
cblr-8632	350	32	examine	examine	VERB
cblr-8632	350	33	the	the	DET
cblr-8632	350	34	effect	effect	NOUN
cblr-8632	350	35	of	of	ADP
cblr-8632	350	36	changing	change	VERB
cblr-8632	350	37	the	the	DET
cblr-8632	350	38	minimum	minimum	ADJ
cblr-8632	350	39	price	price	NOUN
cblr-8632	350	40	variation	variation	NOUN
cblr-8632	350	41	for	for	ADP
cblr-8632	350	42	quoting	quote	VERB
cblr-8632	350	43	equity	equity	NOUN
cblr-8632	350	44	securities	security	NOUN
cblr-8632	350	45	)	)	PUNCT
cblr-8632	350	46	.	.	PUNCT
cblr-8632	351	1	.1	.1	NUM
cblr-8632	352	1	.2	.2	NUM
cblr-8632	352	2	.3	.3	NUM
cblr-8632	352	3	.4	.4	NUM
cblr-8632	352	4	.5	.5	NUM
cblr-8632	353	1	.6	.6	NUM
cblr-8632	353	2	l	l	NOUN
cblr-8632	353	3	ev	ev	INTJ
cblr-8632	354	1	el	el	PROPN
cblr-8632	354	2	o	o	PROPN
cblr-8632	355	1	f	f	PROPN
cblr-8632	356	1	p	p	X
cblr-8632	356	2	ri	ri	PROPN
cblr-8632	357	1	ce	ce	INTJ
cblr-8632	358	1	i	i	PRON
cblr-8632	358	2	m	m	VERB
cblr-8632	358	3	pr	pr	INTJ
cblr-8632	359	1	ov	ov	INTJ
cblr-8632	359	2	em	em	PRON
cblr-8632	359	3	en	en	ADP
cblr-8632	359	4	t	t	X
cblr-8632	359	5	07/01/2014	07/01/2014	NUM
cblr-8632	359	6	01/01/2016	01/01/2016	NUM
cblr-8632	360	1	07/01/2017	07/01/2017	NUM
cblr-8632	360	2	01/01/2019	01/01/2019	NUM
cblr-8632	360	3	07/01/2020	07/01/2020	NUM
cblr-8632	360	4	odd	odd	ADJ
cblr-8632	360	5	lots	lot	NOUN
cblr-8632	360	6	mixed	mix	VERB
cblr-8632	360	7	lots	lot	NOUN
cblr-8632	360	8	round	round	VERB
cblr-8632	360	9	lots	lot	NOUN
cblr-8632	360	10	bartlett	bartlett	PROPN
cblr-8632	360	11	8/20/2021	8/20/2021	NUM
cblr-8632	360	12	6:20	6:20	NUM
cblr-8632	360	13	pm	pm	NOUN
cblr-8632	360	14	546	546	NUM
cblr-8632	360	15	columbia	columbia	PROPN
cblr-8632	360	16	business	business	NOUN
cblr-8632	360	17	law	law	PROPN
cblr-8632	360	18	review	review	NOUN
cblr-8632	361	1	[	[	X
cblr-8632	361	2	vol	vol	NOUN
cblr-8632	361	3	.	.	NOUN
cblr-8632	361	4	2021	2021	NUM
cblr-8632	361	5	trading	trading	NOUN
cblr-8632	361	6	day	day	NOUN
cblr-8632	361	7	in	in	ADP
cblr-8632	361	8	2020	2020	NUM
cblr-8632	361	9	,	,	PUNCT
cblr-8632	361	10	this	this	DET
cblr-8632	361	11	filter	filter	NOUN
cblr-8632	361	12	resulted	result	VERB
cblr-8632	361	13	in	in	ADP
cblr-8632	361	14	a	a	DET
cblr-8632	361	15	daily	daily	ADJ
cblr-8632	361	16	sample	sample	NOUN
cblr-8632	361	17	of	of	ADP
cblr-8632	361	18	roughly	roughly	ADV
cblr-8632	361	19	3,300	3,300	NUM
cblr-8632	361	20	securities	security	NOUN
cblr-8632	361	21	.	.	PUNCT
cblr-8632	362	1	as	as	ADP
cblr-8632	362	2	with	with	ADP
cblr-8632	362	3	the	the	DET
cblr-8632	362	4	previous	previous	ADJ
cblr-8632	362	5	analysis	analysis	NOUN
cblr-8632	362	6	of	of	ADP
cblr-8632	362	7	the	the	DET
cblr-8632	362	8	dow	dow	PROPN
cblr-8632	362	9	jones	jones	PROPN
cblr-8632	362	10	securities	securities	PROPN
cblr-8632	362	11	,	,	PUNCT
cblr-8632	362	12	the	the	DET
cblr-8632	362	13	sample	sample	NOUN
cblr-8632	362	14	includes	include	VERB
cblr-8632	362	15	all	all	DET
cblr-8632	362	16	trades	trade	NOUN
cblr-8632	362	17	occurring	occur	VERB
cblr-8632	362	18	in	in	ADP
cblr-8632	362	19	these	these	DET
cblr-8632	362	20	securities	security	NOUN
cblr-8632	362	21	when	when	SCONJ
cblr-8632	362	22	the	the	DET
cblr-8632	362	23	nbbo	nbbo	NOUN
cblr-8632	362	24	was	be	AUX
cblr-8632	362	25	not	not	PART
cblr-8632	362	26	locked	lock	VERB
cblr-8632	362	27	or	or	CCONJ
cblr-8632	362	28	crossed	cross	VERB
cblr-8632	362	29	.	.	PUNCT
cblr-8632	363	1	lastly	lastly	ADV
cblr-8632	363	2	,	,	PUNCT
cblr-8632	363	3	price	price	NOUN
cblr-8632	363	4	improvement	improvement	NOUN
cblr-8632	363	5	was	be	AUX
cblr-8632	363	6	calculated	calculate	VERB
cblr-8632	363	7	for	for	ADP
cblr-8632	363	8	each	each	DET
cblr-8632	363	9	trade	trade	NOUN
cblr-8632	363	10	having	have	VERB
cblr-8632	363	11	a	a	DET
cblr-8632	363	12	size	size	NOUN
cblr-8632	363	13	of	of	ADP
cblr-8632	363	14	500	500	NUM
cblr-8632	363	15	shares	share	NOUN
cblr-8632	363	16	or	or	CCONJ
cblr-8632	363	17	less	less	ADJ
cblr-8632	363	18	.	.	PUNCT
cblr-8632	364	1	with	with	ADP
cblr-8632	364	2	these	these	DET
cblr-8632	364	3	restrictions	restriction	NOUN
cblr-8632	364	4	,	,	PUNCT
cblr-8632	364	5	the	the	DET
cblr-8632	364	6	sample	sample	NOUN
cblr-8632	364	7	consists	consist	VERB
cblr-8632	364	8	of	of	ADP
cblr-8632	364	9	over	over	ADP
cblr-8632	364	10	12	12	NUM
cblr-8632	364	11	billion	billion	NUM
cblr-8632	364	12	trades	trade	NOUN
cblr-8632	364	13	,	,	PUNCT
cblr-8632	364	14	of	of	ADP
cblr-8632	364	15	which	which	PRON
cblr-8632	364	16	approximately	approximately	ADV
cblr-8632	364	17	3.1	3.1	NUM
cblr-8632	364	18	billion	billion	NUM
cblr-8632	364	19	were	be	AUX
cblr-8632	364	20	filled	fill	VERB
cblr-8632	364	21	in	in	ADP
cblr-8632	364	22	non	non	ADJ
cblr-8632	364	23	-	-	ADJ
cblr-8632	364	24	exchange	exchange	ADJ
cblr-8632	364	25	venues	venue	NOUN
cblr-8632	364	26	.	.	PUNCT
cblr-8632	365	1	visual	visual	ADJ
cblr-8632	365	2	observation	observation	NOUN
cblr-8632	365	3	of	of	ADP
cblr-8632	365	4	the	the	DET
cblr-8632	365	5	data	datum	NOUN
cblr-8632	365	6	reveals	reveal	VERB
cblr-8632	365	7	notable	notable	ADJ
cblr-8632	365	8	clustering	clustering	NOUN
cblr-8632	365	9	of	of	ADP
cblr-8632	365	10	trades	trade	NOUN
cblr-8632	365	11	at	at	ADP
cblr-8632	365	12	round	round	ADJ
cblr-8632	365	13	lot	lot	NOUN
cblr-8632	365	14	figures	figure	NOUN
cblr-8632	365	15	,	,	PUNCT
cblr-8632	365	16	along	along	ADP
cblr-8632	365	17	with	with	ADP
cblr-8632	365	18	“	"	PUNCT
cblr-8632	365	19	heaping	heaping	NOUN
cblr-8632	365	20	”	"	PUNCT
cblr-8632	365	21	at	at	ADP
cblr-8632	365	22	trade	trade	NOUN
cblr-8632	365	23	sizes	size	NOUN
cblr-8632	365	24	with	with	ADP
cblr-8632	365	25	“	"	PUNCT
cblr-8632	365	26	trailing	trail	VERB
cblr-8632	365	27	5s	5s	NUM
cblr-8632	365	28	”	"	PUNCT
cblr-8632	365	29	(	(	PUNCT
cblr-8632	365	30	205	205	NUM
cblr-8632	365	31	,	,	PUNCT
cblr-8632	365	32	210	210	NUM
cblr-8632	365	33	,	,	PUNCT
cblr-8632	365	34	215	215	NUM
cblr-8632	365	35	,	,	PUNCT
cblr-8632	365	36	etc	etc	X
cblr-8632	365	37	.	.	X
cblr-8632	365	38	)	)	PUNCT
cblr-8632	365	39	.	.	PUNCT
cblr-8632	366	1	to	to	PART
cblr-8632	366	2	control	control	VERB
cblr-8632	366	3	for	for	ADP
cblr-8632	366	4	differentials	differential	NOUN
cblr-8632	366	5	in	in	ADP
cblr-8632	366	6	liquidity	liquidity	NOUN
cblr-8632	366	7	at	at	ADP
cblr-8632	366	8	these	these	DET
cblr-8632	366	9	trade	trade	NOUN
cblr-8632	366	10	sizes	size	NOUN
cblr-8632	366	11	,	,	PUNCT
cblr-8632	366	12	along	along	ADP
cblr-8632	366	13	with	with	ADP
cblr-8632	366	14	the	the	DET
cblr-8632	366	15	overall	overall	ADJ
cblr-8632	366	16	number	number	NOUN
cblr-8632	366	17	of	of	ADP
cblr-8632	366	18	trades	trade	NOUN
cblr-8632	366	19	at	at	ADP
cblr-8632	366	20	each	each	DET
cblr-8632	366	21	trade	trade	NOUN
cblr-8632	366	22	size	size	NOUN
cblr-8632	366	23	,	,	PUNCT
cblr-8632	366	24	i	i	PRON
cblr-8632	366	25	collect	collect	VERB
cblr-8632	366	26	the	the	DET
cblr-8632	366	27	residuals	residual	NOUN
cblr-8632	366	28	from	from	ADP
cblr-8632	366	29	a	a	DET
cblr-8632	366	30	regression	regression	NOUN
cblr-8632	366	31	of	of	ADP
cblr-8632	366	32	the	the	DET
cblr-8632	366	33	weighted	weight	VERB
cblr-8632	366	34	-	-	PUNCT
cblr-8632	366	35	average	average	NOUN
cblr-8632	366	36	price	price	NOUN
cblr-8632	366	37	improvement	improvement	NOUN
cblr-8632	366	38	for	for	ADP
cblr-8632	366	39	each	each	DET
cblr-8632	366	40	trade	trade	NOUN
cblr-8632	366	41	size	size	NOUN
cblr-8632	366	42	on	on	ADP
cblr-8632	366	43	a	a	DET
cblr-8632	366	44	flexible	flexible	ADJ
cblr-8632	366	45	function	function	NOUN
cblr-8632	366	46	of	of	ADP
cblr-8632	366	47	the	the	DET
cblr-8632	366	48	number	number	NOUN
cblr-8632	366	49	of	of	ADP
cblr-8632	366	50	trades62	trades62	NOUN
cblr-8632	366	51	and	and	CCONJ
cblr-8632	366	52	the	the	DET
cblr-8632	366	53	three	three	NUM
cblr-8632	366	54	-	-	PUNCT
cblr-8632	366	55	way	way	NOUN
cblr-8632	366	56	interaction	interaction	NOUN
cblr-8632	366	57	of	of	ADP
cblr-8632	366	58	indicators	indicator	NOUN
cblr-8632	366	59	for	for	ADP
cblr-8632	366	60	two	two	NUM
cblr-8632	366	61	-	-	PUNCT
cblr-8632	366	62	digit	digit	NOUN
cblr-8632	366	63	trade	trade	NOUN
cblr-8632	366	64	size	size	NOUN
cblr-8632	366	65	,	,	PUNCT
cblr-8632	366	66	non	non	ADJ
cblr-8632	366	67	-	-	ADJ
cblr-8632	366	68	exchange	exchange	ADJ
cblr-8632	366	69	trades	trade	NOUN
cblr-8632	366	70	,	,	PUNCT
cblr-8632	366	71	and	and	CCONJ
cblr-8632	366	72	iso	iso	NOUN
cblr-8632	366	73	trades.63	trades.63	PRON
cblr-8632	366	74	figure	figure	VERB
cblr-8632	366	75	7	7	NUM
cblr-8632	366	76	plots	plot	NOUN
cblr-8632	366	77	these	these	DET
cblr-8632	366	78	residual	residual	ADJ
cblr-8632	366	79	values	value	NOUN
cblr-8632	366	80	as	as	ADP
cblr-8632	366	81	a	a	DET
cblr-8632	366	82	function	function	NOUN
cblr-8632	366	83	of	of	ADP
cblr-8632	366	84	trade	trade	NOUN
cblr-8632	366	85	size	size	NOUN
cblr-8632	366	86	for	for	ADP
cblr-8632	366	87	trades	trade	NOUN
cblr-8632	366	88	executed	execute	VERB
cblr-8632	366	89	in	in	ADP
cblr-8632	366	90	non	non	ADJ
cblr-8632	366	91	-	-	ADJ
cblr-8632	366	92	exchange	exchange	ADJ
cblr-8632	366	93	venues	venue	NOUN
cblr-8632	366	94	.	.	PUNCT
cblr-8632	367	1	62	62	NUM
cblr-8632	367	2	the	the	DET
cblr-8632	367	3	specific	specific	ADJ
cblr-8632	367	4	function	function	NOUN
cblr-8632	367	5	used	use	VERB
cblr-8632	367	6	included	include	VERB
cblr-8632	367	7	the	the	DET
cblr-8632	367	8	natural	natural	ADJ
cblr-8632	367	9	logarithm	logarithm	NOUN
cblr-8632	367	10	of	of	ADP
cblr-8632	367	11	the	the	DET
cblr-8632	367	12	number	number	NOUN
cblr-8632	367	13	of	of	ADP
cblr-8632	367	14	trades	trade	NOUN
cblr-8632	367	15	as	as	ADV
cblr-8632	367	16	well	well	ADV
cblr-8632	367	17	as	as	ADP
cblr-8632	367	18	the	the	DET
cblr-8632	367	19	inverse	inverse	NOUN
cblr-8632	367	20	of	of	ADP
cblr-8632	367	21	the	the	DET
cblr-8632	367	22	number	number	NOUN
cblr-8632	367	23	of	of	ADP
cblr-8632	367	24	trades	trade	NOUN
cblr-8632	367	25	.	.	PUNCT
cblr-8632	368	1	this	this	PRON
cblr-8632	368	2	fits	fit	VERB
cblr-8632	368	3	the	the	DET
cblr-8632	368	4	data	datum	NOUN
cblr-8632	368	5	well	well	ADV
cblr-8632	368	6	,	,	PUNCT
cblr-8632	368	7	leading	lead	VERB
cblr-8632	368	8	to	to	ADP
cblr-8632	368	9	an	an	DET
cblr-8632	368	10	in	in	ADP
cblr-8632	368	11	-	-	PUNCT
cblr-8632	368	12	sample	sample	NOUN
cblr-8632	368	13	r	r	NOUN
cblr-8632	368	14	-	-	PUNCT
cblr-8632	368	15	squared	square	VERB
cblr-8632	368	16	of	of	ADP
cblr-8632	368	17	approximately	approximately	ADV
cblr-8632	368	18	ninety	ninety	NUM
cblr-8632	368	19	percent	percent	NOUN
cblr-8632	368	20	.	.	PUNCT
cblr-8632	369	1	63	63	NUM
cblr-8632	369	2	specifically	specifically	ADV
cblr-8632	369	3	,	,	PUNCT
cblr-8632	369	4	i	i	PRON
cblr-8632	369	5	use	use	VERB
cblr-8632	369	6	the	the	DET
cblr-8632	369	7	following	follow	VERB
cblr-8632	369	8	regression	regression	NOUN
cblr-8632	369	9	specification	specification	NOUN
cblr-8632	369	10	:	:	PUNCT
cblr-8632	369	11	piies	piie	NOUN
cblr-8632	369	12	=	=	SYM
cblr-8632	369	13	α+β1ln(tties)+β21/(tties)+β	α+β1ln(tties)+β21/(tties)+β	VERB
cblr-8632	369	14	3	3	NUM
cblr-8632	369	15	finraies	finraie	NOUN
cblr-8632	369	16	×	×	NOUN
cblr-8632	369	17	isoi	isoi	PROPN
cblr-8632	369	18	×	×	PROPN
cblr-8632	369	19	tdtsies+εies	tdtsies+εies	PROPN
cblr-8632	369	20	where	where	SCONJ
cblr-8632	369	21	i	i	PRON
cblr-8632	369	22	indexes	index	VERB
cblr-8632	369	23	a	a	DET
cblr-8632	369	24	trade	trade	NOUN
cblr-8632	369	25	size	size	NOUN
cblr-8632	369	26	of	of	ADP
cblr-8632	369	27	1	1	NUM
cblr-8632	369	28	to	to	PART
cblr-8632	369	29	499	499	NUM
cblr-8632	369	30	shares	share	NOUN
cblr-8632	369	31	,	,	PUNCT
cblr-8632	369	32	e	e	NOUN
cblr-8632	369	33	indexes	index	NOUN
cblr-8632	369	34	trades	trade	NOUN
cblr-8632	369	35	within	within	ADP
cblr-8632	369	36	trade	trade	NOUN
cblr-8632	369	37	size	size	NOUN
cblr-8632	369	38	i	i	PRON
cblr-8632	369	39	that	that	PRON
cblr-8632	369	40	were	be	AUX
cblr-8632	369	41	executed	execute	VERB
cblr-8632	369	42	on	on	ADP
cblr-8632	369	43	an	an	DET
cblr-8632	369	44	exchange	exchange	NOUN
cblr-8632	369	45	versus	versus	ADP
cblr-8632	369	46	non	non	ADJ
cblr-8632	369	47	-	-	ADJ
cblr-8632	369	48	exchange	exchange	ADJ
cblr-8632	369	49	venue	venue	NOUN
cblr-8632	369	50	,	,	PUNCT
cblr-8632	369	51	s	s	NOUN
cblr-8632	369	52	indexes	index	NOUN
cblr-8632	369	53	trades	trade	NOUN
cblr-8632	369	54	within	within	ADP
cblr-8632	369	55	trade	trade	NOUN
cblr-8632	369	56	size	size	NOUN
cblr-8632	369	57	i	i	PRON
cblr-8632	369	58	that	that	PRON
cblr-8632	369	59	were	be	AUX
cblr-8632	369	60	isos	isos	ADJ
cblr-8632	369	61	versus	versus	ADP
cblr-8632	369	62	non	non	ADJ
cblr-8632	369	63	-	-	ADJ
cblr-8632	369	64	isos	isos	ADJ
cblr-8632	369	65	,	,	PUNCT
cblr-8632	369	66	pi	pi	NOUN
cblr-8632	369	67	is	be	AUX
cblr-8632	369	68	the	the	DET
cblr-8632	369	69	average	average	ADJ
cblr-8632	369	70	price	price	NOUN
cblr-8632	369	71	improvement	improvement	NOUN
cblr-8632	369	72	for	for	ADP
cblr-8632	369	73	trades	trade	NOUN
cblr-8632	369	74	indexed	index	VERB
cblr-8632	369	75	by	by	ADP
cblr-8632	369	76	ies	ie	NOUN
cblr-8632	369	77	(	(	PUNCT
cblr-8632	369	78	weighted	weight	VERB
cblr-8632	369	79	by	by	ADP
cblr-8632	369	80	the	the	DET
cblr-8632	369	81	number	number	NOUN
cblr-8632	369	82	of	of	ADP
cblr-8632	369	83	trades	trade	NOUN
cblr-8632	369	84	)	)	PUNCT
cblr-8632	369	85	,	,	PUNCT
cblr-8632	369	86	tt	tt	PROPN
cblr-8632	369	87	is	be	AUX
cblr-8632	369	88	the	the	DET
cblr-8632	369	89	number	number	NOUN
cblr-8632	369	90	of	of	ADP
cblr-8632	369	91	total	total	ADJ
cblr-8632	369	92	trades	trade	NOUN
cblr-8632	369	93	indexed	index	VERB
cblr-8632	369	94	by	by	ADP
cblr-8632	369	95	ies	ie	NOUN
cblr-8632	369	96	,	,	PUNCT
cblr-8632	369	97	finra	finra	PROPN
cblr-8632	369	98	is	be	AUX
cblr-8632	369	99	an	an	DET
cblr-8632	369	100	indicator	indicator	NOUN
cblr-8632	369	101	for	for	ADP
cblr-8632	369	102	whether	whether	SCONJ
cblr-8632	369	103	trades	trade	NOUN
cblr-8632	369	104	indexed	index	VERB
cblr-8632	369	105	by	by	ADP
cblr-8632	369	106	ies	ie	NOUN
cblr-8632	369	107	were	be	AUX
cblr-8632	369	108	executed	execute	VERB
cblr-8632	369	109	in	in	ADP
cblr-8632	369	110	an	an	DET
cblr-8632	369	111	exchange	exchange	NOUN
cblr-8632	369	112	or	or	CCONJ
cblr-8632	369	113	non	non	ADJ
cblr-8632	369	114	-	-	ADJ
cblr-8632	369	115	exchange	exchange	ADJ
cblr-8632	369	116	venue	venue	NOUN
cblr-8632	369	117	,	,	PUNCT
cblr-8632	369	118	iso	iso	PROPN
cblr-8632	369	119	is	be	AUX
cblr-8632	369	120	an	an	DET
cblr-8632	369	121	indicator	indicator	NOUN
cblr-8632	369	122	for	for	ADP
cblr-8632	369	123	whether	whether	SCONJ
cblr-8632	369	124	trades	trade	NOUN
cblr-8632	369	125	indexed	index	VERB
cblr-8632	369	126	by	by	ADP
cblr-8632	369	127	ies	ie	NOUN
cblr-8632	369	128	were	be	AUX
cblr-8632	369	129	intermarket	intermarket	NOUN
cblr-8632	369	130	sweep	sweep	NOUN
cblr-8632	369	131	orders	order	NOUN
cblr-8632	369	132	,	,	PUNCT
cblr-8632	369	133	and	and	CCONJ
cblr-8632	369	134	tdts	tdts	ADJ
cblr-8632	369	135	is	be	AUX
cblr-8632	369	136	an	an	DET
cblr-8632	369	137	indicator	indicator	NOUN
cblr-8632	369	138	for	for	ADP
cblr-8632	369	139	the	the	DET
cblr-8632	369	140	two	two	NUM
cblr-8632	369	141	-	-	PUNCT
cblr-8632	369	142	digit	digit	NOUN
cblr-8632	369	143	trade	trade	NOUN
cblr-8632	369	144	size	size	NOUN
cblr-8632	369	145	for	for	ADP
cblr-8632	369	146	trades	trade	NOUN
cblr-8632	369	147	indexed	index	VERB
cblr-8632	369	148	by	by	ADP
cblr-8632	369	149	ies	ies	PROPN
cblr-8632	369	150	.	.	PROPN
cblr-8632	369	151	bartlett	bartlett	PROPN
cblr-8632	370	1	8/20/2021	8/20/2021	NUM
cblr-8632	370	2	6:20	6:20	NUM
cblr-8632	370	3	pm	pm	NOUN
cblr-8632	370	4	no	no	INTJ
cblr-8632	370	5	.	.	PUNCT
cblr-8632	371	1	2:520	2:520	NUM
cblr-8632	371	2	]	]	X
cblr-8632	371	3	modernizing	modernize	VERB
cblr-8632	371	4	odd	odd	ADJ
cblr-8632	371	5	lot	lot	NOUN
cblr-8632	371	6	trading	trade	VERB
cblr-8632	371	7	547	547	NUM
cblr-8632	371	8	figure	figure	NOUN
cblr-8632	371	9	7	7	NUM
cblr-8632	371	10	.	.	PUNCT
cblr-8632	371	11	price	price	NOUN
cblr-8632	371	12	improvement	improvement	NOUN
cblr-8632	371	13	and	and	CCONJ
cblr-8632	371	14	trade	trade	NOUN
cblr-8632	371	15	size	size	NOUN
cblr-8632	371	16	:	:	PUNCT
cblr-8632	371	17	nonexchange	nonexchange	NOUN
cblr-8632	371	18	venues	venue	NOUN
cblr-8632	371	19	as	as	SCONJ
cblr-8632	371	20	shown	show	VERB
cblr-8632	371	21	in	in	ADP
cblr-8632	371	22	the	the	DET
cblr-8632	371	23	figure	figure	NOUN
cblr-8632	371	24	,	,	PUNCT
cblr-8632	371	25	the	the	DET
cblr-8632	371	26	conditional	conditional	ADJ
cblr-8632	371	27	expectation	expectation	NOUN
cblr-8632	371	28	of	of	ADP
cblr-8632	371	29	price	price	NOUN
cblr-8632	371	30	improvement	improvement	NOUN
cblr-8632	371	31	falls	fall	VERB
cblr-8632	371	32	discontinuously	discontinuously	ADV
cblr-8632	371	33	as	as	SCONJ
cblr-8632	371	34	trade	trade	NOUN
cblr-8632	371	35	sizes	size	NOUN
cblr-8632	371	36	fall	fall	VERB
cblr-8632	371	37	below	below	ADP
cblr-8632	371	38	100	100	NUM
cblr-8632	371	39	shares	share	NOUN
cblr-8632	371	40	.	.	PUNCT
cblr-8632	372	1	round	round	ADJ
cblr-8632	372	2	lot	lot	NOUN
cblr-8632	372	3	orders	order	NOUN
cblr-8632	372	4	received	receive	VERB
cblr-8632	372	5	price	price	NOUN
cblr-8632	372	6	improvement	improvement	NOUN
cblr-8632	372	7	amounting	amount	VERB
cblr-8632	372	8	to	to	ADP
cblr-8632	372	9	roughly	roughly	ADV
cblr-8632	372	10	forty	forty	NUM
cblr-8632	372	11	-	-	PUNCT
cblr-8632	372	12	five	five	NUM
cblr-8632	372	13	percent	percent	NOUN
cblr-8632	372	14	of	of	ADP
cblr-8632	372	15	the	the	DET
cblr-8632	372	16	quoted	quote	VERB
cblr-8632	372	17	halfspread	halfspread	NOUN
cblr-8632	372	18	.	.	PUNCT
cblr-8632	373	1	therefore	therefore	ADV
cblr-8632	373	2	,	,	PUNCT
cblr-8632	373	3	the	the	DET
cblr-8632	373	4	point	point	NOUN
cblr-8632	373	5	estimate	estimate	NOUN
cblr-8632	373	6	of	of	ADP
cblr-8632	373	7	0.0405	0.0405	NUM
cblr-8632	373	8	(	(	PUNCT
cblr-8632	373	9	se=0.0044	se=0.0044	NOUN
cblr-8632	373	10	)	)	PUNCT
cblr-8632	373	11	in	in	ADP
cblr-8632	373	12	figure	figure	NOUN
cblr-8632	373	13	7	7	NUM
cblr-8632	373	14	translates	translate	VERB
cblr-8632	373	15	to	to	ADP
cblr-8632	373	16	a	a	DET
cblr-8632	373	17	statistically	statistically	ADV
cblr-8632	373	18	significant	significant	ADJ
cblr-8632	373	19	reduction	reduction	NOUN
cblr-8632	373	20	of	of	ADP
cblr-8632	373	21	price	price	NOUN
cblr-8632	373	22	improvement	improvement	NOUN
cblr-8632	373	23	for	for	ADP
cblr-8632	373	24	odd	odd	ADJ
cblr-8632	373	25	lot	lot	NOUN
cblr-8632	373	26	trades	trade	NOUN
cblr-8632	373	27	from	from	ADP
cblr-8632	373	28	approximately	approximately	ADV
cblr-8632	373	29	forty	forty	NUM
cblr-8632	373	30	-	-	PUNCT
cblr-8632	373	31	five	five	NUM
cblr-8632	373	32	percent	percent	NOUN
cblr-8632	373	33	to	to	ADP
cblr-8632	373	34	forty	forty	NUM
cblr-8632	373	35	-	-	PUNCT
cblr-8632	373	36	one	one	NUM
cblr-8632	373	37	percent	percent	NOUN
cblr-8632	373	38	,	,	PUNCT
cblr-8632	373	39	or	or	CCONJ
cblr-8632	373	40	approximately	approximately	ADV
cblr-8632	373	41	ten	ten	NUM
cblr-8632	373	42	percent	percent	NOUN
cblr-8632	373	43	less	less	ADJ
cblr-8632	373	44	in	in	ADP
cblr-8632	373	45	the	the	DET
cblr-8632	373	46	level	level	NOUN
cblr-8632	373	47	of	of	ADP
cblr-8632	373	48	price	price	NOUN
cblr-8632	373	49	improvement	improvement	NOUN
cblr-8632	373	50	.	.	PUNCT
cblr-8632	374	1	overall	overall	ADV
cblr-8632	374	2	,	,	PUNCT
cblr-8632	374	3	these	these	DET
cblr-8632	374	4	estimates	estimate	NOUN
cblr-8632	374	5	are	be	AUX
cblr-8632	374	6	consistent	consistent	ADJ
cblr-8632	374	7	with	with	ADP
cblr-8632	374	8	the	the	DET
cblr-8632	374	9	concern	concern	NOUN
cblr-8632	374	10	that	that	SCONJ
cblr-8632	374	11	the	the	DET
cblr-8632	374	12	challenge	challenge	NOUN
cblr-8632	374	13	of	of	ADP
cblr-8632	374	14	observing	observe	VERB
cblr-8632	374	15	odd	odd	ADJ
cblr-8632	374	16	lot	lot	NOUN
cblr-8632	374	17	trade	trade	NOUN
cblr-8632	374	18	execution	execution	NOUN
cblr-8632	374	19	quality	quality	NOUN
cblr-8632	374	20	may	may	AUX
cblr-8632	374	21	contribute	contribute	VERB
cblr-8632	374	22	to	to	ADP
cblr-8632	374	23	inferior	inferior	ADJ
cblr-8632	374	24	trade	trade	NOUN
cblr-8632	374	25	execution	execution	NOUN
cblr-8632	374	26	for	for	ADP
cblr-8632	374	27	odd	odd	ADJ
cblr-8632	374	28	lot	lot	NOUN
cblr-8632	374	29	trades	trade	NOUN
cblr-8632	374	30	in	in	ADP
cblr-8632	374	31	non	non	ADJ
cblr-8632	374	32	-	-	ADJ
cblr-8632	374	33	exchange	exchange	ADJ
cblr-8632	374	34	venues	venue	NOUN
cblr-8632	374	35	.	.	PUNCT
cblr-8632	375	1	this	this	DET
cblr-8632	375	2	conclusion	conclusion	NOUN
cblr-8632	375	3	seems	seem	VERB
cblr-8632	375	4	especially	especially	ADV
cblr-8632	375	5	relevant	relevant	ADJ
cblr-8632	375	6	for	for	ADP
cblr-8632	375	7	retail	retail	ADJ
cblr-8632	375	8	trade	trade	NOUN
cblr-8632	375	9	execution	execution	NOUN
cblr-8632	375	10	in	in	ADP
cblr-8632	375	11	light	light	NOUN
cblr-8632	375	12	of	of	ADP
cblr-8632	375	13	the	the	DET
cblr-8632	375	14	difficulty	difficulty	NOUN
cblr-8632	375	15	of	of	ADP
cblr-8632	375	16	monitoring	monitor	VERB
cblr-8632	375	17	trade	trade	NOUN
cblr-8632	375	18	execution	execution	NOUN
cblr-8632	375	19	quality	quality	NOUN
cblr-8632	375	20	in	in	ADP
cblr-8632	375	21	this	this	DET
cblr-8632	375	22	context	context	NOUN
cblr-8632	375	23	.	.	PUNCT
cblr-8632	376	1	to	to	PART
cblr-8632	376	2	be	be	AUX
cblr-8632	376	3	sure	sure	ADJ
cblr-8632	376	4	,	,	PUNCT
cblr-8632	376	5	the	the	DET
cblr-8632	376	6	taq	taq	PROPN
cblr-8632	376	7	data	datum	NOUN
cblr-8632	376	8	for	for	ADP
cblr-8632	376	9	non	non	ADJ
cblr-8632	376	10	-	-	ADJ
cblr-8632	376	11	exchange	exchange	ADJ
cblr-8632	376	12	trades	trade	NOUN
cblr-8632	376	13	includes	include	VERB
cblr-8632	376	14	trades	trade	NOUN
cblr-8632	376	15	executed	execute	VERB
cblr-8632	376	16	by	by	ADP
cblr-8632	376	17	both	both	DET
cblr-8632	376	18	wholesale	wholesale	ADJ
cblr-8632	376	19	market	market	NOUN
cblr-8632	376	20	makers	maker	NOUN
cblr-8632	376	21	and	and	CCONJ
cblr-8632	376	22	other	other	ADJ
cblr-8632	376	23	nonexchange	nonexchange	NOUN
cblr-8632	376	24	venues	venue	NOUN
cblr-8632	376	25	such	such	ADJ
cblr-8632	376	26	as	as	ADP
cblr-8632	376	27	dark	dark	ADJ
cblr-8632	376	28	pools	pool	NOUN
cblr-8632	376	29	.	.	PUNCT
cblr-8632	377	1	however	however	ADV
cblr-8632	377	2	,	,	PUNCT
cblr-8632	377	3	the	the	DET
cblr-8632	377	4	experience	experience	NOUN
cblr-8632	377	5	of	of	ADP
cblr-8632	377	6	the	the	DET
cblr-8632	377	7	fif	fif	PROPN
cblr-8632	377	8	working	working	PROPN
cblr-8632	377	9	group	group	NOUN
cblr-8632	377	10	in	in	ADP
cblr-8632	377	11	2015	2015	NUM
cblr-8632	377	12	stands	stand	VERB
cblr-8632	377	13	as	as	ADP
cblr-8632	377	14	a	a	DET
cblr-8632	377	15	telling	tell	VERB
cblr-8632	377	16	-.1	-.1	PROPN
cblr-8632	377	17	5	5	NUM
cblr-8632	377	18	-	-	PUNCT
cblr-8632	377	19	.	.	PUNCT
cblr-8632	377	20	1	1	NUM
cblr-8632	377	21	-	-	PUNCT
cblr-8632	377	22	.	.	PUNCT
cblr-8632	378	1	05	05	NUM
cblr-8632	378	2	0	0	NUM
cblr-8632	379	1	.0	.0	NUM
cblr-8632	379	2	5	5	NUM
cblr-8632	379	3	r	r	NOUN
cblr-8632	379	4	es	es	NOUN
cblr-8632	379	5	i	i	PROPN
cblr-8632	379	6	d	d	PROPN
cblr-8632	379	7	u	u	PROPN
cblr-8632	379	8	al	al	PROPN
cblr-8632	379	9	iz	iz	INTJ
cblr-8632	379	10	ed	ed	PROPN
cblr-8632	379	11	l	l	PROPN
cblr-8632	379	12	ev	ev	PROPN
cblr-8632	380	1	el	el	PROPN
cblr-8632	380	2	o	o	PROPN
cblr-8632	381	1	f	f	PROPN
cblr-8632	382	1	p	p	X
cblr-8632	382	2	ri	ri	PROPN
cblr-8632	383	1	ce	ce	INTJ
cblr-8632	384	1	i	i	PRON
cblr-8632	384	2	m	m	VERB
cblr-8632	384	3	pr	pr	INTJ
cblr-8632	385	1	ov	ov	INTJ
cblr-8632	385	2	em	em	PRON
cblr-8632	385	3	en	en	ADP
cblr-8632	385	4	t	t	PROPN
cblr-8632	385	5	0	0	NUM
cblr-8632	385	6	100	100	NUM
cblr-8632	385	7	200	200	NUM
cblr-8632	385	8	300	300	NUM
cblr-8632	385	9	400	400	NUM
cblr-8632	385	10	500	500	NUM
cblr-8632	385	11	number	number	NOUN
cblr-8632	385	12	of	of	ADP
cblr-8632	385	13	shares	share	NOUN
cblr-8632	385	14	in	in	ADP
cblr-8632	385	15	trade	trade	NOUN
cblr-8632	385	16	bartlett	bartlett	NOUN
cblr-8632	385	17	8/20/2021	8/20/2021	NUM
cblr-8632	385	18	6:20	6:20	NUM
cblr-8632	385	19	pm	pm	NOUN
cblr-8632	385	20	548	548	NUM
cblr-8632	385	21	columbia	columbia	PROPN
cblr-8632	385	22	business	business	NOUN
cblr-8632	385	23	law	law	PROPN
cblr-8632	385	24	review	review	NOUN
cblr-8632	385	25	[	[	X
cblr-8632	385	26	vol	vol	NOUN
cblr-8632	385	27	.	.	NOUN
cblr-8632	385	28	2021	2021	NUM
cblr-8632	386	1	illustration	illustration	NOUN
cblr-8632	386	2	of	of	ADP
cblr-8632	386	3	how	how	SCONJ
cblr-8632	386	4	enhanced	enhanced	ADJ
cblr-8632	386	5	transparency	transparency	NOUN
cblr-8632	386	6	of	of	ADP
cblr-8632	386	7	odd	odd	ADJ
cblr-8632	386	8	lot	lot	NOUN
cblr-8632	386	9	trade	trade	NOUN
cblr-8632	386	10	execution	execution	NOUN
cblr-8632	386	11	quality	quality	NOUN
cblr-8632	386	12	can	can	AUX
cblr-8632	386	13	induce	induce	VERB
cblr-8632	386	14	wholesale	wholesale	ADJ
cblr-8632	386	15	market	market	NOUN
cblr-8632	386	16	makers	maker	NOUN
cblr-8632	386	17	to	to	PART
cblr-8632	386	18	enhance	enhance	VERB
cblr-8632	386	19	price	price	NOUN
cblr-8632	386	20	improvement	improvement	NOUN
cblr-8632	386	21	for	for	ADP
cblr-8632	386	22	odd	odd	ADJ
cblr-8632	386	23	lot	lot	NOUN
cblr-8632	386	24	trades	trade	NOUN
cblr-8632	386	25	.	.	PUNCT
cblr-8632	387	1	finally	finally	ADV
cblr-8632	387	2	,	,	PUNCT
cblr-8632	387	3	it	it	PRON
cblr-8632	387	4	is	be	AUX
cblr-8632	387	5	important	important	ADJ
cblr-8632	387	6	to	to	PART
cblr-8632	387	7	note	note	VERB
cblr-8632	387	8	that	that	SCONJ
cblr-8632	387	9	the	the	DET
cblr-8632	387	10	definition	definition	NOUN
cblr-8632	387	11	of	of	ADP
cblr-8632	387	12	price	price	NOUN
cblr-8632	387	13	improvement	improvement	NOUN
cblr-8632	387	14	used	use	VERB
cblr-8632	387	15	in	in	ADP
cblr-8632	387	16	this	this	DET
cblr-8632	387	17	part	part	NOUN
cblr-8632	387	18	rests	rest	VERB
cblr-8632	387	19	on	on	ADP
cblr-8632	387	20	a	a	DET
cblr-8632	387	21	critical	critical	ADJ
cblr-8632	387	22	assumption	assumption	NOUN
cblr-8632	387	23	:	:	PUNCT
cblr-8632	387	24	that	that	SCONJ
cblr-8632	387	25	the	the	DET
cblr-8632	387	26	reg	reg	PROPN
cblr-8632	387	27	nms	nms	NOUN
cblr-8632	387	28	nbbo	nbbo	NOUN
cblr-8632	387	29	is	be	AUX
cblr-8632	387	30	the	the	DET
cblr-8632	387	31	proper	proper	ADJ
cblr-8632	387	32	benchmark	benchmark	NOUN
cblr-8632	387	33	to	to	PART
cblr-8632	387	34	use	use	VERB
cblr-8632	387	35	to	to	PART
cblr-8632	387	36	evaluate	evaluate	VERB
cblr-8632	387	37	pricing	pricing	NOUN
cblr-8632	387	38	and	and	CCONJ
cblr-8632	387	39	best	good	ADJ
cblr-8632	387	40	execution	execution	NOUN
cblr-8632	387	41	.	.	PUNCT
cblr-8632	388	1	yet	yet	ADV
cblr-8632	388	2	,	,	PUNCT
cblr-8632	388	3	as	as	SCONJ
cblr-8632	388	4	explored	explore	VERB
cblr-8632	388	5	in	in	ADP
cblr-8632	388	6	the	the	DET
cblr-8632	388	7	next	next	ADJ
cblr-8632	388	8	part	part	NOUN
cblr-8632	388	9	,	,	PUNCT
cblr-8632	388	10	there	there	PRON
cblr-8632	388	11	are	be	VERB
cblr-8632	388	12	reasons	reason	NOUN
cblr-8632	388	13	to	to	PART
cblr-8632	388	14	question	question	VERB
cblr-8632	388	15	whether	whether	SCONJ
cblr-8632	388	16	this	this	PRON
cblr-8632	388	17	is	be	AUX
cblr-8632	388	18	,	,	PUNCT
cblr-8632	388	19	in	in	ADP
cblr-8632	388	20	fact	fact	NOUN
cblr-8632	388	21	,	,	PUNCT
cblr-8632	388	22	the	the	DET
cblr-8632	388	23	proper	proper	ADJ
cblr-8632	388	24	nbbo	nbbo	NOUN
cblr-8632	388	25	to	to	PART
cblr-8632	388	26	use	use	VERB
cblr-8632	388	27	for	for	ADP
cblr-8632	388	28	purposes	purpose	NOUN
cblr-8632	388	29	of	of	ADP
cblr-8632	388	30	evaluating	evaluate	VERB
cblr-8632	388	31	the	the	DET
cblr-8632	388	32	trade	trade	NOUN
cblr-8632	388	33	execution	execution	NOUN
cblr-8632	388	34	quality	quality	NOUN
cblr-8632	388	35	of	of	ADP
cblr-8632	388	36	odd	odd	ADJ
cblr-8632	388	37	lot	lot	NOUN
cblr-8632	388	38	trades	trade	NOUN
cblr-8632	388	39	.	.	PUNCT
cblr-8632	389	1	iii	iii	X
cblr-8632	389	2	.	.	PROPN
cblr-8632	389	3	odd	odd	ADJ
cblr-8632	389	4	lots	lot	NOUN
cblr-8632	389	5	and	and	CCONJ
cblr-8632	389	6	the	the	DET
cblr-8632	389	7	nbbo	nbbo	NOUN
cblr-8632	389	8	as	as	SCONJ
cblr-8632	389	9	discussed	discuss	VERB
cblr-8632	389	10	in	in	ADP
cblr-8632	389	11	the	the	DET
cblr-8632	389	12	prior	prior	ADJ
cblr-8632	389	13	part	part	NOUN
cblr-8632	389	14	,	,	PUNCT
cblr-8632	389	15	odd	odd	ADJ
cblr-8632	389	16	lot	lot	NOUN
cblr-8632	389	17	trades	trade	NOUN
cblr-8632	389	18	executed	execute	VERB
cblr-8632	389	19	in	in	ADP
cblr-8632	389	20	non	non	ADJ
cblr-8632	389	21	-	-	ADJ
cblr-8632	389	22	exchange	exchange	ADJ
cblr-8632	389	23	venues	venue	NOUN
cblr-8632	389	24	receive	receive	VERB
cblr-8632	389	25	on	on	ADP
cblr-8632	389	26	average	average	ADJ
cblr-8632	389	27	less	less	ADJ
cblr-8632	389	28	price	price	NOUN
cblr-8632	389	29	improvement	improvement	NOUN
cblr-8632	389	30	relative	relative	ADJ
cblr-8632	389	31	to	to	ADP
cblr-8632	389	32	the	the	DET
cblr-8632	389	33	reg	reg	NOUN
cblr-8632	389	34	nms	nms	NOUN
cblr-8632	389	35	nbbo	nbbo	NOUN
cblr-8632	389	36	than	than	ADP
cblr-8632	389	37	round	round	ADJ
cblr-8632	389	38	lot	lot	NOUN
cblr-8632	389	39	trades	trade	NOUN
cblr-8632	389	40	executed	execute	VERB
cblr-8632	389	41	in	in	ADP
cblr-8632	389	42	non	non	ADJ
cblr-8632	389	43	-	-	ADJ
cblr-8632	389	44	exchange	exchange	ADJ
cblr-8632	389	45	venues	venue	NOUN
cblr-8632	389	46	.	.	PUNCT
cblr-8632	390	1	the	the	DET
cblr-8632	390	2	opposite	opposite	ADJ
cblr-8632	390	3	conclusion	conclusion	NOUN
cblr-8632	390	4	,	,	PUNCT
cblr-8632	390	5	however	however	ADV
cblr-8632	390	6	,	,	PUNCT
cblr-8632	390	7	holds	hold	VERB
cblr-8632	390	8	with	with	ADP
cblr-8632	390	9	respect	respect	NOUN
cblr-8632	390	10	to	to	ADP
cblr-8632	390	11	exchange	exchange	NOUN
cblr-8632	390	12	trades	trade	NOUN
cblr-8632	390	13	.	.	PUNCT
cblr-8632	391	1	as	as	ADP
cblr-8632	391	2	an	an	DET
cblr-8632	391	3	illustration	illustration	NOUN
cblr-8632	391	4	,	,	PUNCT
cblr-8632	391	5	consider	consider	VERB
cblr-8632	391	6	figure	figure	NOUN
cblr-8632	391	7	8	8	NUM
cblr-8632	391	8	,	,	PUNCT
cblr-8632	391	9	which	which	PRON
cblr-8632	391	10	uses	use	VERB
cblr-8632	391	11	the	the	DET
cblr-8632	391	12	same	same	ADJ
cblr-8632	391	13	data	datum	NOUN
cblr-8632	391	14	and	and	CCONJ
cblr-8632	391	15	analysis	analysis	NOUN
cblr-8632	391	16	used	use	VERB
cblr-8632	391	17	for	for	ADP
cblr-8632	391	18	figure	figure	NOUN
cblr-8632	391	19	7	7	NUM
cblr-8632	391	20	but	but	CCONJ
cblr-8632	391	21	focuses	focus	VERB
cblr-8632	391	22	on	on	ADP
cblr-8632	391	23	exchange	exchange	NOUN
cblr-8632	391	24	trades	trade	NOUN
cblr-8632	391	25	,	,	PUNCT
cblr-8632	391	26	which	which	PRON
cblr-8632	391	27	are	be	AUX
cblr-8632	391	28	superimposed	superimpose	VERB
cblr-8632	391	29	on	on	ADP
cblr-8632	391	30	the	the	DET
cblr-8632	391	31	estimates	estimate	NOUN
cblr-8632	391	32	for	for	ADP
cblr-8632	391	33	nonexchange	nonexchange	NOUN
cblr-8632	391	34	trades	trade	NOUN
cblr-8632	391	35	.	.	PUNCT
cblr-8632	392	1	bartlett	bartlett	PROPN
cblr-8632	392	2	8/20/2021	8/20/2021	NUM
cblr-8632	392	3	6:20	6:20	NUM
cblr-8632	392	4	pm	pm	NOUN
cblr-8632	392	5	no	no	INTJ
cblr-8632	392	6	.	.	PUNCT
cblr-8632	393	1	2:520	2:520	NUM
cblr-8632	393	2	]	]	X
cblr-8632	393	3	modernizing	modernize	VERB
cblr-8632	393	4	odd	odd	ADJ
cblr-8632	393	5	lot	lot	NOUN
cblr-8632	393	6	trading	trade	VERB
cblr-8632	393	7	549	549	NUM
cblr-8632	393	8	figure	figure	NOUN
cblr-8632	393	9	8	8	NUM
cblr-8632	393	10	.	.	PUNCT
cblr-8632	393	11	price	price	NOUN
cblr-8632	393	12	improvement	improvement	NOUN
cblr-8632	393	13	and	and	CCONJ
cblr-8632	393	14	trade	trade	NOUN
cblr-8632	393	15	size	size	NOUN
cblr-8632	393	16	:	:	PUNCT
cblr-8632	393	17	nonexchange	nonexchange	NOUN
cblr-8632	393	18	venues	venue	NOUN
cblr-8632	393	19	vs.	vs.	ADP
cblr-8632	393	20	exchanges	exchange	NOUN
cblr-8632	393	21	aside	aside	ADV
cblr-8632	393	22	from	from	ADP
cblr-8632	393	23	a	a	DET
cblr-8632	393	24	notable	notable	ADJ
cblr-8632	393	25	increase	increase	NOUN
cblr-8632	393	26	in	in	ADP
cblr-8632	393	27	price	price	NOUN
cblr-8632	393	28	improvement	improvement	NOUN
cblr-8632	393	29	for	for	ADP
cblr-8632	393	30	trades	trade	NOUN
cblr-8632	393	31	between	between	ADP
cblr-8632	393	32	100	100	NUM
cblr-8632	393	33	and	and	CCONJ
cblr-8632	393	34	200	200	NUM
cblr-8632	393	35	shares	share	NOUN
cblr-8632	393	36	,	,	PUNCT
cblr-8632	393	37	price	price	NOUN
cblr-8632	393	38	improvement	improvement	NOUN
cblr-8632	393	39	on	on	ADP
cblr-8632	393	40	exchanges	exchange	NOUN
cblr-8632	393	41	generally	generally	ADV
cblr-8632	393	42	increases	increase	VERB
cblr-8632	393	43	gradually	gradually	ADV
cblr-8632	393	44	as	as	SCONJ
cblr-8632	393	45	trade	trade	NOUN
cblr-8632	393	46	sizes	size	NOUN
cblr-8632	393	47	decline	decline	VERB
cblr-8632	393	48	.	.	PUNCT
cblr-8632	394	1	indeed	indeed	ADV
cblr-8632	394	2	,	,	PUNCT
cblr-8632	394	3	expected	expect	VERB
cblr-8632	394	4	price	price	NOUN
cblr-8632	394	5	improvement	improvement	NOUN
cblr-8632	394	6	on	on	ADP
cblr-8632	394	7	exchanges	exchange	NOUN
cblr-8632	394	8	appears	appear	VERB
cblr-8632	394	9	to	to	PART
cblr-8632	394	10	be	be	AUX
cblr-8632	394	11	especially	especially	ADV
cblr-8632	394	12	large	large	ADJ
cblr-8632	394	13	for	for	ADP
cblr-8632	394	14	the	the	DET
cblr-8632	394	15	smallest	small	ADJ
cblr-8632	394	16	odd	odd	ADJ
cblr-8632	394	17	lot	lot	NOUN
cblr-8632	394	18	trades	trade	NOUN
cblr-8632	394	19	—	—	PUNCT
cblr-8632	394	20	the	the	DET
cblr-8632	394	21	opposite	opposite	NOUN
cblr-8632	394	22	of	of	ADP
cblr-8632	394	23	what	what	PRON
cblr-8632	394	24	occurs	occur	VERB
cblr-8632	394	25	for	for	ADP
cblr-8632	394	26	non	non	ADJ
cblr-8632	394	27	-	-	ADJ
cblr-8632	394	28	exchange	exchange	ADJ
cblr-8632	394	29	trades	trade	NOUN
cblr-8632	394	30	.	.	PUNCT
cblr-8632	395	1	what	what	PRON
cblr-8632	395	2	accounts	account	VERB
cblr-8632	395	3	for	for	ADP
cblr-8632	395	4	the	the	DET
cblr-8632	395	5	different	different	ADJ
cblr-8632	395	6	result	result	NOUN
cblr-8632	395	7	for	for	ADP
cblr-8632	395	8	odd	odd	ADJ
cblr-8632	395	9	lot	lot	NOUN
cblr-8632	395	10	trades	trade	NOUN
cblr-8632	395	11	executed	execute	VERB
cblr-8632	395	12	on	on	ADP
cblr-8632	395	13	exchanges	exchange	NOUN
cblr-8632	395	14	?	?	PUNCT
cblr-8632	396	1	much	much	ADJ
cblr-8632	396	2	of	of	ADP
cblr-8632	396	3	the	the	DET
cblr-8632	396	4	explanation	explanation	NOUN
cblr-8632	396	5	stems	stem	VERB
cblr-8632	396	6	from	from	ADP
cblr-8632	396	7	how	how	SCONJ
cblr-8632	396	8	price	price	NOUN
cblr-8632	396	9	improvement	improvement	NOUN
cblr-8632	396	10	occurs	occur	VERB
cblr-8632	396	11	for	for	ADP
cblr-8632	396	12	exchange	exchange	NOUN
cblr-8632	396	13	trades	trade	NOUN
cblr-8632	396	14	.	.	PUNCT
cblr-8632	397	1	when	when	SCONJ
cblr-8632	397	2	a	a	DET
cblr-8632	397	3	given	give	VERB
cblr-8632	397	4	exchange	exchange	NOUN
cblr-8632	397	5	receives	receive	VERB
cblr-8632	397	6	an	an	DET
cblr-8632	397	7	inbound	inbound	ADJ
cblr-8632	397	8	marketable	marketable	ADJ
cblr-8632	397	9	order	order	NOUN
cblr-8632	397	10	,	,	PUNCT
cblr-8632	397	11	rule	rule	VERB
cblr-8632	397	12	611	611	NUM
cblr-8632	397	13	requires	require	VERB
cblr-8632	397	14	the	the	DET
cblr-8632	397	15	exchange	exchange	NOUN
cblr-8632	397	16	to	to	PART
cblr-8632	397	17	route	route	VERB
cblr-8632	397	18	the	the	DET
cblr-8632	397	19	order	order	NOUN
cblr-8632	397	20	to	to	ADP
cblr-8632	397	21	the	the	DET
cblr-8632	397	22	venue	venue	NOUN
cblr-8632	397	23	displaying	display	VERB
cblr-8632	397	24	the	the	DET
cblr-8632	397	25	national	national	ADJ
cblr-8632	397	26	best	good	ADJ
cblr-8632	397	27	bid	bid	NOUN
cblr-8632	397	28	or	or	CCONJ
cblr-8632	397	29	offer	offer	NOUN
cblr-8632	397	30	(	(	PUNCT
cblr-8632	397	31	as	as	ADP
cblr-8632	397	32	applicable	applicable	ADJ
cblr-8632	397	33	)	)	PUNCT
cblr-8632	397	34	unless	unless	SCONJ
cblr-8632	397	35	a	a	DET
cblr-8632	397	36	liquidity	liquidity	NOUN
cblr-8632	397	37	provider	provider	NOUN
cblr-8632	397	38	at	at	ADP
cblr-8632	397	39	the	the	DET
cblr-8632	397	40	exchange	exchange	NOUN
cblr-8632	397	41	is	be	AUX
cblr-8632	397	42	offering	offer	VERB
cblr-8632	397	43	liquidity	liquidity	NOUN
cblr-8632	397	44	at	at	ADP
cblr-8632	397	45	or	or	CCONJ
cblr-8632	397	46	better	well	ADJ
cblr-8632	397	47	than	than	ADP
cblr-8632	397	48	this	this	DET
cblr-8632	397	49	price.64	price.64	NOUN
cblr-8632	397	50	if	if	SCONJ
cblr-8632	397	51	such	such	DET
cblr-8632	397	52	a	a	DET
cblr-8632	397	53	liquidity	liquidity	NOUN
cblr-8632	397	54	provider	provider	NOUN
cblr-8632	397	55	is	be	AUX
cblr-8632	397	56	present	present	ADJ
cblr-8632	397	57	,	,	PUNCT
cblr-8632	397	58	the	the	DET
cblr-8632	397	59	exchange	exchange	NOUN
cblr-8632	397	60	will	will	AUX
cblr-8632	397	61	allow	allow	VERB
cblr-8632	397	62	the	the	DET
cblr-8632	397	63	marketable	marketable	ADJ
cblr-8632	397	64	order	order	NOUN
cblr-8632	397	65	to	to	PART
cblr-8632	397	66	execute	execute	VERB
cblr-8632	397	67	64	64	NUM
cblr-8632	397	68	17	17	NUM
cblr-8632	397	69	c.f.r	c.f.r	NOUN
cblr-8632	397	70	.	.	PUNCT
cblr-8632	398	1	§	§	PROPN
cblr-8632	398	2	242.611(a)(1	242.611(a)(1	NUM
cblr-8632	398	3	)	)	PUNCT
cblr-8632	398	4	.	.	PUNCT
cblr-8632	399	1	there	there	PRON
cblr-8632	399	2	is	be	VERB
cblr-8632	399	3	an	an	DET
cblr-8632	399	4	exception	exception	NOUN
cblr-8632	399	5	when	when	SCONJ
cblr-8632	399	6	the	the	DET
cblr-8632	399	7	nbbo	nbbo	NOUN
cblr-8632	399	8	changes	change	VERB
cblr-8632	399	9	almost	almost	ADV
cblr-8632	399	10	simultaneously	simultaneously	ADV
cblr-8632	399	11	with	with	ADP
cblr-8632	399	12	execution	execution	NOUN
cblr-8632	399	13	.	.	PUNCT
cblr-8632	400	1	see	see	VERB
cblr-8632	400	2	i	i	PRON
cblr-8632	400	3	d.	d.	PROPN
cblr-8632	400	4	§	§	PROPN
cblr-8632	400	5	242.611(b)(8	242.611(b)(8	NUM
cblr-8632	400	6	)	)	PUNCT
cblr-8632	400	7	.	.	PUNCT
cblr-8632	401	1	-	-	PUNCT
cblr-8632	401	2	.	.	PROPN
cblr-8632	401	3	15	15	NUM
cblr-8632	401	4	-	-	PUNCT
cblr-8632	401	5	.	.	PUNCT
cblr-8632	401	6	1	1	NUM
cblr-8632	401	7	-	-	PUNCT
cblr-8632	401	8	.	.	PUNCT
cblr-8632	402	1	05	05	NUM
cblr-8632	402	2	0	0	NUM
cblr-8632	403	1	.0	.0	NUM
cblr-8632	403	2	5	5	NUM
cblr-8632	403	3	r	r	NOUN
cblr-8632	403	4	es	es	NOUN
cblr-8632	403	5	i	i	PROPN
cblr-8632	403	6	d	d	PROPN
cblr-8632	403	7	u	u	PROPN
cblr-8632	403	8	al	al	PROPN
cblr-8632	403	9	iz	iz	INTJ
cblr-8632	403	10	ed	ed	PROPN
cblr-8632	403	11	l	l	PROPN
cblr-8632	403	12	ev	ev	PROPN
cblr-8632	404	1	el	el	PROPN
cblr-8632	404	2	o	o	PROPN
cblr-8632	405	1	f	f	PROPN
cblr-8632	406	1	p	p	X
cblr-8632	406	2	ri	ri	PROPN
cblr-8632	407	1	ce	ce	INTJ
cblr-8632	408	1	i	i	PRON
cblr-8632	408	2	m	m	VERB
cblr-8632	408	3	pr	pr	INTJ
cblr-8632	409	1	ov	ov	INTJ
cblr-8632	409	2	em	em	PRON
cblr-8632	409	3	en	en	ADP
cblr-8632	409	4	t	t	PROPN
cblr-8632	409	5	0	0	NUM
cblr-8632	409	6	100	100	NUM
cblr-8632	409	7	200	200	NUM
cblr-8632	409	8	300	300	NUM
cblr-8632	409	9	400	400	NUM
cblr-8632	409	10	500	500	NUM
cblr-8632	409	11	number	number	NOUN
cblr-8632	409	12	of	of	ADP
cblr-8632	409	13	shares	share	NOUN
cblr-8632	409	14	in	in	ADP
cblr-8632	409	15	trade	trade	NOUN
cblr-8632	409	16	non	non	ADJ
cblr-8632	409	17	-	-	ADJ
cblr-8632	409	18	exchange	exchange	ADJ
cblr-8632	409	19	venues	venue	NOUN
cblr-8632	409	20	exchanges	exchange	NOUN
cblr-8632	409	21	bartlett	bartlett	PROPN
cblr-8632	409	22	8/20/2021	8/20/2021	NUM
cblr-8632	409	23	6:20	6:20	NUM
cblr-8632	409	24	pm	pm	NOUN
cblr-8632	409	25	550	550	NUM
cblr-8632	409	26	columbia	columbia	PROPN
cblr-8632	409	27	business	business	NOUN
cblr-8632	409	28	law	law	PROPN
cblr-8632	409	29	review	review	NOUN
cblr-8632	409	30	[	[	X
cblr-8632	409	31	vol	vol	NOUN
cblr-8632	409	32	.	.	PUNCT
cblr-8632	409	33	2021	2021	NUM
cblr-8632	409	34	against	against	ADP
cblr-8632	409	35	the	the	DET
cblr-8632	409	36	best	well	ADV
cblr-8632	409	37	priced	price	VERB
cblr-8632	409	38	order	order	NOUN
cblr-8632	409	39	on	on	ADP
cblr-8632	409	40	the	the	DET
cblr-8632	409	41	exchange	exchange	NOUN
cblr-8632	409	42	,	,	PUNCT
cblr-8632	409	43	observing	observe	VERB
cblr-8632	409	44	pricetime	pricetime	ADJ
cblr-8632	409	45	priority	priority	NOUN
cblr-8632	409	46	if	if	SCONJ
cblr-8632	409	47	multiple	multiple	ADJ
cblr-8632	409	48	liquidity	liquidity	NOUN
cblr-8632	409	49	providers	provider	NOUN
cblr-8632	409	50	are	be	AUX
cblr-8632	409	51	quoting	quote	VERB
cblr-8632	409	52	at	at	ADP
cblr-8632	409	53	that	that	DET
cblr-8632	409	54	price.65	price.65	NOUN
cblr-8632	409	55	for	for	ADP
cblr-8632	409	56	orders	order	NOUN
cblr-8632	409	57	involving	involve	VERB
cblr-8632	409	58	more	more	ADJ
cblr-8632	409	59	than	than	ADP
cblr-8632	409	60	ninety	ninety	NUM
cblr-8632	409	61	-	-	PUNCT
cblr-8632	409	62	nine	nine	NUM
cblr-8632	409	63	shares	share	NOUN
cblr-8632	409	64	,	,	PUNCT
cblr-8632	409	65	the	the	DET
cblr-8632	409	66	most	most	ADV
cblr-8632	409	67	aggressive	aggressive	ADJ
cblr-8632	409	68	displayed	display	VERB
cblr-8632	409	69	quote	quote	NOUN
cblr-8632	409	70	across	across	ADP
cblr-8632	409	71	exchanges	exchange	NOUN
cblr-8632	409	72	will	will	AUX
cblr-8632	409	73	typically	typically	ADV
cblr-8632	409	74	set	set	VERB
cblr-8632	409	75	the	the	DET
cblr-8632	409	76	national	national	ADJ
cblr-8632	409	77	best	good	ADJ
cblr-8632	409	78	bid	bid	NOUN
cblr-8632	409	79	or	or	CCONJ
cblr-8632	409	80	offer	offer	NOUN
cblr-8632	409	81	.	.	PUNCT
cblr-8632	410	1	however	however	ADV
cblr-8632	410	2	,	,	PUNCT
cblr-8632	410	3	exchanges	exchange	NOUN
cblr-8632	410	4	also	also	ADV
cblr-8632	410	5	allow	allow	VERB
cblr-8632	410	6	liquidity	liquidity	NOUN
cblr-8632	410	7	providers	provider	NOUN
cblr-8632	410	8	to	to	PART
cblr-8632	410	9	post	post	VERB
cblr-8632	410	10	non	non	ADJ
cblr-8632	410	11	-	-	ADJ
cblr-8632	410	12	displayed	display	VERB
cblr-8632	410	13	quotes,66	quotes,66	NOUN
cblr-8632	410	14	and	and	CCONJ
cblr-8632	410	15	some	some	DET
cblr-8632	410	16	hidden	hide	VERB
cblr-8632	410	17	quotes	quote	NOUN
cblr-8632	410	18	may	may	AUX
cblr-8632	410	19	reflect	reflect	VERB
cblr-8632	410	20	a	a	DET
cblr-8632	410	21	price	price	NOUN
cblr-8632	410	22	that	that	PRON
cblr-8632	410	23	is	be	AUX
cblr-8632	410	24	more	more	ADV
cblr-8632	410	25	aggressive	aggressive	ADJ
cblr-8632	410	26	than	than	ADP
cblr-8632	410	27	the	the	DET
cblr-8632	410	28	nbbo	nbbo	NOUN
cblr-8632	410	29	.	.	PUNCT
cblr-8632	411	1	due	due	ADP
cblr-8632	411	2	to	to	ADP
cblr-8632	411	3	these	these	DET
cblr-8632	411	4	aggressivelypriced	aggressivelyprice	VERB
cblr-8632	411	5	,	,	PUNCT
cblr-8632	411	6	non	non	ADJ
cblr-8632	411	7	-	-	ADJ
cblr-8632	411	8	displayed	display	VERB
cblr-8632	411	9	orders	order	NOUN
cblr-8632	411	10	,	,	PUNCT
cblr-8632	411	11	price	price	NOUN
cblr-8632	411	12	improvement	improvement	NOUN
cblr-8632	411	13	will	will	AUX
cblr-8632	411	14	therefore	therefore	ADV
cblr-8632	411	15	result	result	VERB
cblr-8632	411	16	for	for	ADP
cblr-8632	411	17	a	a	DET
cblr-8632	411	18	marketable	marketable	ADJ
cblr-8632	411	19	order	order	NOUN
cblr-8632	411	20	if	if	SCONJ
cblr-8632	411	21	it	it	PRON
cblr-8632	411	22	arrives	arrive	VERB
cblr-8632	411	23	on	on	ADP
cblr-8632	411	24	an	an	DET
cblr-8632	411	25	exchange	exchange	NOUN
cblr-8632	411	26	that	that	PRON
cblr-8632	411	27	happens	happen	VERB
cblr-8632	411	28	to	to	PART
cblr-8632	411	29	hold	hold	VERB
cblr-8632	411	30	such	such	DET
cblr-8632	411	31	a	a	DET
cblr-8632	411	32	non	non	ADJ
cblr-8632	411	33	-	-	ADJ
cblr-8632	411	34	displayed	display	VERB
cblr-8632	411	35	order	order	NOUN
cblr-8632	411	36	.	.	PUNCT
cblr-8632	412	1	accordingly	accordingly	ADV
cblr-8632	412	2	,	,	PUNCT
cblr-8632	412	3	one	one	PRON
cblr-8632	412	4	can	can	AUX
cblr-8632	412	5	infer	infer	VERB
cblr-8632	412	6	from	from	ADP
cblr-8632	412	7	figure	figure	NOUN
cblr-8632	412	8	8	8	NUM
cblr-8632	412	9	that	that	SCONJ
cblr-8632	412	10	the	the	DET
cblr-8632	412	11	likelihood	likelihood	NOUN
cblr-8632	412	12	that	that	SCONJ
cblr-8632	412	13	a	a	DET
cblr-8632	412	14	market	market	NOUN
cblr-8632	412	15	order	order	NOUN
cblr-8632	412	16	hits	hit	VERB
cblr-8632	412	17	hidden	hidden	ADJ
cblr-8632	412	18	liquidity	liquidity	NOUN
cblr-8632	412	19	is	be	AUX
cblr-8632	412	20	generally	generally	ADV
cblr-8632	412	21	increasing	increase	VERB
cblr-8632	412	22	as	as	SCONJ
cblr-8632	412	23	trade	trade	NOUN
cblr-8632	412	24	sizes	size	NOUN
cblr-8632	412	25	step	step	VERB
cblr-8632	412	26	down	down	ADP
cblr-8632	412	27	from	from	ADP
cblr-8632	412	28	the	the	DET
cblr-8632	412	29	400s	400s	PROPN
cblr-8632	412	30	to	to	ADP
cblr-8632	412	31	the	the	DET
cblr-8632	412	32	300s	300s	PROPN
cblr-8632	412	33	to	to	ADP
cblr-8632	412	34	the	the	DET
cblr-8632	412	35	200s	200s	PROPN
cblr-8632	412	36	to	to	ADP
cblr-8632	412	37	the	the	DET
cblr-8632	412	38	100s	100s	PROPN
cblr-8632	412	39	.	.	PUNCT
cblr-8632	413	1	this	this	DET
cblr-8632	413	2	explanation	explanation	NOUN
cblr-8632	413	3	for	for	ADP
cblr-8632	413	4	exchange	exchange	NOUN
cblr-8632	413	5	price	price	NOUN
cblr-8632	413	6	improvement	improvement	NOUN
cblr-8632	413	7	,	,	PUNCT
cblr-8632	413	8	however	however	ADV
cblr-8632	413	9	,	,	PUNCT
cblr-8632	413	10	is	be	AUX
cblr-8632	413	11	insufficient	insufficient	ADJ
cblr-8632	413	12	to	to	PART
cblr-8632	413	13	explain	explain	VERB
cblr-8632	413	14	the	the	DET
cblr-8632	413	15	large	large	ADJ
cblr-8632	413	16	amount	amount	NOUN
cblr-8632	413	17	of	of	ADP
cblr-8632	413	18	price	price	NOUN
cblr-8632	413	19	improvement	improvement	NOUN
cblr-8632	413	20	for	for	ADP
cblr-8632	413	21	many	many	ADJ
cblr-8632	413	22	odd	odd	ADJ
cblr-8632	413	23	lot	lot	NOUN
cblr-8632	413	24	trades	trade	NOUN
cblr-8632	413	25	.	.	PUNCT
cblr-8632	414	1	this	this	PRON
cblr-8632	414	2	is	be	AUX
cblr-8632	414	3	because	because	SCONJ
cblr-8632	414	4	rule	rule	NOUN
cblr-8632	414	5	611	611	NUM
cblr-8632	414	6	and	and	CCONJ
cblr-8632	414	7	the	the	DET
cblr-8632	414	8	calculation	calculation	NOUN
cblr-8632	414	9	of	of	ADP
cblr-8632	414	10	the	the	DET
cblr-8632	414	11	nbbo	nbbo	NOUN
cblr-8632	414	12	under	under	ADP
cblr-8632	414	13	reg	reg	NOUN
cblr-8632	414	14	nms	nms	NOUN
cblr-8632	414	15	specifically	specifically	ADV
cblr-8632	414	16	exclude	exclude	VERB
cblr-8632	414	17	odd	odd	ADJ
cblr-8632	414	18	lot	lot	NOUN
cblr-8632	414	19	quotes	quote	NOUN
cblr-8632	414	20	from	from	ADP
cblr-8632	414	21	consideration.67	consideration.67	PROPN
cblr-8632	414	22	the	the	DET
cblr-8632	414	23	large	large	ADJ
cblr-8632	414	24	number	number	NOUN
cblr-8632	414	25	of	of	ADP
cblr-8632	414	26	price	price	NOUN
cblr-8632	414	27	-	-	PUNCT
cblr-8632	414	28	improved	improve	VERB
cblr-8632	414	29	trades	trade	NOUN
cblr-8632	414	30	on	on	ADP
cblr-8632	414	31	exchanges	exchange	NOUN
cblr-8632	414	32	involving	involve	VERB
cblr-8632	414	33	odd	odd	ADJ
cblr-8632	414	34	lots	lot	NOUN
cblr-8632	414	35	shown	show	VERB
cblr-8632	414	36	in	in	ADP
cblr-8632	414	37	figure	figure	NOUN
cblr-8632	414	38	8	8	NUM
cblr-8632	414	39	thus	thus	ADV
cblr-8632	414	40	reflects	reflect	VERB
cblr-8632	414	41	market	market	NOUN
cblr-8632	414	42	orders	order	NOUN
cblr-8632	414	43	hitting	hit	VERB
cblr-8632	414	44	both	both	PRON
cblr-8632	414	45	displayed	display	VERB
cblr-8632	414	46	and	and	CCONJ
cblr-8632	414	47	non	non	ADJ
cblr-8632	414	48	-	-	ADJ
cblr-8632	414	49	displayed	display	VERB
cblr-8632	414	50	odd	odd	ADJ
cblr-8632	414	51	lots	lot	NOUN
cblr-8632	414	52	posted	post	VERB
cblr-8632	414	53	to	to	ADP
cblr-8632	414	54	exchanges	exchange	NOUN
cblr-8632	414	55	that	that	PRON
cblr-8632	414	56	are	be	AUX
cblr-8632	414	57	priced	price	VERB
cblr-8632	414	58	more	more	ADV
cblr-8632	414	59	aggressively	aggressively	ADV
cblr-8632	414	60	than	than	ADP
cblr-8632	414	61	the	the	DET
cblr-8632	414	62	official	official	ADJ
cblr-8632	414	63	nbbo	nbbo	NOUN
cblr-8632	414	64	.	.	PUNCT
cblr-8632	415	1	while	while	SCONJ
cblr-8632	415	2	non	non	ADJ
cblr-8632	415	3	-	-	ADJ
cblr-8632	415	4	displayed	display	VERB
cblr-8632	415	5	odd	odd	ADJ
cblr-8632	415	6	lot	lot	NOUN
cblr-8632	415	7	quotes	quote	NOUN
cblr-8632	415	8	are	be	AUX
cblr-8632	415	9	omitted	omit	VERB
cblr-8632	415	10	from	from	ADP
cblr-8632	415	11	exchange	exchange	NOUN
cblr-8632	415	12	order	order	NOUN
cblr-8632	415	13	book	book	NOUN
cblr-8632	415	14	data,68	data,68	ADJ
cblr-8632	415	15	exchanges	exchange	NOUN
cblr-8632	415	16	’	'	PUNCT
cblr-8632	415	17	proprietary	proprietary	ADJ
cblr-8632	415	18	data	datum	NOUN
cblr-8632	415	19	feeds	feed	VERB
cblr-8632	415	20	65	65	NUM
cblr-8632	415	21	see	see	NOUN
cblr-8632	415	22	explaining	explain	VERB
cblr-8632	415	23	parity	parity	NOUN
cblr-8632	415	24	/	/	SYM
cblr-8632	415	25	priority	priority	NOUN
cblr-8632	415	26	,	,	PUNCT
cblr-8632	415	27	nyse	nyse	PROPN
cblr-8632	415	28	,	,	PUNCT
cblr-8632	415	29	https://www.nyse.com/article/parity-priority-explainer	https://www.nyse.com/article/parity-priority-explainer	AUX
cblr-8632	416	1	[	[	X
cblr-8632	416	2	https://perma.cc/et43-zufe	https://perma.cc/et43-zufe	X
cblr-8632	416	3	]	]	X
cblr-8632	416	4	(	(	PUNCT
cblr-8632	416	5	last	last	ADJ
cblr-8632	416	6	visited	visit	VERB
cblr-8632	416	7	may	may	AUX
cblr-8632	416	8	25	25	NUM
cblr-8632	416	9	,	,	PUNCT
cblr-8632	416	10	2021	2021	NUM
cblr-8632	416	11	)	)	PUNCT
cblr-8632	416	12	(	(	PUNCT
cblr-8632	416	13	contrasting	contrast	VERB
cblr-8632	416	14	the	the	DET
cblr-8632	416	15	usual	usual	ADJ
cblr-8632	416	16	price	price	NOUN
cblr-8632	416	17	-	-	PUNCT
cblr-8632	416	18	time	time	NOUN
cblr-8632	416	19	priority	priority	NOUN
cblr-8632	416	20	system	system	NOUN
cblr-8632	416	21	with	with	ADP
cblr-8632	416	22	the	the	DET
cblr-8632	416	23	nyse	nyse	PROPN
cblr-8632	416	24	’s	’s	PART
cblr-8632	416	25	“	"	PUNCT
cblr-8632	416	26	parity	parity	NOUN
cblr-8632	416	27	/	/	SYM
cblr-8632	416	28	priority	priority	NOUN
cblr-8632	416	29	”	"	PUNCT
cblr-8632	416	30	system	system	NOUN
cblr-8632	416	31	)	)	PUNCT
cblr-8632	416	32	.	.	PUNCT
cblr-8632	417	1	66	66	NUM
cblr-8632	417	2	see	see	VERB
cblr-8632	417	3	hendrik	hendrik	PROPN
cblr-8632	417	4	bessembinder	bessembinder	PROPN
cblr-8632	417	5	,	,	PUNCT
cblr-8632	417	6	marios	marios	PROPN
cblr-8632	417	7	panayides	panayide	NOUN
cblr-8632	417	8	&	&	CCONJ
cblr-8632	417	9	kumar	kumar	PROPN
cblr-8632	417	10	venkataraman	venkataraman	PROPN
cblr-8632	417	11	,	,	PUNCT
cblr-8632	417	12	hidden	hide	VERB
cblr-8632	417	13	liquidity	liquidity	NOUN
cblr-8632	417	14	:	:	PUNCT
cblr-8632	417	15	an	an	DET
cblr-8632	417	16	analysis	analysis	NOUN
cblr-8632	417	17	of	of	ADP
cblr-8632	417	18	order	order	NOUN
cblr-8632	417	19	exposure	exposure	NOUN
cblr-8632	417	20	strategies	strategy	NOUN
cblr-8632	417	21	in	in	ADP
cblr-8632	417	22	electronic	electronic	ADJ
cblr-8632	417	23	stock	stock	NOUN
cblr-8632	417	24	markets	market	NOUN
cblr-8632	417	25	,	,	PUNCT
cblr-8632	417	26	94	94	NUM
cblr-8632	417	27	j.	j.	PROPN
cblr-8632	417	28	fin	fin	PROPN
cblr-8632	417	29	.	.	PUNCT
cblr-8632	418	1	econ	econ	PROPN
cblr-8632	418	2	.	.	PUNCT
cblr-8632	419	1	361	361	NUM
cblr-8632	419	2	,	,	PUNCT
cblr-8632	419	3	361–62	361–62	NOUN
cblr-8632	419	4	(	(	PUNCT
cblr-8632	419	5	2009	2009	NUM
cblr-8632	419	6	)	)	PUNCT
cblr-8632	419	7	(	(	PUNCT
cblr-8632	419	8	describing	describe	VERB
cblr-8632	419	9	exchanges	exchange	NOUN
cblr-8632	419	10	that	that	PRON
cblr-8632	419	11	allow	allow	VERB
cblr-8632	419	12	traders	trader	NOUN
cblr-8632	419	13	to	to	PART
cblr-8632	419	14	post	post	VERB
cblr-8632	419	15	hidden	hide	VERB
cblr-8632	419	16	orders	order	NOUN
cblr-8632	419	17	)	)	PUNCT
cblr-8632	419	18	.	.	PUNCT
cblr-8632	420	1	67	67	NUM
cblr-8632	420	2	see	see	VERB
cblr-8632	420	3	supra	supra	PROPN
cblr-8632	420	4	notes	note	NOUN
cblr-8632	420	5	19–20	19–20	NUM
cblr-8632	420	6	and	and	CCONJ
cblr-8632	420	7	accompanying	accompany	VERB
cblr-8632	420	8	text	text	NOUN
cblr-8632	420	9	.	.	PUNCT
cblr-8632	421	1	68	68	NUM
cblr-8632	421	2	because	because	SCONJ
cblr-8632	421	3	non	non	ADJ
cblr-8632	421	4	-	-	ADJ
cblr-8632	421	5	displayed	display	VERB
cblr-8632	421	6	quotes	quote	NOUN
cblr-8632	421	7	are	be	AUX
cblr-8632	421	8	hidden	hidden	ADJ
cblr-8632	421	9	orders	order	NOUN
cblr-8632	421	10	,	,	PUNCT
cblr-8632	421	11	they	they	PRON
cblr-8632	421	12	are	be	AUX
cblr-8632	421	13	not	not	PART
cblr-8632	421	14	included	include	VERB
cblr-8632	421	15	in	in	ADP
cblr-8632	421	16	an	an	DET
cblr-8632	421	17	exchange	exchange	NOUN
cblr-8632	421	18	’s	’s	PART
cblr-8632	421	19	depth	depth	NOUN
cblr-8632	421	20	-	-	PUNCT
cblr-8632	421	21	of	of	ADP
cblr-8632	421	22	-	-	PUNCT
cblr-8632	421	23	book	book	NOUN
cblr-8632	421	24	data	datum	NOUN
cblr-8632	421	25	.	.	PUNCT
cblr-8632	422	1	see	see	VERB
cblr-8632	422	2	,	,	PUNCT
cblr-8632	422	3	e.g.	e.g.	ADV
cblr-8632	422	4	,	,	PUNCT
cblr-8632	422	5	marketinsite	marketinsite	ADJ
cblr-8632	422	6	,	,	PUNCT
cblr-8632	422	7	depth	depth	NOUN
cblr-8632	422	8	of	of	ADP
cblr-8632	422	9	book	book	NOUN
cblr-8632	422	10	:	:	PUNCT
cblr-8632	422	11	getting	get	VERB
cblr-8632	422	12	the	the	DET
cblr-8632	422	13	full	full	ADJ
cblr-8632	422	14	view	view	NOUN
cblr-8632	422	15	,	,	PUNCT
cblr-8632	422	16	nasdaq	nasdaq	PROPN
cblr-8632	422	17	(	(	PUNCT
cblr-8632	422	18	sept	sept	PROPN
cblr-8632	422	19	.	.	PROPN
cblr-8632	422	20	27	27	NUM
cblr-8632	422	21	,	,	PUNCT
cblr-8632	422	22	2018	2018	NUM
cblr-8632	422	23	,	,	PUNCT
cblr-8632	422	24	2:22	2:22	NUM
cblr-8632	422	25	pm	pm	NOUN
cblr-8632	422	26	)	)	PUNCT
cblr-8632	422	27	,	,	PUNCT
cblr-8632	422	28	https://www.nasdaq.com/articles/depth-of-book%3a-getting-the-full-viewbartlett	https://www.nasdaq.com/articles/depth-of-book%3a-getting-the-full-viewbartlett	PROPN
cblr-8632	422	29	8/20/2021	8/20/2021	NUM
cblr-8632	422	30	6:20	6:20	NUM
cblr-8632	422	31	pm	pm	NOUN
cblr-8632	422	32	no	no	INTJ
cblr-8632	422	33	.	.	PUNCT
cblr-8632	423	1	2:520	2:520	NUM
cblr-8632	423	2	]	]	X
cblr-8632	423	3	modernizing	modernize	VERB
cblr-8632	423	4	odd	odd	ADJ
cblr-8632	423	5	lot	lot	NOUN
cblr-8632	423	6	trading	trade	VERB
cblr-8632	423	7	551	551	NUM
cblr-8632	423	8	reveal	reveal	VERB
cblr-8632	423	9	the	the	DET
cblr-8632	423	10	importance	importance	NOUN
cblr-8632	423	11	of	of	ADP
cblr-8632	423	12	displayed	display	VERB
cblr-8632	423	13	odd	odd	ADJ
cblr-8632	423	14	lot	lot	NOUN
cblr-8632	423	15	quotes	quote	NOUN
cblr-8632	423	16	in	in	ADP
cblr-8632	423	17	today	today	NOUN
cblr-8632	423	18	’s	’s	PART
cblr-8632	423	19	markets	market	NOUN
cblr-8632	423	20	.	.	PUNCT
cblr-8632	424	1	as	as	ADP
cblr-8632	424	2	an	an	DET
cblr-8632	424	3	illustration	illustration	NOUN
cblr-8632	424	4	,	,	PUNCT
cblr-8632	424	5	figure	figure	NOUN
cblr-8632	424	6	9	9	NUM
cblr-8632	424	7	presents	present	NOUN
cblr-8632	424	8	the	the	DET
cblr-8632	424	9	top	top	ADJ
cblr-8632	424	10	ten	ten	NUM
cblr-8632	424	11	levels	level	NOUN
cblr-8632	424	12	of	of	ADP
cblr-8632	424	13	nasdaq	nasdaq	PROPN
cblr-8632	424	14	’s	’s	PART
cblr-8632	424	15	order	order	NOUN
cblr-8632	424	16	book	book	NOUN
cblr-8632	424	17	for	for	ADP
cblr-8632	424	18	amazon	amazon	NOUN
cblr-8632	424	19	on	on	ADP
cblr-8632	424	20	january	january	PROPN
cblr-8632	424	21	27	27	NUM
cblr-8632	424	22	,	,	PUNCT
cblr-8632	424	23	2021	2021	NUM
cblr-8632	424	24	at	at	ADP
cblr-8632	424	25	15:48:03.61382945.69	15:48:03.61382945.69	NUM
cblr-8632	424	26	focusing	focus	VERB
cblr-8632	424	27	on	on	ADP
cblr-8632	424	28	orders	order	NOUN
cblr-8632	424	29	that	that	PRON
cblr-8632	424	30	comprise	comprise	VERB
cblr-8632	424	31	at	at	ADV
cblr-8632	424	32	least	least	ADJ
cblr-8632	424	33	a	a	DET
cblr-8632	424	34	round	round	ADJ
cblr-8632	424	35	lot	lot	NOUN
cblr-8632	424	36	of	of	ADP
cblr-8632	424	37	100	100	NUM
cblr-8632	424	38	shares	share	NOUN
cblr-8632	424	39	,	,	PUNCT
cblr-8632	424	40	the	the	DET
cblr-8632	424	41	best	good	ADJ
cblr-8632	424	42	bid	bid	NOUN
cblr-8632	424	43	and	and	CCONJ
cblr-8632	424	44	offer	offer	NOUN
cblr-8632	424	45	stood	stand	VERB
cblr-8632	424	46	at	at	ADP
cblr-8632	424	47	$	$	SYM
cblr-8632	424	48	3,228.10	3,228.10	NUM
cblr-8632	424	49	×	×	NOUN
cblr-8632	424	50	$	$	SYM
cblr-8632	424	51	3,233.50	3,233.50	NUM
cblr-8632	424	52	,	,	PUNCT
cblr-8632	424	53	for	for	ADP
cblr-8632	424	54	a	a	DET
cblr-8632	424	55	spread	spread	NOUN
cblr-8632	424	56	of	of	ADP
cblr-8632	424	57	$	$	SYM
cblr-8632	424	58	5.40	5.40	NUM
cblr-8632	424	59	.	.	PUNCT
cblr-8632	425	1	however	however	ADV
cblr-8632	425	2	,	,	PUNCT
cblr-8632	425	3	the	the	DET
cblr-8632	425	4	nasdaq	nasdaq	PROPN
cblr-8632	425	5	order	order	NOUN
cblr-8632	425	6	book	book	NOUN
cblr-8632	425	7	reveals	reveal	VERB
cblr-8632	425	8	that	that	SCONJ
cblr-8632	425	9	,	,	PUNCT
cblr-8632	425	10	based	base	VERB
cblr-8632	425	11	on	on	ADP
cblr-8632	425	12	the	the	DET
cblr-8632	425	13	actual	actual	ADJ
cblr-8632	425	14	displayed	display	VERB
cblr-8632	425	15	trading	trading	NOUN
cblr-8632	425	16	interest	interest	NOUN
cblr-8632	425	17	,	,	PUNCT
cblr-8632	425	18	the	the	DET
cblr-8632	425	19	true	true	ADJ
cblr-8632	425	20	best	good	ADJ
cblr-8632	425	21	bid	bid	NOUN
cblr-8632	425	22	and	and	CCONJ
cblr-8632	425	23	offer	offer	NOUN
cblr-8632	425	24	was	be	AUX
cblr-8632	425	25	$	$	SYM
cblr-8632	425	26	3,229.68	3,229.68	NUM
cblr-8632	425	27	×	×	NOUN
cblr-8632	425	28	$	$	SYM
cblr-8632	425	29	3,230.50	3,230.50	NUM
cblr-8632	425	30	—	—	PUNCT
cblr-8632	425	31	a	a	DET
cblr-8632	425	32	spread	spread	NOUN
cblr-8632	425	33	of	of	ADP
cblr-8632	425	34	just	just	ADV
cblr-8632	425	35	$	$	SYM
cblr-8632	425	36	0.82	0.82	NUM
cblr-8632	425	37	,	,	PUNCT
cblr-8632	425	38	which	which	PRON
cblr-8632	425	39	is	be	AUX
cblr-8632	425	40	a	a	DET
cblr-8632	425	41	scant	scant	ADJ
cblr-8632	425	42	15	15	NUM
cblr-8632	425	43	%	%	NOUN
cblr-8632	425	44	of	of	ADP
cblr-8632	425	45	the	the	DET
cblr-8632	425	46	round	round	ADJ
cblr-8632	425	47	lot	lot	NOUN
cblr-8632	425	48	spread	spread	VERB
cblr-8632	425	49	.	.	PUNCT
cblr-8632	426	1	nor	nor	CCONJ
cblr-8632	426	2	were	be	AUX
cblr-8632	426	3	these	these	DET
cblr-8632	426	4	economically	economically	ADV
cblr-8632	426	5	trivial	trivial	ADJ
cblr-8632	426	6	odd	odd	ADJ
cblr-8632	426	7	lot	lot	NOUN
cblr-8632	426	8	quotes	quote	NOUN
cblr-8632	426	9	.	.	PUNCT
cblr-8632	427	1	odd	odd	ADJ
cblr-8632	427	2	lot	lot	NOUN
cblr-8632	427	3	bids	bid	NOUN
cblr-8632	427	4	amounted	amount	VERB
cblr-8632	427	5	to	to	ADP
cblr-8632	427	6	nearly	nearly	ADV
cblr-8632	427	7	$	$	SYM
cblr-8632	427	8	155,000	155,000	NUM
cblr-8632	427	9	of	of	ADP
cblr-8632	427	10	aggregate	aggregate	ADJ
cblr-8632	427	11	trading	trading	NOUN
cblr-8632	427	12	interest	interest	NOUN
cblr-8632	427	13	,	,	PUNCT
cblr-8632	427	14	while	while	SCONJ
cblr-8632	427	15	odd	odd	ADJ
cblr-8632	427	16	lot	lot	NOUN
cblr-8632	427	17	offers	offer	NOUN
cblr-8632	427	18	amounted	amount	VERB
cblr-8632	427	19	to	to	ADP
cblr-8632	427	20	over	over	ADP
cblr-8632	427	21	$	$	SYM
cblr-8632	427	22	213,000	213,000	NUM
cblr-8632	427	23	of	of	ADP
cblr-8632	427	24	aggregate	aggregate	ADJ
cblr-8632	427	25	trading	trading	NOUN
cblr-8632	427	26	interest	interest	NOUN
cblr-8632	427	27	.	.	PUNCT
cblr-8632	428	1	figure	figure	NOUN
cblr-8632	428	2	9	9	NUM
cblr-8632	428	3	.	.	PUNCT
cblr-8632	429	1	nasdaq	nasdaq	PROPN
cblr-8632	429	2	order	order	NOUN
cblr-8632	429	3	book	book	NOUN
cblr-8632	429	4	for	for	ADP
cblr-8632	429	5	amazon	amazon	NOUN
cblr-8632	429	6	(	(	PUNCT
cblr-8632	429	7	amzn	amzn	PROPN
cblr-8632	429	8	)	)	PUNCT
cblr-8632	429	9	at	at	ADP
cblr-8632	429	10	15:48:03.61382945	15:48:03.61382945	NUM
cblr-8632	429	11	2018	2018	NUM
cblr-8632	429	12	-	-	SYM
cblr-8632	429	13	09	09	NUM
cblr-8632	429	14	-	-	SYM
cblr-8632	429	15	27	27	NUM
cblr-8632	430	1	[	[	X
cblr-8632	430	2	https://perma.cc/q45t-5gmj	https://perma.cc/q45t-5gmj	X
cblr-8632	430	3	]	]	X
cblr-8632	430	4	(	(	PUNCT
cblr-8632	430	5	explaining	explain	VERB
cblr-8632	430	6	that	that	SCONJ
cblr-8632	430	7	nasdaq	nasdaq	PROPN
cblr-8632	430	8	’s	’s	PART
cblr-8632	430	9	depthof	depthof	ADJ
cblr-8632	430	10	-	-	PUNCT
cblr-8632	430	11	book	book	NOUN
cblr-8632	430	12	data	datum	NOUN
cblr-8632	430	13	“	"	PUNCT
cblr-8632	430	14	[	[	X
cblr-8632	430	15	e]ncompasses	e]ncompasse	NOUN
cblr-8632	430	16	all	all	DET
cblr-8632	430	17	displayed	display	VERB
cblr-8632	430	18	orders	order	NOUN
cblr-8632	430	19	”	"	PUNCT
cblr-8632	430	20	(	(	PUNCT
cblr-8632	430	21	emphasis	emphasis	NOUN
cblr-8632	430	22	added	add	VERB
cblr-8632	430	23	)	)	PUNCT
cblr-8632	430	24	)	)	PUNCT
cblr-8632	430	25	.	.	PUNCT
cblr-8632	431	1	69	69	NUM
cblr-8632	431	2	nasdaq	nasdaq	PROPN
cblr-8632	431	3	order	order	NOUN
cblr-8632	431	4	book	book	NOUN
cblr-8632	431	5	data	datum	NOUN
cblr-8632	431	6	was	be	AUX
cblr-8632	431	7	obtained	obtain	VERB
cblr-8632	431	8	from	from	ADP
cblr-8632	431	9	the	the	DET
cblr-8632	431	10	limit	limit	NOUN
cblr-8632	431	11	order	order	NOUN
cblr-8632	431	12	book	book	NOUN
cblr-8632	431	13	reconstruction	reconstruction	NOUN
cblr-8632	431	14	system	system	NOUN
cblr-8632	431	15	(	(	PUNCT
cblr-8632	431	16	lobster	lobster	NOUN
cblr-8632	431	17	)	)	PUNCT
cblr-8632	431	18	.	.	PUNCT
cblr-8632	432	1	see	see	VERB
cblr-8632	432	2	lobster	lobster	NOUN
cblr-8632	432	3	:	:	PUNCT
cblr-8632	432	4	high	high	ADJ
cblr-8632	432	5	-	-	PUNCT
cblr-8632	432	6	frequency	frequency	NOUN
cblr-8632	432	7	,	,	PUNCT
cblr-8632	432	8	easyto	easyto	NOUN
cblr-8632	432	9	-	-	PUNCT
cblr-8632	432	10	use	use	NOUN
cblr-8632	432	11	and	and	CCONJ
cblr-8632	432	12	latest	late	ADJ
cblr-8632	432	13	limit	limit	NOUN
cblr-8632	432	14	order	order	NOUN
cblr-8632	432	15	book	book	NOUN
cblr-8632	432	16	data	datum	NOUN
cblr-8632	432	17	for	for	ADP
cblr-8632	432	18	your	your	PRON
cblr-8632	432	19	research	research	NOUN
cblr-8632	432	20	,	,	PUNCT
cblr-8632	432	21	supra	supra	PROPN
cblr-8632	432	22	note	note	NOUN
cblr-8632	432	23	27	27	NUM
cblr-8632	432	24	.	.	NOUN
cblr-8632	432	25	0	0	NUM
cblr-8632	433	1	20	20	NUM
cblr-8632	433	2	40	40	NUM
cblr-8632	433	3	60	60	NUM
cblr-8632	433	4	80	80	NUM
cblr-8632	433	5	100	100	NUM
cblr-8632	433	6	120	120	NUM
cblr-8632	433	7	s	s	NOUN
cblr-8632	433	8	iz	iz	NOUN
cblr-8632	433	9	e	e	NOUN
cblr-8632	433	10	price	price	NOUN
cblr-8632	433	11	offerbid	offerbid	NOUN
cblr-8632	433	12	bartlett	bartlett	PROPN
cblr-8632	433	13	8/20/2021	8/20/2021	NUM
cblr-8632	433	14	6:20	6:20	NUM
cblr-8632	433	15	pm	pm	NOUN
cblr-8632	433	16	552	552	NUM
cblr-8632	433	17	columbia	columbia	PROPN
cblr-8632	433	18	business	business	NOUN
cblr-8632	433	19	law	law	PROPN
cblr-8632	433	20	review	review	NOUN
cblr-8632	433	21	[	[	X
cblr-8632	433	22	vol	vol	NOUN
cblr-8632	433	23	.	.	NOUN
cblr-8632	433	24	2021	2021	NUM
cblr-8632	433	25	even	even	ADV
cblr-8632	433	26	before	before	ADP
cblr-8632	433	27	the	the	DET
cblr-8632	433	28	2020	2020	NUM
cblr-8632	433	29	market	market	NOUN
cblr-8632	433	30	data	datum	NOUN
cblr-8632	433	31	reform	reform	NOUN
cblr-8632	433	32	,	,	PUNCT
cblr-8632	433	33	the	the	DET
cblr-8632	433	34	increasing	increase	VERB
cblr-8632	433	35	levels	level	NOUN
cblr-8632	433	36	of	of	ADP
cblr-8632	433	37	displayed	display	VERB
cblr-8632	433	38	odd	odd	ADJ
cblr-8632	433	39	lot	lot	NOUN
cblr-8632	433	40	liquidity	liquidity	NOUN
cblr-8632	433	41	had	have	AUX
cblr-8632	433	42	naturally	naturally	ADV
cblr-8632	433	43	caused	cause	VERB
cblr-8632	433	44	a	a	DET
cblr-8632	433	45	number	number	NOUN
cblr-8632	433	46	of	of	ADP
cblr-8632	433	47	concerns	concern	NOUN
cblr-8632	433	48	at	at	ADP
cblr-8632	433	49	exchanges	exchange	NOUN
cblr-8632	433	50	given	give	VERB
cblr-8632	433	51	that	that	SCONJ
cblr-8632	433	52	this	this	PRON
cblr-8632	433	53	displayed	display	VERB
cblr-8632	433	54	trading	trading	NOUN
cblr-8632	433	55	interest	interest	NOUN
cblr-8632	433	56	was	be	AUX
cblr-8632	433	57	unprotected	unprotecte	VERB
cblr-8632	433	58	by	by	ADP
cblr-8632	433	59	rule	rule	NOUN
cblr-8632	433	60	611.70	611.70	NUM
cblr-8632	433	61	for	for	ADP
cblr-8632	433	62	example	example	NOUN
cblr-8632	433	63	,	,	PUNCT
cblr-8632	433	64	a	a	DET
cblr-8632	433	65	trading	trading	NOUN
cblr-8632	433	66	venue	venue	NOUN
cblr-8632	433	67	that	that	PRON
cblr-8632	433	68	receives	receive	VERB
cblr-8632	433	69	a	a	DET
cblr-8632	433	70	marketable	marketable	ADJ
cblr-8632	433	71	order	order	NOUN
cblr-8632	433	72	faces	face	VERB
cblr-8632	433	73	no	no	DET
cblr-8632	433	74	obligation	obligation	NOUN
cblr-8632	433	75	under	under	ADP
cblr-8632	433	76	rule	rule	NOUN
cblr-8632	433	77	611	611	NUM
cblr-8632	433	78	to	to	PART
cblr-8632	433	79	route	route	VERB
cblr-8632	433	80	the	the	DET
cblr-8632	433	81	order	order	NOUN
cblr-8632	433	82	to	to	ADP
cblr-8632	433	83	an	an	DET
cblr-8632	433	84	exchange	exchange	NOUN
cblr-8632	433	85	with	with	ADP
cblr-8632	433	86	aggressively	aggressively	ADV
cblr-8632	433	87	-	-	PUNCT
cblr-8632	433	88	priced	price	VERB
cblr-8632	433	89	odd	odd	ADJ
cblr-8632	433	90	lot	lot	NOUN
cblr-8632	433	91	quotes	quote	NOUN
cblr-8632	433	92	so	so	ADV
cblr-8632	433	93	long	long	ADV
cblr-8632	433	94	as	as	SCONJ
cblr-8632	433	95	the	the	DET
cblr-8632	433	96	trading	trading	NOUN
cblr-8632	433	97	venue	venue	NOUN
cblr-8632	433	98	can	can	AUX
cblr-8632	433	99	fill	fill	VERB
cblr-8632	433	100	the	the	DET
cblr-8632	433	101	order	order	NOUN
cblr-8632	433	102	at	at	ADP
cblr-8632	433	103	a	a	DET
cblr-8632	433	104	price	price	NOUN
cblr-8632	433	105	that	that	PRON
cblr-8632	433	106	is	be	AUX
cblr-8632	433	107	at	at	ADP
cblr-8632	433	108	or	or	CCONJ
cblr-8632	433	109	better	well	ADJ
cblr-8632	433	110	than	than	ADP
cblr-8632	433	111	the	the	DET
cblr-8632	433	112	displayed	display	VERB
cblr-8632	433	113	nbbo	nbbo	NOUN
cblr-8632	433	114	.	.	PUNCT
cblr-8632	434	1	as	as	ADP
cblr-8632	434	2	a	a	DET
cblr-8632	434	3	partial	partial	ADJ
cblr-8632	434	4	corrective	corrective	NOUN
cblr-8632	434	5	,	,	PUNCT
cblr-8632	434	6	in	in	ADP
cblr-8632	434	7	late	late	ADJ
cblr-8632	434	8	2018	2018	NUM
cblr-8632	434	9	nasdaq	nasdaq	NOUN
cblr-8632	434	10	implemented	implement	VERB
cblr-8632	434	11	a	a	DET
cblr-8632	434	12	policy	policy	NOUN
cblr-8632	434	13	of	of	ADP
cblr-8632	434	14	aggregating	aggregating	NOUN
cblr-8632	434	15	displayed	display	VERB
cblr-8632	434	16	odd	odd	ADJ
cblr-8632	434	17	lot	lot	NOUN
cblr-8632	434	18	trading	trading	NOUN
cblr-8632	434	19	interest	interest	NOUN
cblr-8632	434	20	into	into	ADP
cblr-8632	434	21	the	the	DET
cblr-8632	434	22	most	most	ADV
cblr-8632	434	23	aggressive	aggressive	ADJ
cblr-8632	434	24	price	price	NOUN
cblr-8632	434	25	available	available	ADJ
cblr-8632	434	26	for	for	ADP
cblr-8632	434	27	a	a	DET
cblr-8632	434	28	round	round	ADJ
cblr-8632	434	29	lot	lot	NOUN
cblr-8632	434	30	,	,	PUNCT
cblr-8632	434	31	and	and	CCONJ
cblr-8632	434	32	it	it	PRON
cblr-8632	434	33	began	begin	VERB
cblr-8632	434	34	disseminating	disseminate	VERB
cblr-8632	434	35	these	these	DET
cblr-8632	434	36	prices	price	NOUN
cblr-8632	434	37	to	to	PART
cblr-8632	434	38	reflect	reflect	VERB
cblr-8632	434	39	its	its	PRON
cblr-8632	434	40	best	good	ADJ
cblr-8632	434	41	bid	bid	NOUN
cblr-8632	434	42	or	or	CCONJ
cblr-8632	434	43	offer.71	offer.71	NOUN
cblr-8632	434	44	however	however	ADV
cblr-8632	434	45	,	,	PUNCT
cblr-8632	434	46	the	the	DET
cblr-8632	434	47	policy	policy	NOUN
cblr-8632	434	48	nevertheless	nevertheless	ADV
cblr-8632	434	49	has	have	AUX
cblr-8632	434	50	resulted	result	VERB
cblr-8632	434	51	in	in	ADP
cblr-8632	434	52	displayed	display	VERB
cblr-8632	434	53	quotations	quotation	NOUN
cblr-8632	434	54	that	that	PRON
cblr-8632	434	55	might	might	AUX
cblr-8632	434	56	ignore	ignore	VERB
cblr-8632	434	57	meaningful	meaningful	ADJ
cblr-8632	434	58	trading	trading	NOUN
cblr-8632	434	59	interest	interest	NOUN
cblr-8632	434	60	at	at	ADP
cblr-8632	434	61	superior	superior	ADJ
cblr-8632	434	62	prices	price	NOUN
cblr-8632	434	63	.	.	PUNCT
cblr-8632	435	1	for	for	ADP
cblr-8632	435	2	instance	instance	NOUN
cblr-8632	435	3	,	,	PUNCT
cblr-8632	435	4	applying	apply	VERB
cblr-8632	435	5	nasdaq	nasdaq	PROPN
cblr-8632	435	6	’s	’s	PART
cblr-8632	435	7	policy	policy	NOUN
cblr-8632	435	8	to	to	ADP
cblr-8632	435	9	the	the	DET
cblr-8632	435	10	data	datum	NOUN
cblr-8632	435	11	in	in	ADP
cblr-8632	435	12	figure	figure	NOUN
cblr-8632	435	13	9	9	NUM
cblr-8632	435	14	would	would	AUX
cblr-8632	435	15	not	not	PART
cblr-8632	435	16	result	result	VERB
cblr-8632	435	17	in	in	ADP
cblr-8632	435	18	aggregation	aggregation	NOUN
cblr-8632	435	19	of	of	ADP
cblr-8632	435	20	either	either	CCONJ
cblr-8632	435	21	odd	odd	ADJ
cblr-8632	435	22	lot	lot	NOUN
cblr-8632	435	23	bids	bid	NOUN
cblr-8632	435	24	or	or	CCONJ
cblr-8632	435	25	offers	offer	NOUN
cblr-8632	435	26	because	because	SCONJ
cblr-8632	435	27	the	the	DET
cblr-8632	435	28	total	total	NOUN
cblr-8632	435	29	aggregated	aggregate	VERB
cblr-8632	435	30	odd	odd	ADJ
cblr-8632	435	31	lot	lot	NOUN
cblr-8632	435	32	depth	depth	NOUN
cblr-8632	435	33	on	on	ADP
cblr-8632	435	34	either	either	DET
cblr-8632	435	35	side	side	NOUN
cblr-8632	435	36	of	of	ADP
cblr-8632	435	37	the	the	DET
cblr-8632	435	38	market	market	NOUN
cblr-8632	435	39	would	would	AUX
cblr-8632	435	40	be	be	AUX
cblr-8632	435	41	less	less	ADJ
cblr-8632	435	42	than	than	ADP
cblr-8632	435	43	100	100	NUM
cblr-8632	435	44	shares	share	NOUN
cblr-8632	435	45	.	.	PUNCT
cblr-8632	436	1	exchanges	exchange	NOUN
cblr-8632	436	2	’	'	PUNCT
cblr-8632	436	3	concerns	concern	NOUN
cblr-8632	436	4	about	about	ADP
cblr-8632	436	5	the	the	DET
cblr-8632	436	6	trading	trading	NOUN
cblr-8632	436	7	-	-	PUNCT
cblr-8632	436	8	through	through	NOUN
cblr-8632	436	9	of	of	ADP
cblr-8632	436	10	displayed	display	VERB
cblr-8632	436	11	quotes	quote	NOUN
cblr-8632	436	12	also	also	ADV
cblr-8632	436	13	highlights	highlight	VERB
cblr-8632	436	14	the	the	DET
cblr-8632	436	15	risk	risk	NOUN
cblr-8632	436	16	that	that	SCONJ
cblr-8632	436	17	marketable	marketable	ADJ
cblr-8632	436	18	orders	order	NOUN
cblr-8632	436	19	face	face	VERB
cblr-8632	436	20	in	in	ADP
cblr-8632	436	21	non	non	ADJ
cblr-8632	436	22	-	-	ADJ
cblr-8632	436	23	exchange	exchange	ADJ
cblr-8632	436	24	venues	venue	NOUN
cblr-8632	436	25	.	.	PUNCT
cblr-8632	437	1	to	to	PART
cblr-8632	437	2	comply	comply	VERB
cblr-8632	437	3	with	with	ADP
cblr-8632	437	4	rule	rule	NOUN
cblr-8632	437	5	611	611	NUM
cblr-8632	437	6	,	,	PUNCT
cblr-8632	437	7	a	a	DET
cblr-8632	437	8	dark	dark	ADJ
cblr-8632	437	9	pool	pool	NOUN
cblr-8632	437	10	or	or	CCONJ
cblr-8632	437	11	internalizer	internalizer	NOUN
cblr-8632	437	12	that	that	PRON
cblr-8632	437	13	receives	receive	VERB
cblr-8632	437	14	an	an	DET
cblr-8632	437	15	inbound	inbound	ADJ
cblr-8632	437	16	marketable	marketable	ADJ
cblr-8632	437	17	order	order	NOUN
cblr-8632	437	18	might	might	AUX
cblr-8632	437	19	fill	fill	VERB
cblr-8632	437	20	an	an	DET
cblr-8632	437	21	order	order	NOUN
cblr-8632	437	22	at	at	ADP
cblr-8632	437	23	the	the	DET
cblr-8632	437	24	reg	reg	PROPN
cblr-8632	437	25	nms	nms	NOUN
cblr-8632	437	26	nbbo	nbbo	NOUN
cblr-8632	437	27	despite	despite	SCONJ
cblr-8632	437	28	the	the	DET
cblr-8632	437	29	availability	availability	NOUN
cblr-8632	437	30	of	of	ADP
cblr-8632	437	31	better	well	ADJ
cblr-8632	437	32	pricing	pricing	NOUN
cblr-8632	437	33	from	from	ADP
cblr-8632	437	34	odd	odd	ADJ
cblr-8632	437	35	lot	lot	NOUN
cblr-8632	437	36	quotes	quote	NOUN
cblr-8632	437	37	70	70	NUM
cblr-8632	437	38	see	see	VERB
cblr-8632	437	39	,	,	PUNCT
cblr-8632	437	40	e.g.	e.g.	ADV
cblr-8632	437	41	,	,	PUNCT
cblr-8632	437	42	investors	investor	NOUN
cblr-8632	437	43	exchange	exchange	PROPN
cblr-8632	437	44	llc	llc	PROPN
cblr-8632	437	45	;	;	PUNCT
cblr-8632	437	46	notice	notice	NOUN
cblr-8632	437	47	of	of	ADP
cblr-8632	437	48	filing	filing	NOUN
cblr-8632	437	49	and	and	CCONJ
cblr-8632	437	50	immediate	immediate	ADJ
cblr-8632	437	51	effectiveness	effectiveness	NOUN
cblr-8632	437	52	of	of	ADP
cblr-8632	437	53	a	a	DET
cblr-8632	437	54	proposed	propose	VERB
cblr-8632	437	55	rule	rule	NOUN
cblr-8632	437	56	change	change	NOUN
cblr-8632	437	57	to	to	PART
cblr-8632	437	58	modify	modify	VERB
cblr-8632	437	59	the	the	DET
cblr-8632	437	60	way	way	NOUN
cblr-8632	437	61	it	it	PRON
cblr-8632	437	62	handles	handle	VERB
cblr-8632	437	63	odd	odd	ADJ
cblr-8632	437	64	lot	lot	NOUN
cblr-8632	437	65	orders	order	NOUN
cblr-8632	437	66	by	by	ADP
cblr-8632	437	67	allowing	allow	VERB
cblr-8632	437	68	them	they	PRON
cblr-8632	437	69	to	to	PART
cblr-8632	437	70	be	be	AUX
cblr-8632	437	71	displayed	display	VERB
cblr-8632	437	72	orders	order	NOUN
cblr-8632	437	73	and	and	CCONJ
cblr-8632	437	74	to	to	PART
cblr-8632	437	75	aggregate	aggregate	VERB
cblr-8632	437	76	to	to	PART
cblr-8632	437	77	form	form	VERB
cblr-8632	437	78	a	a	DET
cblr-8632	437	79	protected	protect	VERB
cblr-8632	437	80	quotation	quotation	NOUN
cblr-8632	437	81	,	,	PUNCT
cblr-8632	437	82	86	86	NUM
cblr-8632	437	83	fed	fed	PROPN
cblr-8632	437	84	.	.	PUNCT
cblr-8632	438	1	reg	reg	NOUN
cblr-8632	438	2	.	.	PUNCT
cblr-8632	439	1	6,687	6,687	NUM
cblr-8632	439	2	,	,	PUNCT
cblr-8632	439	3	6,688–89	6,688–89	NUM
cblr-8632	439	4	(	(	PUNCT
cblr-8632	439	5	jan	jan	PROPN
cblr-8632	439	6	.	.	PROPN
cblr-8632	439	7	22	22	NUM
cblr-8632	439	8	,	,	PUNCT
cblr-8632	439	9	2021	2021	NUM
cblr-8632	439	10	)	)	PUNCT
cblr-8632	439	11	(	(	PUNCT
cblr-8632	439	12	noting	note	VERB
cblr-8632	439	13	that	that	SCONJ
cblr-8632	439	14	“	"	PUNCT
cblr-8632	439	15	odd	odd	ADJ
cblr-8632	439	16	lots	lot	NOUN
cblr-8632	439	17	are	be	AUX
cblr-8632	439	18	not	not	PART
cblr-8632	439	19	subject	subject	ADJ
cblr-8632	439	20	to	to	ADP
cblr-8632	439	21	the	the	DET
cblr-8632	439	22	same	same	ADJ
cblr-8632	439	23	requirements	requirement	NOUN
cblr-8632	439	24	as	as	ADP
cblr-8632	439	25	round	round	ADJ
cblr-8632	439	26	lot	lot	NOUN
cblr-8632	439	27	orders	order	NOUN
cblr-8632	439	28	under	under	ADP
cblr-8632	439	29	regulation	regulation	NOUN
cblr-8632	439	30	nms	nms	NOUN
cblr-8632	439	31	,	,	PUNCT
cblr-8632	439	32	primarily	primarily	ADV
cblr-8632	439	33	in	in	SCONJ
cblr-8632	439	34	that	that	PRON
cblr-8632	439	35	only	only	ADJ
cblr-8632	439	36	round	round	ADJ
cblr-8632	439	37	lots	lot	NOUN
cblr-8632	439	38	can	can	AUX
cblr-8632	439	39	be	be	AUX
cblr-8632	439	40	protected	protect	VERB
cblr-8632	439	41	quotations	quotation	NOUN
cblr-8632	439	42	”	"	PUNCT
cblr-8632	439	43	and	and	CCONJ
cblr-8632	439	44	proposing	propose	VERB
cblr-8632	439	45	modification	modification	NOUN
cblr-8632	439	46	to	to	PART
cblr-8632	439	47	exchange	exchange	VERB
cblr-8632	439	48	rules	rule	NOUN
cblr-8632	439	49	to	to	PART
cblr-8632	439	50	permit	permit	VERB
cblr-8632	439	51	the	the	DET
cblr-8632	439	52	aggregation	aggregation	NOUN
cblr-8632	439	53	of	of	ADP
cblr-8632	439	54	displayed	display	VERB
cblr-8632	439	55	odd	odd	ADJ
cblr-8632	439	56	lot	lot	NOUN
cblr-8632	439	57	orders	order	NOUN
cblr-8632	439	58	at	at	ADP
cblr-8632	439	59	price	price	NOUN
cblr-8632	439	60	points	point	NOUN
cblr-8632	439	61	that	that	PRON
cblr-8632	439	62	equal	equal	ADJ
cblr-8632	439	63	at	at	ADV
cblr-8632	439	64	least	least	ADV
cblr-8632	439	65	one	one	NUM
cblr-8632	439	66	round	round	ADJ
cblr-8632	439	67	lot	lot	NOUN
cblr-8632	439	68	)	)	PUNCT
cblr-8632	439	69	.	.	PUNCT
cblr-8632	440	1	71	71	NUM
cblr-8632	440	2	see	see	VERB
cblr-8632	440	3	equity	equity	NOUN
cblr-8632	440	4	trader	trader	NOUN
cblr-8632	440	5	alert	alert	VERB
cblr-8632	440	6	#	#	SYM
cblr-8632	440	7	2018	2018	NUM
cblr-8632	440	8	87	87	NUM
cblr-8632	440	9	,	,	PUNCT
cblr-8632	440	10	nasdaqtrader.com	nasdaqtrader.com	X
cblr-8632	440	11	(	(	PUNCT
cblr-8632	440	12	nov	nov	PROPN
cblr-8632	440	13	.	.	PROPN
cblr-8632	440	14	2	2	NUM
cblr-8632	440	15	,	,	PUNCT
cblr-8632	440	16	2018	2018	NUM
cblr-8632	440	17	)	)	PUNCT
cblr-8632	440	18	,	,	PUNCT
cblr-8632	440	19	https://www.nasdaqtrader.com/tradernews.aspx?id=eta2018-87	https://www.nasdaqtrader.com/tradernews.aspx?id=eta2018-87	VERB
cblr-8632	440	20	[	[	X
cblr-8632	440	21	https://perma.cc/7kmm-xeul	https://perma.cc/7kmm-xeul	X
cblr-8632	440	22	]	]	X
cblr-8632	440	23	;	;	PUNCT
cblr-8632	440	24	the	the	DET
cblr-8632	440	25	nasdaq	nasdaq	PROPN
cblr-8632	440	26	stock	stock	PROPN
cblr-8632	440	27	market	market	PROPN
cblr-8632	440	28	llc	llc	PROPN
cblr-8632	440	29	;	;	PUNCT
cblr-8632	440	30	notice	notice	NOUN
cblr-8632	440	31	of	of	ADP
cblr-8632	440	32	filing	filing	NOUN
cblr-8632	440	33	and	and	CCONJ
cblr-8632	440	34	immediate	immediate	ADJ
cblr-8632	440	35	effectiveness	effectiveness	NOUN
cblr-8632	440	36	of	of	ADP
cblr-8632	440	37	proposed	propose	VERB
cblr-8632	440	38	rule	rule	NOUN
cblr-8632	440	39	change	change	NOUN
cblr-8632	440	40	to	to	PART
cblr-8632	440	41	amend	amend	VERB
cblr-8632	440	42	rule	rule	NOUN
cblr-8632	440	43	4756(c)(2	4756(c)(2	NOUN
cblr-8632	440	44	)	)	PUNCT
cblr-8632	440	45	,	,	PUNCT
cblr-8632	440	46	83	83	NUM
cblr-8632	440	47	fed	feed	VERB
cblr-8632	440	48	.	.	PUNCT
cblr-8632	441	1	reg	reg	PROPN
cblr-8632	441	2	.	.	PROPN
cblr-8632	441	3	62,633	62,633	NUM
cblr-8632	441	4	,	,	PUNCT
cblr-8632	441	5	62,633–34	62,633–34	NUM
cblr-8632	441	6	(	(	PUNCT
cblr-8632	441	7	dec	dec	PROPN
cblr-8632	441	8	.	.	PROPN
cblr-8632	441	9	4	4	NUM
cblr-8632	441	10	,	,	PUNCT
cblr-8632	441	11	2018	2018	NUM
cblr-8632	441	12	)	)	PUNCT
cblr-8632	441	13	.	.	PUNCT
cblr-8632	442	1	bartlett	bartlett	PROPN
cblr-8632	442	2	8/20/2021	8/20/2021	NUM
cblr-8632	442	3	6:20	6:20	NUM
cblr-8632	442	4	pm	pm	NOUN
cblr-8632	442	5	no	no	INTJ
cblr-8632	442	6	.	.	PUNCT
cblr-8632	443	1	2:520	2:520	NUM
cblr-8632	443	2	]	]	X
cblr-8632	443	3	modernizing	modernize	VERB
cblr-8632	443	4	odd	odd	ADJ
cblr-8632	443	5	lot	lot	NOUN
cblr-8632	443	6	trading	trade	VERB
cblr-8632	443	7	553	553	NUM
cblr-8632	443	8	posted	post	VERB
cblr-8632	443	9	to	to	ADP
cblr-8632	443	10	exchanges	exchange	NOUN
cblr-8632	443	11	.	.	PUNCT
cblr-8632	444	1	of	of	ADP
cblr-8632	444	2	course	course	NOUN
cblr-8632	444	3	,	,	PUNCT
cblr-8632	444	4	after	after	ADP
cblr-8632	444	5	the	the	DET
cblr-8632	444	6	2020	2020	NUM
cblr-8632	444	7	market	market	NOUN
cblr-8632	444	8	data	datum	NOUN
cblr-8632	444	9	reform	reform	NOUN
cblr-8632	444	10	,	,	PUNCT
cblr-8632	444	11	the	the	DET
cblr-8632	444	12	four	four	NUM
cblr-8632	444	13	-	-	PUNCT
cblr-8632	444	14	tier	tier	NOUN
cblr-8632	444	15	definition72	definition72	NOUN
cblr-8632	444	16	of	of	ADP
cblr-8632	444	17	a	a	DET
cblr-8632	444	18	round	round	ADJ
cblr-8632	444	19	lot	lot	NOUN
cblr-8632	444	20	will	will	AUX
cblr-8632	444	21	often	often	ADV
cblr-8632	444	22	allow	allow	VERB
cblr-8632	444	23	quotes	quote	NOUN
cblr-8632	444	24	for	for	ADP
cblr-8632	444	25	less	less	ADJ
cblr-8632	444	26	than	than	ADP
cblr-8632	444	27	100	100	NUM
cblr-8632	444	28	shares	share	NOUN
cblr-8632	444	29	to	to	PART
cblr-8632	444	30	establish	establish	VERB
cblr-8632	444	31	the	the	DET
cblr-8632	444	32	nbbo	nbbo	NOUN
cblr-8632	444	33	and	and	CCONJ
cblr-8632	444	34	receive	receive	VERB
cblr-8632	444	35	price	price	NOUN
cblr-8632	444	36	protection	protection	NOUN
cblr-8632	444	37	for	for	ADP
cblr-8632	444	38	certain	certain	ADJ
cblr-8632	444	39	securities	security	NOUN
cblr-8632	444	40	.	.	PUNCT
cblr-8632	445	1	however	however	ADV
cblr-8632	445	2	,	,	PUNCT
cblr-8632	445	3	the	the	DET
cblr-8632	445	4	vast	vast	ADJ
cblr-8632	445	5	majority	majority	NOUN
cblr-8632	445	6	of	of	ADP
cblr-8632	445	7	securities	security	NOUN
cblr-8632	445	8	have	have	VERB
cblr-8632	445	9	security	security	NOUN
cblr-8632	445	10	prices	price	NOUN
cblr-8632	445	11	that	that	PRON
cblr-8632	445	12	are	be	AUX
cblr-8632	445	13	lower	low	ADJ
cblr-8632	445	14	than	than	ADP
cblr-8632	445	15	$	$	SYM
cblr-8632	445	16	250	250	NUM
cblr-8632	445	17	per	per	ADP
cblr-8632	445	18	share,73	share,73	NOUN
cblr-8632	445	19	and	and	CCONJ
cblr-8632	445	20	for	for	ADP
cblr-8632	445	21	these	these	DET
cblr-8632	445	22	securities	security	NOUN
cblr-8632	445	23	,	,	PUNCT
cblr-8632	445	24	the	the	DET
cblr-8632	445	25	definition	definition	NOUN
cblr-8632	445	26	of	of	ADP
cblr-8632	445	27	a	a	DET
cblr-8632	445	28	round	round	ADJ
cblr-8632	445	29	lot	lot	NOUN
cblr-8632	445	30	will	will	AUX
cblr-8632	445	31	remain	remain	VERB
cblr-8632	445	32	unchanged.74	unchanged.74	ADJ
cblr-8632	445	33	moreover	moreover	ADV
cblr-8632	445	34	,	,	PUNCT
cblr-8632	445	35	even	even	ADV
cblr-8632	445	36	for	for	ADP
cblr-8632	445	37	amazon	amazon	NOUN
cblr-8632	445	38	,	,	PUNCT
cblr-8632	445	39	a	a	DET
cblr-8632	445	40	round	round	ADJ
cblr-8632	445	41	lot	lot	NOUN
cblr-8632	445	42	under	under	ADP
cblr-8632	445	43	the	the	DET
cblr-8632	445	44	2020	2020	NUM
cblr-8632	445	45	market	market	NOUN
cblr-8632	445	46	data	datum	NOUN
cblr-8632	445	47	reform	reform	NOUN
cblr-8632	445	48	will	will	AUX
cblr-8632	445	49	consist	consist	VERB
cblr-8632	445	50	of	of	ADP
cblr-8632	445	51	an	an	DET
cblr-8632	445	52	order	order	NOUN
cblr-8632	445	53	for	for	ADP
cblr-8632	445	54	at	at	ADV
cblr-8632	445	55	least	least	ADV
cblr-8632	445	56	ten	ten	NUM
cblr-8632	445	57	shares	share	NOUN
cblr-8632	445	58	based	base	VERB
cblr-8632	445	59	on	on	ADP
cblr-8632	445	60	amazon	amazon	NOUN
cblr-8632	445	61	’s	’s	PART
cblr-8632	445	62	current	current	ADJ
cblr-8632	445	63	stock	stock	NOUN
cblr-8632	445	64	price.75	price.75	NOUN
cblr-8632	445	65	applying	apply	VERB
cblr-8632	445	66	this	this	DET
cblr-8632	445	67	rule	rule	NOUN
cblr-8632	445	68	to	to	PART
cblr-8632	445	69	figure	figure	VERB
cblr-8632	445	70	9	9	NUM
cblr-8632	445	71	,	,	PUNCT
cblr-8632	445	72	the	the	DET
cblr-8632	445	73	best	good	ADJ
cblr-8632	445	74	offer	offer	NOUN
cblr-8632	445	75	for	for	ADP
cblr-8632	445	76	twelve	twelve	NUM
cblr-8632	445	77	shares	share	NOUN
cblr-8632	445	78	at	at	ADP
cblr-8632	445	79	$	$	SYM
cblr-8632	445	80	3,230.50	3,230.50	NUM
cblr-8632	445	81	could	could	AUX
cblr-8632	445	82	establish	establish	VERB
cblr-8632	445	83	the	the	DET
cblr-8632	445	84	national	national	ADJ
cblr-8632	445	85	best	good	ADJ
cblr-8632	445	86	offer	offer	NOUN
cblr-8632	445	87	and	and	CCONJ
cblr-8632	445	88	receive	receive	VERB
cblr-8632	445	89	price	price	NOUN
cblr-8632	445	90	protection	protection	NOUN
cblr-8632	445	91	.	.	PUNCT
cblr-8632	446	1	however	however	ADV
cblr-8632	446	2	,	,	PUNCT
cblr-8632	446	3	the	the	DET
cblr-8632	446	4	best	good	ADJ
cblr-8632	446	5	bid	bid	NOUN
cblr-8632	446	6	for	for	ADP
cblr-8632	446	7	nasdaq	nasdaq	PROPN
cblr-8632	446	8	would	would	AUX
cblr-8632	446	9	be	be	AUX
cblr-8632	446	10	displayed	display	VERB
cblr-8632	446	11	at	at	ADP
cblr-8632	446	12	$	$	SYM
cblr-8632	446	13	3,229.22	3,229.22	NUM
cblr-8632	446	14	(	(	PUNCT
cblr-8632	446	15	or	or	CCONJ
cblr-8632	446	16	$	$	SYM
cblr-8632	446	17	0.46	0.46	NUM
cblr-8632	446	18	less	less	ADJ
cblr-8632	446	19	than	than	ADP
cblr-8632	446	20	the	the	DET
cblr-8632	446	21	best	good	ADJ
cblr-8632	446	22	odd	odd	ADJ
cblr-8632	446	23	lot	lot	NOUN
cblr-8632	446	24	bid	bid	NOUN
cblr-8632	446	25	)	)	PUNCT
cblr-8632	446	26	,	,	PUNCT
cblr-8632	446	27	which	which	PRON
cblr-8632	446	28	represents	represent	VERB
cblr-8632	446	29	the	the	DET
cblr-8632	446	30	most	most	ADV
cblr-8632	446	31	aggressive	aggressive	ADJ
cblr-8632	446	32	price	price	NOUN
cblr-8632	446	33	that	that	PRON
cblr-8632	446	34	would	would	AUX
cblr-8632	446	35	satisfy	satisfy	VERB
cblr-8632	446	36	quotes	quote	NOUN
cblr-8632	446	37	for	for	ADP
cblr-8632	446	38	ten	ten	NUM
cblr-8632	446	39	shares	share	NOUN
cblr-8632	446	40	.	.	PUNCT
cblr-8632	447	1	overall	overall	ADV
cblr-8632	447	2	,	,	PUNCT
cblr-8632	447	3	the	the	DET
cblr-8632	447	4	displayed	display	VERB
cblr-8632	447	5	bid	bid	NOUN
cblr-8632	447	6	-	-	PUNCT
cblr-8632	447	7	ask	ask	NOUN
cblr-8632	447	8	spread	spread	NOUN
cblr-8632	447	9	for	for	ADP
cblr-8632	447	10	nasdaq	nasdaq	PROPN
cblr-8632	447	11	would	would	AUX
cblr-8632	447	12	therefore	therefore	ADV
cblr-8632	447	13	be	be	AUX
cblr-8632	447	14	$	$	SYM
cblr-8632	447	15	1.28	1.28	NUM
cblr-8632	447	16	,	,	PUNCT
cblr-8632	447	17	or	or	CCONJ
cblr-8632	447	18	approximately	approximately	ADV
cblr-8632	447	19	156	156	NUM
cblr-8632	447	20	%	%	NOUN
cblr-8632	447	21	of	of	ADP
cblr-8632	447	22	the	the	DET
cblr-8632	447	23	actual	actual	ADJ
cblr-8632	447	24	spread	spread	NOUN
cblr-8632	447	25	due	due	ADP
cblr-8632	447	26	to	to	ADP
cblr-8632	447	27	the	the	DET
cblr-8632	447	28	continued	continue	VERB
cblr-8632	447	29	presence	presence	NOUN
cblr-8632	447	30	of	of	ADP
cblr-8632	447	31	odd	odd	ADJ
cblr-8632	447	32	lot	lot	NOUN
cblr-8632	447	33	quotes	quote	NOUN
cblr-8632	447	34	.	.	PUNCT
cblr-8632	448	1	thus	thus	ADV
cblr-8632	448	2	,	,	PUNCT
cblr-8632	448	3	even	even	ADV
cblr-8632	448	4	after	after	ADP
cblr-8632	448	5	the	the	DET
cblr-8632	448	6	2020	2020	NUM
cblr-8632	448	7	market	market	NOUN
cblr-8632	448	8	data	datum	NOUN
cblr-8632	448	9	reform	reform	NOUN
cblr-8632	448	10	,	,	PUNCT
cblr-8632	448	11	marketable	marketable	ADJ
cblr-8632	448	12	orders	order	NOUN
cblr-8632	448	13	received	receive	VERB
cblr-8632	448	14	by	by	ADP
cblr-8632	448	15	a	a	DET
cblr-8632	448	16	non	non	ADJ
cblr-8632	448	17	-	-	ADJ
cblr-8632	448	18	exchange	exchange	ADJ
cblr-8632	448	19	venue	venue	NOUN
cblr-8632	448	20	will	will	AUX
cblr-8632	448	21	still	still	ADV
cblr-8632	448	22	face	face	VERB
cblr-8632	448	23	the	the	DET
cblr-8632	448	24	risk	risk	NOUN
cblr-8632	448	25	of	of	ADP
cblr-8632	448	26	price	price	NOUN
cblr-8632	448	27	dis	dis	NOUN
cblr-8632	448	28	-	-	PUNCT
cblr-8632	448	29	improvement	improvement	NOUN
cblr-8632	448	30	if	if	SCONJ
cblr-8632	448	31	a	a	DET
cblr-8632	448	32	non	non	ADJ
cblr-8632	448	33	-	-	ADJ
cblr-8632	448	34	exchange	exchange	ADJ
cblr-8632	448	35	venue	venue	NOUN
cblr-8632	448	36	receiving	receive	VERB
cblr-8632	448	37	the	the	DET
cblr-8632	448	38	order	order	NOUN
cblr-8632	448	39	simply	simply	ADV
cblr-8632	448	40	fills	fill	VERB
cblr-8632	448	41	the	the	DET
cblr-8632	448	42	order	order	NOUN
cblr-8632	448	43	at	at	ADP
cblr-8632	448	44	(	(	PUNCT
cblr-8632	448	45	or	or	CCONJ
cblr-8632	448	46	slightly	slightly	ADV
cblr-8632	448	47	better	well	ADJ
cblr-8632	448	48	than	than	ADP
cblr-8632	448	49	)	)	PUNCT
cblr-8632	448	50	the	the	DET
cblr-8632	448	51	reg	reg	PROPN
cblr-8632	448	52	nms	nms	NOUN
cblr-8632	448	53	nbbo	nbbo	NOUN
cblr-8632	448	54	.	.	PUNCT
cblr-8632	449	1	this	this	PRON
cblr-8632	449	2	is	be	AUX
cblr-8632	449	3	particularly	particularly	ADV
cblr-8632	449	4	true	true	ADJ
cblr-8632	449	5	for	for	ADP
cblr-8632	449	6	highpriced	highpriced	ADJ
cblr-8632	449	7	stocks	stock	NOUN
cblr-8632	449	8	where	where	SCONJ
cblr-8632	449	9	the	the	DET
cblr-8632	449	10	spread	spread	NOUN
cblr-8632	449	11	of	of	ADP
cblr-8632	449	12	the	the	DET
cblr-8632	449	13	price	price	NOUN
cblr-8632	449	14	-	-	PUNCT
cblr-8632	449	15	protected	protect	VERB
cblr-8632	449	16	nbbo	nbbo	NOUN
cblr-8632	449	17	is	be	AUX
cblr-8632	449	18	likely	likely	ADJ
cblr-8632	449	19	to	to	PART
cblr-8632	449	20	be	be	AUX
cblr-8632	449	21	much	much	ADV
cblr-8632	449	22	larger	large	ADJ
cblr-8632	449	23	than	than	ADP
cblr-8632	449	24	a	a	DET
cblr-8632	449	25	penny	penny	NOUN
cblr-8632	449	26	,	,	PUNCT
cblr-8632	449	27	thereby	thereby	ADV
cblr-8632	449	28	allowing	allow	VERB
cblr-8632	449	29	traders	trader	NOUN
cblr-8632	449	30	to	to	PART
cblr-8632	449	31	post	post	VERB
cblr-8632	449	32	odd	odd	ADJ
cblr-8632	449	33	lot	lot	NOUN
cblr-8632	449	34	quotes	quote	NOUN
cblr-8632	449	35	inside	inside	ADP
cblr-8632	449	36	the	the	DET
cblr-8632	449	37	nbbo	nbbo	NOUN
cblr-8632	449	38	.	.	PUNCT
cblr-8632	450	1	72	72	NUM
cblr-8632	450	2	see	see	VERB
cblr-8632	450	3	supra	supra	PROPN
cblr-8632	450	4	notes	note	NOUN
cblr-8632	450	5	28–29	28–29	NUM
cblr-8632	450	6	and	and	CCONJ
cblr-8632	450	7	accompanying	accompany	VERB
cblr-8632	450	8	text	text	NOUN
cblr-8632	450	9	.	.	PUNCT
cblr-8632	451	1	73	73	NUM
cblr-8632	451	2	for	for	ADP
cblr-8632	451	3	example	example	NOUN
cblr-8632	451	4	,	,	PUNCT
cblr-8632	451	5	97.8	97.8	NUM
cblr-8632	451	6	%	%	NOUN
cblr-8632	451	7	of	of	ADP
cblr-8632	451	8	the	the	DET
cblr-8632	451	9	7,752	7,752	NUM
cblr-8632	451	10	securities	security	NOUN
cblr-8632	451	11	with	with	ADP
cblr-8632	451	12	non	non	ADJ
cblr-8632	451	13	-	-	ADJ
cblr-8632	451	14	zero	zero	NUM
cblr-8632	451	15	trading	trading	NOUN
cblr-8632	451	16	volume	volume	NOUN
cblr-8632	451	17	in	in	ADP
cblr-8632	451	18	the	the	DET
cblr-8632	451	19	stock	stock	NOUN
cblr-8632	451	20	file	file	NOUN
cblr-8632	451	21	of	of	ADP
cblr-8632	451	22	the	the	DET
cblr-8632	451	23	center	center	NOUN
cblr-8632	451	24	for	for	ADP
cblr-8632	451	25	research	research	NOUN
cblr-8632	451	26	in	in	ADP
cblr-8632	451	27	security	security	NOUN
cblr-8632	451	28	prices	price	NOUN
cblr-8632	451	29	had	have	VERB
cblr-8632	451	30	a	a	DET
cblr-8632	451	31	closing	closing	NOUN
cblr-8632	451	32	price	price	NOUN
cblr-8632	451	33	of	of	ADP
cblr-8632	451	34	less	less	ADJ
cblr-8632	451	35	than	than	ADP
cblr-8632	451	36	$	$	SYM
cblr-8632	451	37	250	250	NUM
cblr-8632	451	38	on	on	ADP
cblr-8632	451	39	december	december	PROPN
cblr-8632	451	40	31	31	NUM
cblr-8632	451	41	,	,	PUNCT
cblr-8632	451	42	2020	2020	NUM
cblr-8632	451	43	.	.	PUNCT
cblr-8632	452	1	on	on	ADP
cblr-8632	452	2	these	these	DET
cblr-8632	452	3	data	datum	NOUN
cblr-8632	452	4	,	,	PUNCT
cblr-8632	452	5	see	see	VERB
cblr-8632	452	6	research	research	NOUN
cblr-8632	452	7	data	data	PROPN
cblr-8632	452	8	,	,	PUNCT
cblr-8632	452	9	ctr	ctr	PROPN
cblr-8632	452	10	.	.	PROPN
cblr-8632	453	1	for	for	ADP
cblr-8632	453	2	rsch	rsch	NOUN
cblr-8632	453	3	.	.	PUNCT
cblr-8632	454	1	in	in	ADP
cblr-8632	454	2	sec	sec	PROPN
cblr-8632	454	3	.	.	PUNCT
cblr-8632	454	4	prices	price	NOUN
cblr-8632	454	5	,	,	PUNCT
cblr-8632	454	6	llc	llc	PROPN
cblr-8632	454	7	,	,	PUNCT
cblr-8632	454	8	http://www.crsp.org/products/research-products	http://www.crsp.org/products/research-product	VERB
cblr-8632	455	1	[	[	X
cblr-8632	455	2	https://perma.cc/cn7pt2v9	https://perma.cc/cn7pt2v9	X
cblr-8632	455	3	]	]	X
cblr-8632	455	4	(	(	PUNCT
cblr-8632	455	5	last	last	ADJ
cblr-8632	455	6	visited	visit	VERB
cblr-8632	455	7	may	may	AUX
cblr-8632	455	8	25	25	NUM
cblr-8632	455	9	,	,	PUNCT
cblr-8632	455	10	2021	2021	NUM
cblr-8632	455	11	)	)	PUNCT
cblr-8632	455	12	.	.	PUNCT
cblr-8632	456	1	74	74	NUM
cblr-8632	456	2	see	see	VERB
cblr-8632	456	3	supra	supra	PROPN
cblr-8632	456	4	note	note	PROPN
cblr-8632	456	5	29	29	NUM
cblr-8632	456	6	.	.	PUNCT
cblr-8632	456	7	75	75	NUM
cblr-8632	456	8	as	as	ADP
cblr-8632	456	9	of	of	ADP
cblr-8632	456	10	may	may	PROPN
cblr-8632	456	11	2021	2021	NUM
cblr-8632	456	12	,	,	PUNCT
cblr-8632	456	13	amazon	amazon	PROPN
cblr-8632	456	14	’s	’s	PART
cblr-8632	456	15	stock	stock	NOUN
cblr-8632	456	16	price	price	NOUN
cblr-8632	456	17	hovered	hover	VERB
cblr-8632	456	18	around	around	ADP
cblr-8632	456	19	$	$	SYM
cblr-8632	456	20	3,000	3,000	NUM
cblr-8632	456	21	per	per	ADP
cblr-8632	456	22	share	share	NOUN
cblr-8632	456	23	,	,	PUNCT
cblr-8632	456	24	see	see	VERB
cblr-8632	456	25	amazon.com	amazon.com	PROPN
cblr-8632	456	26	,	,	PUNCT
cblr-8632	456	27	inc	inc	PROPN
cblr-8632	456	28	.	.	PROPN
cblr-8632	456	29	historical	historical	PROPN
cblr-8632	456	30	data	data	PROPN
cblr-8632	456	31	,	,	PUNCT
cblr-8632	456	32	yahoo	yahoo	PROPN
cblr-8632	456	33	!	!	PUNCT
cblr-8632	456	34	:	:	PUNCT
cblr-8632	457	1	fin	fin	PROPN
cblr-8632	457	2	.	.	PUNCT
cblr-8632	457	3	,	,	PUNCT
cblr-8632	458	1	https://finance.yahoo.com/quote/amzn/history?p=amzn	https://finance.yahoo.com/quote/amzn/history?p=amzn	PROPN
cblr-8632	459	1	[	[	X
cblr-8632	459	2	https://perma.cc/w664-dbal	https://perma.cc/w664-dbal	X
cblr-8632	459	3	]	]	X
cblr-8632	459	4	(	(	PUNCT
cblr-8632	459	5	last	last	ADJ
cblr-8632	459	6	visited	visit	VERB
cblr-8632	459	7	may	may	AUX
cblr-8632	459	8	25	25	NUM
cblr-8632	459	9	,	,	PUNCT
cblr-8632	459	10	2021	2021	NUM
cblr-8632	459	11	)	)	PUNCT
cblr-8632	459	12	,	,	PUNCT
cblr-8632	459	13	putting	put	VERB
cblr-8632	459	14	it	it	PRON
cblr-8632	459	15	well	well	ADV
cblr-8632	459	16	within	within	ADP
cblr-8632	459	17	the	the	DET
cblr-8632	459	18	category	category	NOUN
cblr-8632	459	19	of	of	ADP
cblr-8632	459	20	securities	security	NOUN
cblr-8632	459	21	that	that	PRON
cblr-8632	459	22	will	will	AUX
cblr-8632	459	23	have	have	VERB
cblr-8632	459	24	a	a	DET
cblr-8632	459	25	round	round	ADJ
cblr-8632	459	26	lot	lot	NOUN
cblr-8632	459	27	defined	define	VERB
cblr-8632	459	28	to	to	PART
cblr-8632	459	29	be	be	AUX
cblr-8632	459	30	ten	ten	NUM
cblr-8632	459	31	shares	share	NOUN
cblr-8632	459	32	.	.	PUNCT
cblr-8632	460	1	see	see	VERB
cblr-8632	460	2	supra	supra	PROPN
cblr-8632	460	3	note	note	PROPN
cblr-8632	460	4	29	29	NUM
cblr-8632	460	5	.	.	PUNCT
cblr-8632	461	1	bartlett	bartlett	PROPN
cblr-8632	461	2	8/20/2021	8/20/2021	NUM
cblr-8632	461	3	6:20	6:20	NUM
cblr-8632	461	4	pm	pm	PROPN
cblr-8632	461	5	554	554	NUM
cblr-8632	461	6	columbia	columbia	PROPN
cblr-8632	461	7	business	business	NOUN
cblr-8632	461	8	law	law	PROPN
cblr-8632	461	9	review	review	NOUN
cblr-8632	461	10	[	[	X
cblr-8632	461	11	vol	vol	NOUN
cblr-8632	461	12	.	.	NOUN
cblr-8632	461	13	2021	2021	NUM
cblr-8632	461	14	to	to	PART
cblr-8632	461	15	assess	assess	VERB
cblr-8632	461	16	the	the	DET
cblr-8632	461	17	relevance	relevance	NOUN
cblr-8632	461	18	of	of	ADP
cblr-8632	461	19	this	this	DET
cblr-8632	461	20	issue	issue	NOUN
cblr-8632	461	21	for	for	ADP
cblr-8632	461	22	internalized	internalize	VERB
cblr-8632	461	23	retail	retail	ADJ
cblr-8632	461	24	trades	trade	NOUN
cblr-8632	461	25	in	in	ADP
cblr-8632	461	26	high	high	ADV
cblr-8632	461	27	-	-	PUNCT
cblr-8632	461	28	priced	price	VERB
cblr-8632	461	29	securities	security	NOUN
cblr-8632	461	30	,	,	PUNCT
cblr-8632	461	31	i	i	PRON
cblr-8632	461	32	turn	turn	VERB
cblr-8632	461	33	to	to	ADP
cblr-8632	461	34	the	the	DET
cblr-8632	461	35	nasdaq	nasdaq	PROPN
cblr-8632	461	36	order	order	NOUN
cblr-8632	461	37	book	book	NOUN
cblr-8632	461	38	data	datum	NOUN
cblr-8632	461	39	for	for	ADP
cblr-8632	461	40	january	january	PROPN
cblr-8632	461	41	27	27	NUM
cblr-8632	461	42	,	,	PUNCT
cblr-8632	461	43	2021	2021	NUM
cblr-8632	461	44	for	for	ADP
cblr-8632	461	45	amazon	amazon	NOUN
cblr-8632	461	46	and	and	CCONJ
cblr-8632	461	47	gamestop	gamestop	NOUN
cblr-8632	461	48	.	.	PUNCT
cblr-8632	462	1	i	i	PRON
cblr-8632	462	2	focus	focus	VERB
cblr-8632	462	3	on	on	ADP
cblr-8632	462	4	trades	trade	NOUN
cblr-8632	462	5	in	in	ADP
cblr-8632	462	6	these	these	DET
cblr-8632	462	7	two	two	NUM
cblr-8632	462	8	securities	security	NOUN
cblr-8632	462	9	on	on	ADP
cblr-8632	462	10	this	this	DET
cblr-8632	462	11	day	day	NOUN
cblr-8632	462	12	as	as	SCONJ
cblr-8632	462	13	each	each	PRON
cblr-8632	462	14	represented	represent	VERB
cblr-8632	462	15	the	the	DET
cblr-8632	462	16	type	type	NOUN
cblr-8632	462	17	of	of	ADP
cblr-8632	462	18	security	security	NOUN
cblr-8632	462	19	for	for	ADP
cblr-8632	462	20	which	which	PRON
cblr-8632	462	21	odd	odd	ADJ
cblr-8632	462	22	lot	lot	NOUN
cblr-8632	462	23	quotes	quote	NOUN
cblr-8632	462	24	were	be	AUX
cblr-8632	462	25	likely	likely	ADJ
cblr-8632	462	26	to	to	PART
cblr-8632	462	27	exist	exist	VERB
cblr-8632	462	28	within	within	ADP
cblr-8632	462	29	the	the	DET
cblr-8632	462	30	reg	reg	PROPN
cblr-8632	462	31	nms	nms	NOUN
cblr-8632	462	32	nbbo	nbbo	NOUN
cblr-8632	462	33	.	.	PUNCT
cblr-8632	463	1	specifically	specifically	ADV
cblr-8632	463	2	,	,	PUNCT
cblr-8632	463	3	on	on	ADP
cblr-8632	463	4	january	january	PROPN
cblr-8632	463	5	27	27	NUM
cblr-8632	463	6	,	,	PUNCT
cblr-8632	463	7	2021	2021	NUM
cblr-8632	463	8	,	,	PUNCT
cblr-8632	463	9	the	the	DET
cblr-8632	463	10	per	per	ADP
cblr-8632	463	11	share	share	NOUN
cblr-8632	463	12	cost	cost	NOUN
cblr-8632	463	13	of	of	ADP
cblr-8632	463	14	a	a	DET
cblr-8632	463	15	share	share	NOUN
cblr-8632	463	16	of	of	ADP
cblr-8632	463	17	amazon	amazon	NOUN
cblr-8632	463	18	was	be	AUX
cblr-8632	463	19	approximately	approximately	ADV
cblr-8632	463	20	$	$	SYM
cblr-8632	463	21	3,000	3,000	NUM
cblr-8632	463	22	,	,	PUNCT
cblr-8632	463	23	and	and	CCONJ
cblr-8632	463	24	its	its	PRON
cblr-8632	463	25	(	(	PUNCT
cblr-8632	463	26	price	price	NOUN
cblr-8632	463	27	-	-	PUNCT
cblr-8632	463	28	protected	protect	VERB
cblr-8632	463	29	)	)	PUNCT
cblr-8632	463	30	quoted	quote	VERB
cblr-8632	463	31	spread	spread	NOUN
cblr-8632	463	32	was	be	AUX
cblr-8632	463	33	roughly	roughly	ADV
cblr-8632	463	34	$	$	SYM
cblr-8632	463	35	3.00	3.00	NUM
cblr-8632	463	36	,	,	PUNCT
cblr-8632	463	37	while	while	SCONJ
cblr-8632	463	38	the	the	DET
cblr-8632	463	39	cost	cost	NOUN
cblr-8632	463	40	of	of	ADP
cblr-8632	463	41	a	a	DET
cblr-8632	463	42	share	share	NOUN
cblr-8632	463	43	of	of	ADP
cblr-8632	463	44	gamestop	gamestop	NOUN
cblr-8632	463	45	was	be	AUX
cblr-8632	463	46	approximately	approximately	ADV
cblr-8632	463	47	$	$	SYM
cblr-8632	463	48	300	300	NUM
cblr-8632	463	49	,	,	PUNCT
cblr-8632	463	50	and	and	CCONJ
cblr-8632	463	51	its	its	PRON
cblr-8632	463	52	(	(	PUNCT
cblr-8632	463	53	price	price	NOUN
cblr-8632	463	54	-	-	PUNCT
cblr-8632	463	55	protected	protect	VERB
cblr-8632	463	56	)	)	PUNCT
cblr-8632	463	57	quoted	quote	VERB
cblr-8632	463	58	spread	spread	NOUN
cblr-8632	463	59	was	be	AUX
cblr-8632	463	60	roughly	roughly	ADV
cblr-8632	463	61	$	$	SYM
cblr-8632	463	62	1.40	1.40	NUM
cblr-8632	463	63	.	.	PUNCT
cblr-8632	464	1	moreover	moreover	ADV
cblr-8632	464	2	,	,	PUNCT
cblr-8632	464	3	gamestop	gamestop	NOUN
cblr-8632	464	4	’s	’s	PART
cblr-8632	464	5	emergence	emergence	NOUN
cblr-8632	464	6	as	as	ADP
cblr-8632	464	7	a	a	DET
cblr-8632	464	8	popular	popular	ADJ
cblr-8632	464	9	retail	retail	ADJ
cblr-8632	464	10	stock	stock	NOUN
cblr-8632	464	11	and	and	CCONJ
cblr-8632	464	12	its	its	PRON
cblr-8632	464	13	related	related	ADJ
cblr-8632	464	14	surge	surge	NOUN
cblr-8632	464	15	in	in	ADP
cblr-8632	464	16	price	price	NOUN
cblr-8632	464	17	by	by	ADP
cblr-8632	464	18	january	january	PROPN
cblr-8632	464	19	2776	2776	NUM
cblr-8632	464	20	provide	provide	VERB
cblr-8632	464	21	an	an	DET
cblr-8632	464	22	opportunity	opportunity	NOUN
cblr-8632	464	23	to	to	PART
cblr-8632	464	24	explore	explore	VERB
cblr-8632	464	25	the	the	DET
cblr-8632	464	26	extent	extent	NOUN
cblr-8632	464	27	to	to	PART
cblr-8632	464	28	which	which	PRON
cblr-8632	464	29	the	the	DET
cblr-8632	464	30	2020	2020	NUM
cblr-8632	464	31	market	market	NOUN
cblr-8632	464	32	data	datum	NOUN
cblr-8632	464	33	reform	reform	NOUN
cblr-8632	464	34	leaves	leave	VERB
cblr-8632	464	35	retail	retail	ADJ
cblr-8632	464	36	trades	trade	NOUN
cblr-8632	464	37	in	in	ADP
cblr-8632	464	38	so	so	ADV
cblr-8632	464	39	-	-	PUNCT
cblr-8632	464	40	called	call	VERB
cblr-8632	464	41	“	"	PUNCT
cblr-8632	464	42	meme	meme	NOUN
cblr-8632	464	43	”	"	PUNCT
cblr-8632	464	44	stocks	stock	NOUN
cblr-8632	464	45	subject	subject	ADJ
cblr-8632	464	46	to	to	ADP
cblr-8632	464	47	the	the	DET
cblr-8632	464	48	risk	risk	NOUN
cblr-8632	464	49	of	of	ADP
cblr-8632	464	50	deficient	deficient	ADJ
cblr-8632	464	51	trade	trade	NOUN
cblr-8632	464	52	execution	execution	NOUN
cblr-8632	464	53	,	,	PUNCT
cblr-8632	464	54	at	at	ADV
cblr-8632	464	55	least	least	ADJ
cblr-8632	464	56	as	as	SCONJ
cblr-8632	464	57	measured	measure	VERB
cblr-8632	464	58	by	by	ADP
cblr-8632	464	59	available	available	ADJ
cblr-8632	464	60	odd	odd	ADJ
cblr-8632	464	61	lot	lot	NOUN
cblr-8632	464	62	quotations	quotation	NOUN
cblr-8632	464	63	.	.	PUNCT
cblr-8632	465	1	to	to	PART
cblr-8632	465	2	construct	construct	VERB
cblr-8632	465	3	the	the	DET
cblr-8632	465	4	sample	sample	NOUN
cblr-8632	465	5	of	of	ADP
cblr-8632	465	6	retail	retail	ADJ
cblr-8632	465	7	trades	trade	NOUN
cblr-8632	465	8	for	for	ADP
cblr-8632	465	9	these	these	DET
cblr-8632	465	10	two	two	NUM
cblr-8632	465	11	securities	security	NOUN
cblr-8632	465	12	,	,	PUNCT
cblr-8632	465	13	i	i	PRON
cblr-8632	465	14	rely	rely	VERB
cblr-8632	465	15	on	on	ADP
cblr-8632	465	16	the	the	DET
cblr-8632	465	17	fact	fact	NOUN
cblr-8632	465	18	that	that	SCONJ
cblr-8632	465	19	non	non	ADJ
cblr-8632	465	20	-	-	ADJ
cblr-8632	465	21	exchange	exchange	ADJ
cblr-8632	465	22	trades	trade	NOUN
cblr-8632	465	23	executed	execute	VERB
cblr-8632	465	24	at	at	ADP
cblr-8632	465	25	sub	sub	ADJ
cblr-8632	465	26	-	-	ADJ
cblr-8632	465	27	penny	penny	ADJ
cblr-8632	465	28	prices	price	NOUN
cblr-8632	465	29	that	that	PRON
cblr-8632	465	30	differ	differ	VERB
cblr-8632	465	31	from	from	ADP
cblr-8632	465	32	the	the	DET
cblr-8632	465	33	midpoint	midpoint	NOUN
cblr-8632	465	34	of	of	ADP
cblr-8632	465	35	the	the	DET
cblr-8632	465	36	nbbo	nbbo	NOUN
cblr-8632	465	37	are	be	AUX
cblr-8632	465	38	very	very	ADV
cblr-8632	465	39	likely	likely	ADJ
cblr-8632	465	40	to	to	PART
cblr-8632	465	41	represent	represent	VERB
cblr-8632	465	42	internalized	internalized	ADJ
cblr-8632	465	43	retail	retail	ADJ
cblr-8632	465	44	trades.77	trades.77	NOUN
cblr-8632	465	45	this	this	DET
cblr-8632	465	46	result	result	NOUN
cblr-8632	465	47	arises	arise	VERB
cblr-8632	465	48	from	from	ADP
cblr-8632	465	49	the	the	DET
cblr-8632	465	50	fact	fact	NOUN
cblr-8632	465	51	that	that	SCONJ
cblr-8632	465	52	rule	rule	VERB
cblr-8632	465	53	612	612	NUM
cblr-8632	465	54	76	76	NUM
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cblr-8632	465	56	’s	’s	PART
cblr-8632	465	57	stock	stock	NOUN
cblr-8632	465	58	price	price	NOUN
cblr-8632	465	59	surged	surge	VERB
cblr-8632	465	60	from	from	ADP
cblr-8632	465	61	roughly	roughly	ADV
cblr-8632	465	62	$	$	SYM
cblr-8632	465	63	20	20	NUM
cblr-8632	465	64	per	per	ADP
cblr-8632	465	65	share	share	NOUN
cblr-8632	465	66	in	in	ADP
cblr-8632	465	67	early	early	ADJ
cblr-8632	465	68	january	january	PROPN
cblr-8632	465	69	2021	2021	NUM
cblr-8632	465	70	to	to	ADP
cblr-8632	465	71	over	over	ADP
cblr-8632	465	72	$	$	SYM
cblr-8632	465	73	300	300	NUM
cblr-8632	465	74	per	per	ADP
cblr-8632	465	75	share	share	NOUN
cblr-8632	465	76	during	during	ADP
cblr-8632	465	77	the	the	DET
cblr-8632	465	78	final	final	ADJ
cblr-8632	465	79	week	week	NOUN
cblr-8632	465	80	of	of	ADP
cblr-8632	465	81	january	january	PROPN
cblr-8632	465	82	2021	2021	NUM
cblr-8632	465	83	in	in	ADP
cblr-8632	465	84	a	a	DET
cblr-8632	465	85	rally	rally	NOUN
cblr-8632	465	86	reportedly	reportedly	ADV
cblr-8632	465	87	fueled	fuel	VERB
cblr-8632	465	88	by	by	ADP
cblr-8632	465	89	retail	retail	ADJ
cblr-8632	465	90	trading	trading	NOUN
cblr-8632	465	91	and	and	CCONJ
cblr-8632	465	92	delta	delta	NOUN
cblr-8632	465	93	hedging	hedging	NOUN
cblr-8632	465	94	of	of	ADP
cblr-8632	465	95	call	call	NOUN
cblr-8632	465	96	options	option	NOUN
cblr-8632	465	97	.	.	PUNCT
cblr-8632	466	1	see	see	VERB
cblr-8632	466	2	john	john	PROPN
cblr-8632	466	3	foley	foley	PROPN
cblr-8632	466	4	,	,	PUNCT
cblr-8632	466	5	breakdown	breakdown	NOUN
cblr-8632	466	6	:	:	PUNCT
cblr-8632	466	7	gamestop	gamestop	NOUN
cblr-8632	466	8	,	,	PUNCT
cblr-8632	466	9	a	a	DET
cblr-8632	466	10	financial	financial	ADJ
cblr-8632	466	11	markets	market	NOUN
cblr-8632	466	12	whodunnit	whodunnit	NOUN
cblr-8632	466	13	,	,	PUNCT
cblr-8632	466	14	reuters	reuters	PROPN
cblr-8632	466	15	(	(	PUNCT
cblr-8632	466	16	jan	jan	PROPN
cblr-8632	466	17	.	.	PROPN
cblr-8632	466	18	28	28	NUM
cblr-8632	466	19	,	,	PUNCT
cblr-8632	466	20	2021	2021	NUM
cblr-8632	466	21	,	,	PUNCT
cblr-8632	466	22	3:23	3:23	NUM
cblr-8632	466	23	pm	pm	NOUN
cblr-8632	466	24	)	)	PUNCT
cblr-8632	466	25	,	,	PUNCT
cblr-8632	466	26	https://www.reuters.com/article/us-retail-trading-breakingviewsiduskbn29x2sv	https://www.reuters.com/article/us-retail-trading-breakingviewsiduskbn29x2sv	NOUN
cblr-8632	466	27	[	[	X
cblr-8632	466	28	https://perma.cc/2kb9-r94f	https://perma.cc/2kb9-r94f	X
cblr-8632	466	29	]	]	X
cblr-8632	466	30	.	.	PUNCT
cblr-8632	467	1	77	77	NUM
cblr-8632	467	2	this	this	DET
cblr-8632	467	3	proxy	proxy	NOUN
cblr-8632	467	4	for	for	ADP
cblr-8632	467	5	retail	retail	ADJ
cblr-8632	467	6	trades	trade	NOUN
cblr-8632	467	7	is	be	AUX
cblr-8632	467	8	also	also	ADV
cblr-8632	467	9	adopted	adopt	VERB
cblr-8632	467	10	in	in	ADP
cblr-8632	467	11	ekkehart	ekkehart	PROPN
cblr-8632	467	12	boehmer	boehmer	PROPN
cblr-8632	467	13	et	et	PROPN
cblr-8632	467	14	al	al	PROPN
cblr-8632	467	15	.	.	PROPN
cblr-8632	467	16	,	,	PUNCT
cblr-8632	467	17	tracking	track	VERB
cblr-8632	467	18	retail	retail	ADJ
cblr-8632	467	19	investor	investor	NOUN
cblr-8632	467	20	activity	activity	NOUN
cblr-8632	467	21	,	,	PUNCT
cblr-8632	467	22	j.	j.	PROPN
cblr-8632	467	23	fin	fin	PROPN
cblr-8632	467	24	.	.	PUNCT
cblr-8632	468	1	(	(	PUNCT
cblr-8632	468	2	forthcoming	forthcoming	ADJ
cblr-8632	468	3	)	)	PUNCT
cblr-8632	468	4	(	(	PUNCT
cblr-8632	468	5	manuscript	manuscript	NOUN
cblr-8632	468	6	at	at	ADP
cblr-8632	468	7	7	7	NUM
cblr-8632	468	8	)	)	PUNCT
cblr-8632	468	9	(	(	PUNCT
cblr-8632	468	10	on	on	ADP
cblr-8632	468	11	file	file	NOUN
cblr-8632	468	12	with	with	ADP
cblr-8632	468	13	the	the	DET
cblr-8632	468	14	columbia	columbia	PROPN
cblr-8632	468	15	business	business	PROPN
cblr-8632	468	16	law	law	PROPN
cblr-8632	468	17	review	review	PROPN
cblr-8632	468	18	)	)	PUNCT
cblr-8632	468	19	,	,	PUNCT
cblr-8632	469	1	https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13033	https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13033	NOUN
cblr-8632	469	2	.	.	PUNCT
cblr-8632	469	3	as	as	SCONJ
cblr-8632	469	4	noted	note	VERB
cblr-8632	469	5	by	by	ADP
cblr-8632	469	6	megan	megan	PROPN
cblr-8632	469	7	shearer	shearer	PROPN
cblr-8632	469	8	,	,	PUNCT
cblr-8632	469	9	the	the	DET
cblr-8632	469	10	primary	primary	ADJ
cblr-8632	469	11	limitation	limitation	NOUN
cblr-8632	469	12	of	of	ADP
cblr-8632	469	13	this	this	DET
cblr-8632	469	14	approach	approach	NOUN
cblr-8632	469	15	is	be	AUX
cblr-8632	469	16	that	that	SCONJ
cblr-8632	469	17	it	it	PRON
cblr-8632	469	18	may	may	AUX
cblr-8632	469	19	also	also	ADV
cblr-8632	469	20	capture	capture	VERB
cblr-8632	469	21	orders	order	NOUN
cblr-8632	469	22	filled	fill	VERB
cblr-8632	469	23	by	by	ADP
cblr-8632	469	24	single	single	ADJ
cblr-8632	469	25	dealer	dealer	NOUN
cblr-8632	469	26	platforms	platform	NOUN
cblr-8632	469	27	(	(	PUNCT
cblr-8632	469	28	sdps	sdps	ADJ
cblr-8632	469	29	)	)	PUNCT
cblr-8632	469	30	,	,	PUNCT
cblr-8632	469	31	which	which	PRON
cblr-8632	469	32	internalize	internalize	VERB
cblr-8632	469	33	orders	order	NOUN
cblr-8632	469	34	from	from	ADP
cblr-8632	469	35	institutional	institutional	ADJ
cblr-8632	469	36	investors	investor	NOUN
cblr-8632	469	37	.	.	PUNCT
cblr-8632	470	1	cf	cf	NOUN
cblr-8632	470	2	.	.	PUNCT
cblr-8632	471	1	megan	megan	PROPN
cblr-8632	471	2	shearer	shearer	PROPN
cblr-8632	471	3	,	,	PUNCT
cblr-8632	471	4	the	the	DET
cblr-8632	471	5	phases	phase	NOUN
cblr-8632	471	6	and	and	CCONJ
cblr-8632	471	7	catalysts	catalyst	NOUN
cblr-8632	471	8	of	of	ADP
cblr-8632	471	9	mini	mini	ADJ
cblr-8632	471	10	flash	flash	NOUN
cblr-8632	471	11	crashes	crash	NOUN
cblr-8632	471	12	29	29	NUM
cblr-8632	471	13	(	(	PUNCT
cblr-8632	471	14	aug	aug	PROPN
cblr-8632	471	15	.	.	PROPN
cblr-8632	471	16	24	24	NUM
cblr-8632	471	17	,	,	PUNCT
cblr-8632	471	18	2020	2020	NUM
cblr-8632	471	19	)	)	PUNCT
cblr-8632	471	20	(	(	PUNCT
cblr-8632	471	21	unpublished	unpublished	ADJ
cblr-8632	471	22	manuscript	manuscript	NOUN
cblr-8632	471	23	)	)	PUNCT
cblr-8632	471	24	(	(	PUNCT
cblr-8632	471	25	on	on	ADP
cblr-8632	471	26	file	file	NOUN
cblr-8632	471	27	with	with	ADP
cblr-8632	471	28	the	the	DET
cblr-8632	471	29	columbia	columbia	PROPN
cblr-8632	471	30	business	business	PROPN
cblr-8632	471	31	law	law	PROPN
cblr-8632	471	32	review	review	PROPN
cblr-8632	471	33	)	)	PUNCT
cblr-8632	471	34	,	,	PUNCT
cblr-8632	471	35	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3434728	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3434728	PROPN
cblr-8632	471	36	.	.	PUNCT
cblr-8632	472	1	the	the	DET
cblr-8632	472	2	risk	risk	NOUN
cblr-8632	472	3	of	of	ADP
cblr-8632	472	4	misclassification	misclassification	NOUN
cblr-8632	472	5	,	,	PUNCT
cblr-8632	472	6	however	however	ADV
cblr-8632	472	7	,	,	PUNCT
cblr-8632	472	8	should	should	AUX
cblr-8632	472	9	be	be	AUX
cblr-8632	472	10	diminished	diminish	VERB
cblr-8632	472	11	by	by	ADP
cblr-8632	472	12	limiting	limit	VERB
cblr-8632	472	13	the	the	DET
cblr-8632	472	14	analysis	analysis	NOUN
cblr-8632	472	15	to	to	ADP
cblr-8632	472	16	small	small	ADJ
cblr-8632	472	17	odd	odd	ADJ
cblr-8632	472	18	lot	lot	NOUN
cblr-8632	472	19	trades	trade	NOUN
cblr-8632	472	20	,	,	PUNCT
cblr-8632	472	21	as	as	ADV
cblr-8632	472	22	well	well	ADV
cblr-8632	472	23	as	as	ADP
cblr-8632	472	24	by	by	ADP
cblr-8632	472	25	the	the	DET
cblr-8632	472	26	restriction	restriction	NOUN
cblr-8632	472	27	that	that	PRON
cblr-8632	472	28	price	price	NOUN
cblr-8632	472	29	improvement	improvement	NOUN
cblr-8632	472	30	can	can	AUX
cblr-8632	472	31	be	be	AUX
cblr-8632	472	32	no	no	ADV
cblr-8632	472	33	more	more	ADJ
cblr-8632	472	34	than	than	ADP
cblr-8632	472	35	$	$	SYM
cblr-8632	472	36	0.001	0.001	NUM
cblr-8632	472	37	from	from	ADP
cblr-8632	472	38	the	the	DET
cblr-8632	472	39	nbbo	nbbo	NOUN
cblr-8632	472	40	.	.	PUNCT
cblr-8632	473	1	bartlett	bartlett	PROPN
cblr-8632	473	2	8/20/2021	8/20/2021	NUM
cblr-8632	473	3	6:20	6:20	NUM
cblr-8632	473	4	pm	pm	NOUN
cblr-8632	473	5	no	no	INTJ
cblr-8632	473	6	.	.	PUNCT
cblr-8632	474	1	2:520	2:520	NUM
cblr-8632	474	2	]	]	X
cblr-8632	474	3	modernizing	modernize	VERB
cblr-8632	474	4	odd	odd	ADJ
cblr-8632	474	5	lot	lot	NOUN
cblr-8632	474	6	trading	trade	VERB
cblr-8632	474	7	555	555	NUM
cblr-8632	474	8	exempts	exempt	NOUN
cblr-8632	474	9	trades	trade	NOUN
cblr-8632	474	10	from	from	ADP
cblr-8632	474	11	the	the	DET
cblr-8632	474	12	prohibition	prohibition	NOUN
cblr-8632	474	13	on	on	ADP
cblr-8632	474	14	sub	sub	ADJ
cblr-8632	474	15	-	-	ADJ
cblr-8632	474	16	penny	penny	ADJ
cblr-8632	474	17	prices,78	prices,78	NOUN
cblr-8632	474	18	and	and	CCONJ
cblr-8632	474	19	recent	recent	ADJ
cblr-8632	474	20	sec	sec	PROPN
cblr-8632	474	21	enforcement	enforcement	NOUN
cblr-8632	474	22	actions	action	NOUN
cblr-8632	474	23	against	against	ADP
cblr-8632	474	24	several	several	ADJ
cblr-8632	474	25	dark	dark	ADJ
cblr-8632	474	26	pools	pool	NOUN
cblr-8632	474	27	(	(	PUNCT
cblr-8632	474	28	which	which	PRON
cblr-8632	474	29	also	also	ADV
cblr-8632	474	30	report	report	VERB
cblr-8632	474	31	as	as	ADP
cblr-8632	474	32	non	non	ADJ
cblr-8632	474	33	-	-	ADJ
cblr-8632	474	34	exchange	exchange	ADJ
cblr-8632	474	35	venues	venue	NOUN
cblr-8632	474	36	)	)	PUNCT
cblr-8632	474	37	have	have	AUX
cblr-8632	474	38	limited	limit	VERB
cblr-8632	474	39	the	the	DET
cblr-8632	474	40	use	use	NOUN
cblr-8632	474	41	of	of	ADP
cblr-8632	474	42	“	"	PUNCT
cblr-8632	474	43	pegged	peg	VERB
cblr-8632	474	44	”	"	PUNCT
cblr-8632	474	45	orders	order	NOUN
cblr-8632	474	46	to	to	ADP
cblr-8632	474	47	those	those	PRON
cblr-8632	474	48	that	that	PRON
cblr-8632	474	49	are	be	AUX
cblr-8632	474	50	pegged	peg	VERB
cblr-8632	474	51	to	to	ADP
cblr-8632	474	52	the	the	DET
cblr-8632	474	53	near	near	ADJ
cblr-8632	474	54	,	,	PUNCT
cblr-8632	474	55	far	far	ADV
cblr-8632	474	56	,	,	PUNCT
cblr-8632	474	57	and	and	CCONJ
cblr-8632	474	58	midpoint	midpoint	NOUN
cblr-8632	474	59	of	of	ADP
cblr-8632	474	60	the	the	DET
cblr-8632	474	61	nbbo.79	nbbo.79	NOUN
cblr-8632	474	62	thus	thus	ADV
cblr-8632	474	63	,	,	PUNCT
cblr-8632	474	64	trades	trade	NOUN
cblr-8632	474	65	reported	report	VERB
cblr-8632	474	66	as	as	ADP
cblr-8632	474	67	having	have	VERB
cblr-8632	474	68	only	only	ADV
cblr-8632	474	69	modest	modest	ADJ
cblr-8632	474	70	sub	sub	ADJ
cblr-8632	474	71	-	-	ADJ
cblr-8632	474	72	penny	penny	ADJ
cblr-8632	474	73	price	price	NOUN
cblr-8632	474	74	improvement	improvement	NOUN
cblr-8632	474	75	relative	relative	ADJ
cblr-8632	474	76	to	to	ADP
cblr-8632	474	77	the	the	DET
cblr-8632	474	78	reg	reg	NOUN
cblr-8632	474	79	nms	nms	NOUN
cblr-8632	474	80	nbbo	nbbo	NOUN
cblr-8632	474	81	are	be	AUX
cblr-8632	474	82	very	very	ADV
cblr-8632	474	83	likely	likely	ADJ
cblr-8632	474	84	to	to	PART
cblr-8632	474	85	represent	represent	VERB
cblr-8632	474	86	the	the	DET
cblr-8632	474	87	internalized	internalize	VERB
cblr-8632	474	88	retail	retail	ADJ
cblr-8632	474	89	trades	trade	NOUN
cblr-8632	474	90	of	of	ADP
cblr-8632	474	91	interest	interest	NOUN
cblr-8632	474	92	for	for	ADP
cblr-8632	474	93	this	this	DET
cblr-8632	474	94	analysis	analysis	NOUN
cblr-8632	474	95	.	.	PUNCT
cblr-8632	475	1	existing	exist	VERB
cblr-8632	475	2	research	research	NOUN
cblr-8632	475	3	suggests	suggest	VERB
cblr-8632	475	4	retail	retail	ADJ
cblr-8632	475	5	price	price	NOUN
cblr-8632	475	6	improvement	improvement	NOUN
cblr-8632	475	7	is	be	AUX
cblr-8632	475	8	on	on	ADP
cblr-8632	475	9	the	the	DET
cblr-8632	475	10	order	order	NOUN
cblr-8632	475	11	of	of	ADP
cblr-8632	475	12	a	a	DET
cblr-8632	475	13	hundredth	hundredth	NOUN
cblr-8632	475	14	of	of	ADP
cblr-8632	475	15	a	a	DET
cblr-8632	475	16	penny	penny	NOUN
cblr-8632	475	17	or	or	CCONJ
cblr-8632	475	18	less;80	less;80	ADV
cblr-8632	475	19	therefore	therefore	ADV
cblr-8632	475	20	,	,	PUNCT
cblr-8632	475	21	the	the	DET
cblr-8632	475	22	sample	sample	NOUN
cblr-8632	475	23	includes	include	VERB
cblr-8632	475	24	all	all	DET
cblr-8632	475	25	non	non	ADJ
cblr-8632	475	26	-	-	ADJ
cblr-8632	475	27	exchange	exchange	ADJ
cblr-8632	475	28	odd	odd	ADJ
cblr-8632	475	29	lot	lot	NOUN
cblr-8632	475	30	trades	trade	NOUN
cblr-8632	475	31	in	in	ADP
cblr-8632	475	32	amazon	amazon	NOUN
cblr-8632	475	33	and	and	CCONJ
cblr-8632	475	34	gamestop	gamestop	NOUN
cblr-8632	475	35	having	have	VERB
cblr-8632	475	36	$	$	SYM
cblr-8632	475	37	0.001	0.001	NUM
cblr-8632	475	38	or	or	CCONJ
cblr-8632	475	39	less	less	ADJ
cblr-8632	475	40	of	of	ADP
cblr-8632	475	41	price	price	NOUN
cblr-8632	475	42	improvement	improvement	NOUN
cblr-8632	475	43	relative	relative	ADJ
cblr-8632	475	44	to	to	ADP
cblr-8632	475	45	the	the	DET
cblr-8632	475	46	reg	reg	NOUN
cblr-8632	475	47	nms	nms	PROPN
cblr-8632	475	48	nbbo.81	nbbo.81	NOUN
cblr-8632	475	49	while	while	SCONJ
cblr-8632	475	50	this	this	DET
cblr-8632	475	51	filter	filter	NOUN
cblr-8632	475	52	results	result	VERB
cblr-8632	475	53	in	in	ADP
cblr-8632	475	54	excluding	exclude	VERB
cblr-8632	475	55	many	many	ADJ
cblr-8632	475	56	trades	trade	NOUN
cblr-8632	475	57	,	,	PUNCT
cblr-8632	475	58	it	it	PRON
cblr-8632	475	59	has	have	VERB
cblr-8632	475	60	the	the	DET
cblr-8632	475	61	benefit	benefit	NOUN
cblr-8632	475	62	of	of	ADP
cblr-8632	475	63	isolating	isolate	VERB
cblr-8632	475	64	those	those	DET
cblr-8632	475	65	odd	odd	ADJ
cblr-8632	475	66	lot	lot	NOUN
cblr-8632	475	67	trades	trade	NOUN
cblr-8632	475	68	that	that	PRON
cblr-8632	475	69	are	be	AUX
cblr-8632	475	70	most	most	ADV
cblr-8632	475	71	likely	likely	ADJ
cblr-8632	475	72	to	to	PART
cblr-8632	475	73	be	be	AUX
cblr-8632	475	74	internalized	internalize	VERB
cblr-8632	475	75	retail	retail	ADJ
cblr-8632	475	76	orders	order	NOUN
cblr-8632	475	77	.	.	PUNCT
cblr-8632	476	1	following	follow	VERB
cblr-8632	476	2	this	this	DET
cblr-8632	476	3	step	step	NOUN
cblr-8632	476	4	,	,	PUNCT
cblr-8632	476	5	each	each	DET
cblr-8632	476	6	odd	odd	ADJ
cblr-8632	476	7	lot	lot	NOUN
cblr-8632	476	8	trade	trade	NOUN
cblr-8632	476	9	was	be	AUX
cblr-8632	476	10	then	then	ADV
cblr-8632	476	11	evaluated	evaluate	VERB
cblr-8632	476	12	against	against	ADP
cblr-8632	476	13	the	the	DET
cblr-8632	476	14	prevailing	prevail	VERB
cblr-8632	476	15	reg	reg	NOUN
cblr-8632	476	16	nms	nms	NOUN
cblr-8632	476	17	nbbo	nbbo	NOUN
cblr-8632	476	18	,	,	PUNCT
cblr-8632	476	19	along	along	ADP
cblr-8632	476	20	with	with	ADP
cblr-8632	476	21	an	an	DET
cblr-8632	476	22	alternative	alternative	ADJ
cblr-8632	476	23	calculation	calculation	NOUN
cblr-8632	476	24	of	of	ADP
cblr-8632	476	25	the	the	DET
cblr-8632	476	26	nbbo	nbbo	NOUN
cblr-8632	476	27	that	that	PRON
cblr-8632	476	28	incorporates	incorporate	VERB
cblr-8632	476	29	odd	odd	ADJ
cblr-8632	476	30	lot	lot	NOUN
cblr-8632	476	31	quotes	quote	NOUN
cblr-8632	476	32	at	at	ADP
cblr-8632	476	33	nasdaq	nasdaq	PROPN
cblr-8632	476	34	—	—	PUNCT
cblr-8632	476	35	the	the	DET
cblr-8632	476	36	“	"	PUNCT
cblr-8632	476	37	odd	odd	ADJ
cblr-8632	476	38	lot	lot	NOUN
cblr-8632	476	39	”	"	PUNCT
cblr-8632	476	40	(	(	PUNCT
cblr-8632	476	41	ol	ol	ADJ
cblr-8632	476	42	)	)	PUNCT
cblr-8632	476	43	nbbo	nbbo	NOUN
cblr-8632	476	44	.	.	PUNCT
cblr-8632	477	1	the	the	DET
cblr-8632	477	2	ol	ol	ADJ
cblr-8632	477	3	nbbo	nbbo	NOUN
cblr-8632	477	4	was	be	AUX
cblr-8632	477	5	constructed	construct	VERB
cblr-8632	477	6	by	by	ADP
cblr-8632	477	7	defining	define	VERB
cblr-8632	477	8	the	the	DET
cblr-8632	477	9	ol	ol	ADJ
cblr-8632	477	10	best	well	ADV
cblr-8632	477	11	bid	bid	NOUN
cblr-8632	477	12	or	or	CCONJ
cblr-8632	477	13	offer	offer	VERB
cblr-8632	477	14	to	to	PART
cblr-8632	477	15	be	be	AUX
cblr-8632	477	16	the	the	DET
cblr-8632	477	17	nasdaq	nasdaq	PROPN
cblr-8632	477	18	bid	bid	NOUN
cblr-8632	477	19	or	or	CCONJ
cblr-8632	477	20	offer	offer	NOUN
cblr-8632	477	21	(	(	PUNCT
cblr-8632	477	22	as	as	ADP
cblr-8632	477	23	applicable	applicable	ADJ
cblr-8632	477	24	)	)	PUNCT
cblr-8632	477	25	whenever	whenever	SCONJ
cblr-8632	477	26	the	the	DET
cblr-8632	477	27	nasdaq	nasdaq	PROPN
cblr-8632	477	28	quote	quote	INTJ
cblr-8632	477	29	would	would	AUX
cblr-8632	477	30	offer	offer	VERB
cblr-8632	477	31	superior	superior	ADJ
cblr-8632	477	32	pricing	pricing	NOUN
cblr-8632	477	33	relative	relative	ADJ
cblr-8632	477	34	to	to	ADP
cblr-8632	477	35	the	the	DET
cblr-8632	477	36	conventional	conventional	ADJ
cblr-8632	477	37	reg	reg	NOUN
cblr-8632	477	38	nms	nms	NOUN
cblr-8632	477	39	nbbo	nbbo	NOUN
cblr-8632	477	40	.	.	PUNCT
cblr-8632	478	1	otherwise	otherwise	ADV
cblr-8632	478	2	,	,	PUNCT
cblr-8632	478	3	the	the	DET
cblr-8632	478	4	ol	ol	ADJ
cblr-8632	478	5	best	well	ADV
cblr-8632	478	6	bid	bid	NOUN
cblr-8632	478	7	or	or	CCONJ
cblr-8632	478	8	offer	offer	NOUN
cblr-8632	478	9	equals	equal	VERB
cblr-8632	478	10	the	the	DET
cblr-8632	478	11	78	78	NUM
cblr-8632	478	12	see	see	NOUN
cblr-8632	478	13	17	17	NUM
cblr-8632	478	14	c.f.r	c.f.r	NOUN
cblr-8632	478	15	.	.	PUNCT
cblr-8632	479	1	§	§	PROPN
cblr-8632	479	2	242.612(a	242.612(a	NUM
cblr-8632	479	3	)	)	PUNCT
cblr-8632	479	4	(	(	PUNCT
cblr-8632	479	5	2020	2020	NUM
cblr-8632	479	6	)	)	PUNCT
cblr-8632	479	7	(	(	PUNCT
cblr-8632	479	8	regulating	regulate	VERB
cblr-8632	479	9	“	"	PUNCT
cblr-8632	479	10	display	display	NOUN
cblr-8632	479	11	,	,	PUNCT
cblr-8632	479	12	rank[ing	rank[e	VERB
cblr-8632	479	13	]	]	PUNCT
cblr-8632	479	14	,	,	PUNCT
cblr-8632	479	15	or	or	CCONJ
cblr-8632	479	16	accept[ance	accept[ance	ADP
cblr-8632	479	17	]	]	PUNCT
cblr-8632	479	18	”	"	PUNCT
cblr-8632	479	19	of	of	ADP
cblr-8632	479	20	“	"	PUNCT
cblr-8632	479	21	a	a	DET
cblr-8632	479	22	bid	bid	NOUN
cblr-8632	479	23	or	or	CCONJ
cblr-8632	479	24	offer	offer	NOUN
cblr-8632	479	25	,	,	PUNCT
cblr-8632	479	26	an	an	DET
cblr-8632	479	27	order	order	NOUN
cblr-8632	479	28	,	,	PUNCT
cblr-8632	479	29	or	or	CCONJ
cblr-8632	479	30	an	an	DET
cblr-8632	479	31	indication	indication	NOUN
cblr-8632	479	32	of	of	ADP
cblr-8632	479	33	interest	interest	NOUN
cblr-8632	479	34	”	"	PUNCT
cblr-8632	479	35	but	but	CCONJ
cblr-8632	479	36	not	not	PART
cblr-8632	479	37	trade	trade	NOUN
cblr-8632	479	38	execution	execution	NOUN
cblr-8632	479	39	)	)	PUNCT
cblr-8632	479	40	.	.	PUNCT
cblr-8632	480	1	79	79	NUM
cblr-8632	480	2	see	see	VERB
cblr-8632	480	3	bartlett	bartlett	PROPN
cblr-8632	480	4	&	&	CCONJ
cblr-8632	480	5	mccrary	mccrary	PROPN
cblr-8632	480	6	,	,	PUNCT
cblr-8632	480	7	supra	supra	PROPN
cblr-8632	480	8	note	note	PROPN
cblr-8632	480	9	11	11	NUM
cblr-8632	480	10	,	,	PUNCT
cblr-8632	480	11	at	at	ADP
cblr-8632	480	12	292	292	NUM
cblr-8632	480	13	.	.	SYM
cblr-8632	480	14	80	80	NUM
cblr-8632	480	15	shearer	shearer	NOUN
cblr-8632	480	16	,	,	PUNCT
cblr-8632	480	17	supra	supra	PROPN
cblr-8632	480	18	note	note	PROPN
cblr-8632	480	19	77	77	NUM
cblr-8632	480	20	(	(	PUNCT
cblr-8632	480	21	manuscript	manuscript	NOUN
cblr-8632	480	22	at	at	ADP
cblr-8632	480	23	29	29	NUM
cblr-8632	480	24	)	)	PUNCT
cblr-8632	480	25	.	.	PUNCT
cblr-8632	481	1	81	81	NUM
cblr-8632	482	1	this	this	DET
cblr-8632	482	2	approach	approach	NOUN
cblr-8632	482	3	differs	differ	VERB
cblr-8632	482	4	from	from	ADP
cblr-8632	482	5	boehmer	boehmer	PROPN
cblr-8632	482	6	et	et	PROPN
cblr-8632	482	7	al	al	PROPN
cblr-8632	482	8	.	.	PROPN
cblr-8632	482	9	,	,	PUNCT
cblr-8632	482	10	supra	supra	PROPN
cblr-8632	482	11	note	note	PROPN
cblr-8632	482	12	77	77	NUM
cblr-8632	482	13	(	(	PUNCT
cblr-8632	482	14	manuscript	manuscript	NOUN
cblr-8632	482	15	at	at	ADP
cblr-8632	482	16	3	3	NUM
cblr-8632	482	17	)	)	PUNCT
cblr-8632	482	18	,	,	PUNCT
cblr-8632	482	19	who	who	PRON
cblr-8632	482	20	classify	classify	VERB
cblr-8632	482	21	retail	retail	ADJ
cblr-8632	482	22	trades	trade	NOUN
cblr-8632	482	23	simply	simply	ADV
cblr-8632	482	24	by	by	ADP
cblr-8632	482	25	the	the	DET
cblr-8632	482	26	fraction	fraction	NOUN
cblr-8632	482	27	of	of	ADP
cblr-8632	482	28	a	a	DET
cblr-8632	482	29	penny	penny	NOUN
cblr-8632	482	30	associated	associate	VERB
cblr-8632	482	31	with	with	ADP
cblr-8632	482	32	a	a	DET
cblr-8632	482	33	trade	trade	NOUN
cblr-8632	482	34	’s	’s	PART
cblr-8632	482	35	price	price	NOUN
cblr-8632	482	36	.	.	PUNCT
cblr-8632	483	1	as	as	SCONJ
cblr-8632	483	2	they	they	PRON
cblr-8632	483	3	note	note	VERB
cblr-8632	483	4	,	,	PUNCT
cblr-8632	483	5	this	this	DET
cblr-8632	483	6	approach	approach	NOUN
cblr-8632	483	7	works	work	VERB
cblr-8632	483	8	within	within	ADP
cblr-8632	483	9	their	their	PRON
cblr-8632	483	10	dataset	dataset	NOUN
cblr-8632	483	11	given	give	VERB
cblr-8632	483	12	that	that	SCONJ
cblr-8632	483	13	the	the	DET
cblr-8632	483	14	average	average	ADJ
cblr-8632	483	15	quoted	quote	VERB
cblr-8632	483	16	spread	spread	NOUN
cblr-8632	483	17	is	be	AUX
cblr-8632	483	18	roughly	roughly	ADV
cblr-8632	483	19	$	$	SYM
cblr-8632	483	20	0.01	0.01	NUM
cblr-8632	483	21	.	.	PUNCT
cblr-8632	484	1	i	i	PRON
cblr-8632	484	2	d.	d.	PROPN
cblr-8632	484	3	(	(	PUNCT
cblr-8632	484	4	manuscript	manuscript	NOUN
cblr-8632	484	5	at	at	ADP
cblr-8632	484	6	7	7	NUM
cblr-8632	484	7	)	)	PUNCT
cblr-8632	484	8	.	.	PUNCT
cblr-8632	485	1	however	however	ADV
cblr-8632	485	2	,	,	PUNCT
cblr-8632	485	3	this	this	PRON
cblr-8632	485	4	is	be	AUX
cblr-8632	485	5	not	not	PART
cblr-8632	485	6	the	the	DET
cblr-8632	485	7	case	case	NOUN
cblr-8632	485	8	for	for	ADP
cblr-8632	485	9	amazon	amazon	NOUN
cblr-8632	485	10	or	or	CCONJ
cblr-8632	485	11	gamestop	gamestop	NOUN
cblr-8632	485	12	,	,	PUNCT
cblr-8632	485	13	and	and	CCONJ
cblr-8632	485	14	adopting	adopt	VERB
cblr-8632	485	15	this	this	DET
cblr-8632	485	16	approach	approach	NOUN
cblr-8632	485	17	would	would	AUX
cblr-8632	485	18	include	include	VERB
cblr-8632	485	19	many	many	ADJ
cblr-8632	485	20	trades	trade	NOUN
cblr-8632	485	21	receiving	receive	VERB
cblr-8632	485	22	several	several	ADJ
cblr-8632	485	23	dollars	dollar	NOUN
cblr-8632	485	24	of	of	ADP
cblr-8632	485	25	price	price	NOUN
cblr-8632	485	26	improvement	improvement	NOUN
cblr-8632	485	27	relative	relative	ADJ
cblr-8632	485	28	to	to	ADP
cblr-8632	485	29	the	the	DET
cblr-8632	485	30	nbbo	nbbo	NOUN
cblr-8632	485	31	,	,	PUNCT
cblr-8632	485	32	which	which	PRON
cblr-8632	485	33	suggests	suggest	VERB
cblr-8632	485	34	that	that	SCONJ
cblr-8632	485	35	these	these	DET
cblr-8632	485	36	trades	trade	NOUN
cblr-8632	485	37	reflect	reflect	VERB
cblr-8632	485	38	other	other	ADJ
cblr-8632	485	39	permissible	permissible	ADJ
cblr-8632	485	40	sub	sub	ADJ
cblr-8632	485	41	-	-	ADJ
cblr-8632	485	42	penny	penny	ADJ
cblr-8632	485	43	transactions	transaction	NOUN
cblr-8632	485	44	(	(	PUNCT
cblr-8632	485	45	e.g.	e.g.	ADV
cblr-8632	485	46	,	,	PUNCT
cblr-8632	485	47	a	a	DET
cblr-8632	485	48	trade	trade	NOUN
cblr-8632	485	49	by	by	ADP
cblr-8632	485	50	an	an	DET
cblr-8632	485	51	sdp	sdp	NOUN
cblr-8632	485	52	or	or	CCONJ
cblr-8632	485	53	a	a	DET
cblr-8632	485	54	volume	volume	NOUN
cblr-8632	485	55	-	-	PUNCT
cblr-8632	485	56	weighted	weight	VERB
cblr-8632	485	57	pricing	pricing	NOUN
cblr-8632	485	58	algorithm	algorithm	NOUN
cblr-8632	485	59	within	within	ADP
cblr-8632	485	60	a	a	DET
cblr-8632	485	61	dark	dark	ADJ
cblr-8632	485	62	pool	pool	NOUN
cblr-8632	485	63	)	)	PUNCT
cblr-8632	485	64	.	.	PUNCT
cblr-8632	486	1	as	as	ADP
cblr-8632	486	2	a	a	DET
cblr-8632	486	3	result	result	NOUN
cblr-8632	486	4	,	,	PUNCT
cblr-8632	486	5	a	a	DET
cblr-8632	486	6	trade	trade	NOUN
cblr-8632	486	7	is	be	AUX
cblr-8632	486	8	flagged	flag	VERB
cblr-8632	486	9	as	as	ADP
cblr-8632	486	10	a	a	DET
cblr-8632	486	11	potential	potential	ADJ
cblr-8632	486	12	retail	retail	ADJ
cblr-8632	486	13	trade	trade	NOUN
cblr-8632	486	14	if	if	SCONJ
cblr-8632	486	15	it	it	PRON
cblr-8632	486	16	has	have	VERB
cblr-8632	486	17	$	$	SYM
cblr-8632	486	18	0.001	0.001	NUM
cblr-8632	486	19	or	or	CCONJ
cblr-8632	486	20	less	less	ADJ
cblr-8632	486	21	of	of	ADP
cblr-8632	486	22	price	price	NOUN
cblr-8632	486	23	improvement	improvement	NOUN
cblr-8632	486	24	.	.	PUNCT
cblr-8632	487	1	in	in	ADP
cblr-8632	487	2	addition	addition	NOUN
cblr-8632	487	3	,	,	PUNCT
cblr-8632	487	4	a	a	DET
cblr-8632	487	5	trade	trade	NOUN
cblr-8632	487	6	is	be	AUX
cblr-8632	487	7	excluded	exclude	VERB
cblr-8632	487	8	from	from	ADP
cblr-8632	487	9	the	the	DET
cblr-8632	487	10	sample	sample	NOUN
cblr-8632	487	11	if	if	SCONJ
cblr-8632	487	12	the	the	DET
cblr-8632	487	13	reg	reg	NOUN
cblr-8632	487	14	nms	nms	NOUN
cblr-8632	487	15	nbbo	nbbo	NOUN
cblr-8632	487	16	is	be	AUX
cblr-8632	487	17	locked	lock	VERB
cblr-8632	487	18	or	or	CCONJ
cblr-8632	487	19	crossed	cross	VERB
cblr-8632	487	20	at	at	ADP
cblr-8632	487	21	the	the	DET
cblr-8632	487	22	time	time	NOUN
cblr-8632	487	23	of	of	ADP
cblr-8632	487	24	its	its	PRON
cblr-8632	487	25	execution	execution	NOUN
cblr-8632	487	26	based	base	VERB
cblr-8632	487	27	on	on	ADP
cblr-8632	487	28	the	the	DET
cblr-8632	487	29	participant	participant	ADJ
cblr-8632	487	30	timestamp	timestamp	NOUN
cblr-8632	487	31	of	of	ADP
cblr-8632	487	32	the	the	DET
cblr-8632	487	33	trade	trade	NOUN
cblr-8632	487	34	.	.	PUNCT
cblr-8632	488	1	bartlett	bartlett	PROPN
cblr-8632	488	2	8/20/2021	8/20/2021	NUM
cblr-8632	488	3	6:20	6:20	NUM
cblr-8632	488	4	pm	pm	NOUN
cblr-8632	488	5	556	556	NUM
cblr-8632	488	6	columbia	columbia	PROPN
cblr-8632	488	7	business	business	NOUN
cblr-8632	488	8	law	law	PROPN
cblr-8632	488	9	review	review	NOUN
cblr-8632	488	10	[	[	X
cblr-8632	488	11	vol	vol	NOUN
cblr-8632	488	12	.	.	PUNCT
cblr-8632	488	13	2021	2021	NUM
cblr-8632	489	1	reg	reg	PROPN
cblr-8632	489	2	nms	nms	PROPN
cblr-8632	489	3	best	well	ADV
cblr-8632	489	4	bid	bid	NOUN
cblr-8632	489	5	or	or	CCONJ
cblr-8632	489	6	offer	offer	NOUN
cblr-8632	489	7	.	.	PUNCT
cblr-8632	490	1	each	each	DET
cblr-8632	490	2	trade	trade	NOUN
cblr-8632	490	3	in	in	ADP
cblr-8632	490	4	the	the	DET
cblr-8632	490	5	sample	sample	NOUN
cblr-8632	490	6	was	be	AUX
cblr-8632	490	7	then	then	ADV
cblr-8632	490	8	compared	compare	VERB
cblr-8632	490	9	to	to	ADP
cblr-8632	490	10	both	both	DET
cblr-8632	490	11	the	the	DET
cblr-8632	490	12	reg	reg	PROPN
cblr-8632	490	13	nms	nms	NOUN
cblr-8632	490	14	nbbo	nbbo	NOUN
cblr-8632	490	15	and	and	CCONJ
cblr-8632	490	16	the	the	DET
cblr-8632	490	17	ol	ol	ADJ
cblr-8632	490	18	nbbo	nbbo	NOUN
cblr-8632	490	19	to	to	PART
cblr-8632	490	20	determine	determine	VERB
cblr-8632	490	21	whether	whether	SCONJ
cblr-8632	490	22	it	it	PRON
cblr-8632	490	23	would	would	AUX
cblr-8632	490	24	have	have	AUX
cblr-8632	490	25	received	receive	VERB
cblr-8632	490	26	superior	superior	ADJ
cblr-8632	490	27	pricing	pricing	NOUN
cblr-8632	490	28	at	at	ADP
cblr-8632	490	29	the	the	DET
cblr-8632	490	30	ol	ol	ADJ
cblr-8632	490	31	nbbo	nbbo	NOUN
cblr-8632	490	32	,	,	PUNCT
cblr-8632	490	33	as	as	ADV
cblr-8632	490	34	well	well	ADV
cblr-8632	490	35	as	as	ADP
cblr-8632	490	36	how	how	SCONJ
cblr-8632	490	37	much	much	ADJ
cblr-8632	490	38	price	price	NOUN
cblr-8632	490	39	improvement	improvement	NOUN
cblr-8632	490	40	was	be	AUX
cblr-8632	490	41	provided	provide	VERB
cblr-8632	490	42	to	to	ADP
cblr-8632	490	43	it	it	PRON
cblr-8632	490	44	when	when	SCONJ
cblr-8632	490	45	using	use	VERB
cblr-8632	490	46	the	the	DET
cblr-8632	490	47	reg	reg	NOUN
cblr-8632	490	48	nms	nms	NOUN
cblr-8632	490	49	nbbo	nbbo	NOUN
cblr-8632	490	50	versus	versus	ADP
cblr-8632	490	51	the	the	DET
cblr-8632	490	52	ol	ol	ADJ
cblr-8632	490	53	nbbo	nbbo	NOUN
cblr-8632	490	54	as	as	ADP
cblr-8632	490	55	the	the	DET
cblr-8632	490	56	relevant	relevant	ADJ
cblr-8632	490	57	benchmark	benchmark	NOUN
cblr-8632	490	58	.	.	PUNCT
cblr-8632	491	1	table	table	NOUN
cblr-8632	491	2	2	2	NUM
cblr-8632	491	3	illustrates	illustrate	VERB
cblr-8632	491	4	this	this	DET
cblr-8632	491	5	process	process	NOUN
cblr-8632	491	6	using	use	VERB
cblr-8632	491	7	a	a	DET
cblr-8632	491	8	non	non	ADJ
cblr-8632	491	9	-	-	ADJ
cblr-8632	491	10	exchange	exchange	ADJ
cblr-8632	491	11	trade	trade	NOUN
cblr-8632	491	12	for	for	ADP
cblr-8632	491	13	two	two	NUM
cblr-8632	491	14	shares	share	NOUN
cblr-8632	491	15	in	in	ADP
cblr-8632	491	16	amazon	amazon	NOUN
cblr-8632	491	17	occurring	occur	VERB
cblr-8632	491	18	at	at	ADP
cblr-8632	491	19	09:39:42.293	09:39:42.293	NOUN
cblr-8632	491	20	.	.	PUNCT
cblr-8632	492	1	as	as	SCONJ
cblr-8632	492	2	shown	show	VERB
cblr-8632	492	3	in	in	ADP
cblr-8632	492	4	the	the	DET
cblr-8632	492	5	table	table	NOUN
cblr-8632	492	6	,	,	PUNCT
cblr-8632	492	7	the	the	DET
cblr-8632	492	8	trade	trade	NOUN
cblr-8632	492	9	appears	appear	VERB
cblr-8632	492	10	to	to	PART
cblr-8632	492	11	have	have	AUX
cblr-8632	492	12	reflected	reflect	VERB
cblr-8632	492	13	a	a	DET
cblr-8632	492	14	marketable	marketable	ADJ
cblr-8632	492	15	sell	sell	NOUN
cblr-8632	492	16	order	order	NOUN
cblr-8632	492	17	that	that	PRON
cblr-8632	492	18	was	be	AUX
cblr-8632	492	19	executed	execute	VERB
cblr-8632	492	20	at	at	ADP
cblr-8632	492	21	$	$	SYM
cblr-8632	492	22	3,283.4901	3,283.4901	NUM
cblr-8632	492	23	,	,	PUNCT
cblr-8632	492	24	which	which	PRON
cblr-8632	492	25	was	be	AUX
cblr-8632	492	26	$	$	SYM
cblr-8632	492	27	0.0001	0.0001	NUM
cblr-8632	492	28	better	well	ADJ
cblr-8632	492	29	than	than	ADP
cblr-8632	492	30	the	the	DET
cblr-8632	492	31	national	national	ADJ
cblr-8632	492	32	best	good	ADJ
cblr-8632	492	33	bid	bid	NOUN
cblr-8632	492	34	as	as	SCONJ
cblr-8632	492	35	calculated	calculate	VERB
cblr-8632	492	36	pursuant	pursuant	ADJ
cblr-8632	492	37	to	to	ADP
cblr-8632	492	38	reg	reg	PROPN
cblr-8632	492	39	nms	nms	NOUN
cblr-8632	492	40	.	.	PUNCT
cblr-8632	493	1	as	as	ADP
cblr-8632	493	2	such	such	ADJ
cblr-8632	493	3	,	,	PUNCT
cblr-8632	493	4	the	the	DET
cblr-8632	493	5	two	two	NUM
cblr-8632	493	6	-	-	PUNCT
cblr-8632	493	7	share	share	NOUN
cblr-8632	493	8	trade	trade	NOUN
cblr-8632	493	9	received	receive	VERB
cblr-8632	493	10	$	$	SYM
cblr-8632	493	11	0.0002	0.0002	NUM
cblr-8632	493	12	of	of	ADP
cblr-8632	493	13	price	price	NOUN
cblr-8632	493	14	improvement	improvement	NOUN
cblr-8632	493	15	using	use	VERB
cblr-8632	493	16	the	the	DET
cblr-8632	493	17	reg	reg	NOUN
cblr-8632	493	18	nms	nms	NOUN
cblr-8632	493	19	nbbo	nbbo	NOUN
cblr-8632	493	20	as	as	ADP
cblr-8632	493	21	the	the	DET
cblr-8632	493	22	benchmark	benchmark	NOUN
cblr-8632	493	23	.	.	PUNCT
cblr-8632	494	1	at	at	ADP
cblr-8632	494	2	the	the	DET
cblr-8632	494	3	time	time	NOUN
cblr-8632	494	4	,	,	PUNCT
cblr-8632	494	5	however	however	ADV
cblr-8632	494	6	,	,	PUNCT
cblr-8632	494	7	the	the	DET
cblr-8632	494	8	best	good	ADJ
cblr-8632	494	9	bid	bid	NOUN
cblr-8632	494	10	and	and	CCONJ
cblr-8632	494	11	offer	offer	NOUN
cblr-8632	494	12	at	at	ADP
cblr-8632	494	13	nasdaq	nasdaq	PROPN
cblr-8632	494	14	stood	stand	VERB
cblr-8632	494	15	at	at	ADP
cblr-8632	494	16	$	$	SYM
cblr-8632	494	17	3,287.27	3,287.27	NUM
cblr-8632	494	18	×	×	NOUN
cblr-8632	494	19	$	$	SYM
cblr-8632	494	20	3,289.69	3,289.69	NUM
cblr-8632	494	21	due	due	ADP
cblr-8632	494	22	to	to	ADP
cblr-8632	494	23	a	a	DET
cblr-8632	494	24	bid	bid	NOUN
cblr-8632	494	25	for	for	ADP
cblr-8632	494	26	six	six	NUM
cblr-8632	494	27	shares	share	NOUN
cblr-8632	494	28	at	at	ADP
cblr-8632	494	29	$	$	SYM
cblr-8632	494	30	3,287.27	3,287.27	NUM
cblr-8632	494	31	and	and	CCONJ
cblr-8632	494	32	an	an	DET
cblr-8632	494	33	offer	offer	NOUN
cblr-8632	494	34	for	for	ADP
cblr-8632	494	35	100	100	NUM
cblr-8632	494	36	shares	share	NOUN
cblr-8632	494	37	at	at	ADP
cblr-8632	494	38	$	$	SYM
cblr-8632	494	39	3,289.69	3,289.69	NUM
cblr-8632	494	40	.	.	PUNCT
cblr-8632	495	1	compared	compare	VERB
cblr-8632	495	2	to	to	ADP
cblr-8632	495	3	the	the	DET
cblr-8632	495	4	reg	reg	PROPN
cblr-8632	495	5	nms	nms	NOUN
cblr-8632	495	6	nbbo	nbbo	NOUN
cblr-8632	495	7	,	,	PUNCT
cblr-8632	495	8	nasdaq	nasdaq	PROPN
cblr-8632	495	9	offered	offer	VERB
cblr-8632	495	10	better	well	ADJ
cblr-8632	495	11	pricing	pricing	NOUN
cblr-8632	495	12	on	on	ADP
cblr-8632	495	13	the	the	DET
cblr-8632	495	14	bid	bid	NOUN
cblr-8632	495	15	but	but	CCONJ
cblr-8632	495	16	was	be	AUX
cblr-8632	495	17	tied	tie	VERB
cblr-8632	495	18	on	on	ADP
cblr-8632	495	19	the	the	DET
cblr-8632	495	20	offer	offer	NOUN
cblr-8632	495	21	;	;	PUNCT
cblr-8632	495	22	therefore	therefore	ADV
cblr-8632	495	23	,	,	PUNCT
cblr-8632	495	24	the	the	DET
cblr-8632	495	25	ol	ol	ADJ
cblr-8632	495	26	bid	bid	NOUN
cblr-8632	495	27	in	in	ADP
cblr-8632	495	28	this	this	DET
cblr-8632	495	29	case	case	NOUN
cblr-8632	495	30	equals	equal	VERB
cblr-8632	495	31	the	the	DET
cblr-8632	495	32	nasdaq	nasdaq	PROPN
cblr-8632	495	33	bid	bid	NOUN
cblr-8632	495	34	,	,	PUNCT
cblr-8632	495	35	and	and	CCONJ
cblr-8632	495	36	the	the	DET
cblr-8632	495	37	ol	ol	ADJ
cblr-8632	495	38	offer	offer	NOUN
cblr-8632	495	39	equals	equal	VERB
cblr-8632	495	40	the	the	DET
cblr-8632	495	41	reg	reg	PROPN
cblr-8632	495	42	nms	nms	PROPN
cblr-8632	495	43	best	good	ADJ
cblr-8632	495	44	offer	offer	NOUN
cblr-8632	495	45	.	.	PUNCT
cblr-8632	496	1	looking	look	VERB
cblr-8632	496	2	at	at	ADP
cblr-8632	496	3	the	the	DET
cblr-8632	496	4	trade	trade	NOUN
cblr-8632	496	5	price	price	NOUN
cblr-8632	496	6	and	and	CCONJ
cblr-8632	496	7	the	the	DET
cblr-8632	496	8	two	two	NUM
cblr-8632	496	9	versions	version	NOUN
cblr-8632	496	10	of	of	ADP
cblr-8632	496	11	the	the	DET
cblr-8632	496	12	nbbo	nbbo	NOUN
cblr-8632	496	13	,	,	PUNCT
cblr-8632	496	14	it	it	PRON
cblr-8632	496	15	is	be	AUX
cblr-8632	496	16	clear	clear	ADJ
cblr-8632	496	17	that	that	SCONJ
cblr-8632	496	18	there	there	PRON
cblr-8632	496	19	is	be	VERB
cblr-8632	496	20	a	a	DET
cblr-8632	496	21	small	small	ADJ
cblr-8632	496	22	amount	amount	NOUN
cblr-8632	496	23	of	of	ADP
cblr-8632	496	24	price	price	NOUN
cblr-8632	496	25	improvement	improvement	NOUN
cblr-8632	496	26	if	if	SCONJ
cblr-8632	496	27	the	the	DET
cblr-8632	496	28	reg	reg	NOUN
cblr-8632	496	29	nms	nms	NOUN
cblr-8632	496	30	nbbo	nbbo	NOUN
cblr-8632	496	31	is	be	AUX
cblr-8632	496	32	the	the	DET
cblr-8632	496	33	benchmark	benchmark	NOUN
cblr-8632	496	34	,	,	PUNCT
cblr-8632	496	35	but	but	CCONJ
cblr-8632	496	36	the	the	DET
cblr-8632	496	37	trade	trade	NOUN
cblr-8632	496	38	would	would	AUX
cblr-8632	496	39	have	have	AUX
cblr-8632	496	40	received	receive	VERB
cblr-8632	496	41	better	well	ADJ
cblr-8632	496	42	pricing	pricing	NOUN
cblr-8632	496	43	had	have	AUX
cblr-8632	496	44	it	it	PRON
cblr-8632	496	45	been	be	AUX
cblr-8632	496	46	filled	fill	VERB
cblr-8632	496	47	at	at	ADP
cblr-8632	496	48	the	the	DET
cblr-8632	496	49	ol	ol	ADJ
cblr-8632	496	50	best	good	ADJ
cblr-8632	496	51	bid	bid	NOUN
cblr-8632	496	52	.	.	PUNCT
cblr-8632	497	1	in	in	ADP
cblr-8632	497	2	particular	particular	ADJ
cblr-8632	497	3	,	,	PUNCT
cblr-8632	497	4	it	it	PRON
cblr-8632	497	5	would	would	AUX
cblr-8632	497	6	have	have	AUX
cblr-8632	497	7	received	receive	VERB
cblr-8632	497	8	$	$	SYM
cblr-8632	497	9	7.7598	7.7598	NUM
cblr-8632	497	10	more	more	ADJ
cblr-8632	497	11	had	have	AUX
cblr-8632	497	12	it	it	PRON
cblr-8632	497	13	been	be	AUX
cblr-8632	497	14	filled	fill	VERB
cblr-8632	497	15	at	at	ADP
cblr-8632	497	16	the	the	DET
cblr-8632	497	17	ol	ol	ADJ
cblr-8632	497	18	best	good	ADJ
cblr-8632	497	19	bid	bid	NOUN
cblr-8632	497	20	(	(	PUNCT
cblr-8632	497	21	i.e.	i.e.	X
cblr-8632	497	22	,	,	PUNCT
cblr-8632	497	23	2	2	NUM
cblr-8632	497	24	×	×	NOUN
cblr-8632	497	25	(	(	PUNCT
cblr-8632	497	26	$	$	SYM
cblr-8632	497	27	3,287.37	3,287.37	NUM
cblr-8632	497	28	$	$	SYM
cblr-8632	497	29	3,283.4901	3,283.4901	NUM
cblr-8632	497	30	)	)	PUNCT
cblr-8632	497	31	=	=	PUNCT
cblr-8632	497	32	$	$	SYM
cblr-8632	497	33	7.7598	7.7598	NUM
cblr-8632	497	34	)	)	PUNCT
cblr-8632	497	35	.	.	PUNCT
cblr-8632	498	1	table	table	NOUN
cblr-8632	498	2	2	2	NUM
cblr-8632	498	3	.	.	X
cblr-8632	498	4	illustration	illustration	NOUN
cblr-8632	498	5	of	of	ADP
cblr-8632	498	6	odd	odd	ADJ
cblr-8632	498	7	lot	lot	NOUN
cblr-8632	498	8	(	(	PUNCT
cblr-8632	498	9	ol	ol	ADJ
cblr-8632	498	10	)	)	PUNCT
cblr-8632	498	11	nbbo	nbbo	NOUN
cblr-8632	498	12	construction	construction	NOUN
cblr-8632	498	13	observed	observe	VERB
cblr-8632	498	14	trade	trade	NOUN
cblr-8632	498	15	time	time	NOUN
cblr-8632	498	16	ex	ex	X
cblr-8632	498	17	size	size	NOUN
cblr-8632	498	18	price	price	NOUN
cblr-8632	498	19	09:39:42.293	09:39:42.293	NUM
cblr-8632	498	20	d	d	ADP
cblr-8632	498	21	2	2	NUM
cblr-8632	498	22	3283.4901	3283.4901	NUM
cblr-8632	498	23	best	good	ADJ
cblr-8632	498	24	bids	bid	NOUN
cblr-8632	498	25	and	and	CCONJ
cblr-8632	498	26	offers	offer	VERB
cblr-8632	498	27	at	at	ADP
cblr-8632	498	28	time	time	NOUN
cblr-8632	498	29	of	of	ADP
cblr-8632	498	30	trade	trade	NOUN
cblr-8632	498	31	execution	execution	NOUN
cblr-8632	498	32	nms	nms	NOUN
cblr-8632	498	33	bbid	bbid	VERB
cblr-8632	498	34	nms	nms	PROPN
cblr-8632	498	35	boffer	boffer	PROPN
cblr-8632	498	36	nasdaq	nasdaq	PROPN
cblr-8632	498	37	bbid	bbid	VERB
cblr-8632	498	38	nasdaq	nasdaq	PROPN
cblr-8632	498	39	boffer	boffer	PROPN
cblr-8632	498	40	ol	ol	PROPN
cblr-8632	498	41	bbid	bbid	VERB
cblr-8632	498	42	ol	ol	ADJ
cblr-8632	498	43	boffer	boffer	PROPN
cblr-8632	498	44	price	price	NOUN
cblr-8632	498	45	improvement	improvement	NOUN
cblr-8632	498	46	using	use	VERB
cblr-8632	498	47	ol	ol	NOUN
cblr-8632	498	48	nbbo	nbbo	VERB
cblr-8632	498	49	3283.49	3283.49	NUM
cblr-8632	498	50	3289.69	3289.69	NUM
cblr-8632	498	51	3287.37	3287.37	NUM
cblr-8632	498	52	3289.69	3289.69	NUM
cblr-8632	498	53	3287.37	3287.37	NUM
cblr-8632	498	54	3289.69	3289.69	NUM
cblr-8632	498	55	-7.7598	-7.7598	NOUN
cblr-8632	498	56	bartlett	bartlett	PROPN
cblr-8632	498	57	8/20/2021	8/20/2021	NUM
cblr-8632	498	58	6:20	6:20	NUM
cblr-8632	498	59	pm	pm	NOUN
cblr-8632	498	60	no	no	INTJ
cblr-8632	498	61	.	.	PUNCT
cblr-8632	499	1	2:520	2:520	NUM
cblr-8632	499	2	]	]	X
cblr-8632	499	3	modernizing	modernize	VERB
cblr-8632	499	4	odd	odd	ADJ
cblr-8632	499	5	lot	lot	NOUN
cblr-8632	499	6	trading	trade	VERB
cblr-8632	499	7	557	557	NUM
cblr-8632	499	8	note	note	NOUN
cblr-8632	499	9	that	that	SCONJ
cblr-8632	499	10	because	because	SCONJ
cblr-8632	499	11	nasdaq	nasdaq	PROPN
cblr-8632	499	12	represents	represent	VERB
cblr-8632	499	13	just	just	ADV
cblr-8632	499	14	one	one	NUM
cblr-8632	499	15	exchange	exchange	NOUN
cblr-8632	499	16	that	that	PRON
cblr-8632	499	17	may	may	AUX
cblr-8632	499	18	be	be	AUX
cblr-8632	499	19	holding	hold	VERB
cblr-8632	499	20	price	price	NOUN
cblr-8632	499	21	-	-	PUNCT
cblr-8632	499	22	improving	improve	VERB
cblr-8632	499	23	odd	odd	ADJ
cblr-8632	499	24	lot	lot	NOUN
cblr-8632	499	25	quotes	quote	NOUN
cblr-8632	499	26	,	,	PUNCT
cblr-8632	499	27	the	the	DET
cblr-8632	499	28	calculation	calculation	NOUN
cblr-8632	499	29	of	of	ADP
cblr-8632	499	30	the	the	DET
cblr-8632	499	31	ol	ol	ADJ
cblr-8632	499	32	nbbo	nbbo	NOUN
cblr-8632	499	33	would	would	AUX
cblr-8632	499	34	likely	likely	ADV
cblr-8632	499	35	be	be	AUX
cblr-8632	499	36	higher	high	ADJ
cblr-8632	499	37	for	for	ADP
cblr-8632	499	38	the	the	DET
cblr-8632	499	39	bid	bid	NOUN
cblr-8632	499	40	and	and	CCONJ
cblr-8632	499	41	lower	low	ADJ
cblr-8632	499	42	for	for	ADP
cblr-8632	499	43	the	the	DET
cblr-8632	499	44	offer	offer	NOUN
cblr-8632	499	45	if	if	SCONJ
cblr-8632	499	46	this	this	DET
cblr-8632	499	47	analysis	analysis	NOUN
cblr-8632	499	48	included	include	VERB
cblr-8632	499	49	odd	odd	ADJ
cblr-8632	499	50	lot	lot	NOUN
cblr-8632	499	51	quotations	quotation	NOUN
cblr-8632	499	52	for	for	ADP
cblr-8632	499	53	amazon	amazon	NOUN
cblr-8632	499	54	across	across	ADP
cblr-8632	499	55	all	all	DET
cblr-8632	499	56	sixteen	sixteen	NUM
cblr-8632	499	57	exchanges	exchange	NOUN
cblr-8632	499	58	’	'	PUNCT
cblr-8632	499	59	proprietary	proprietary	ADJ
cblr-8632	499	60	data	data	NOUN
cblr-8632	499	61	feeds	feed	VERB
cblr-8632	499	62	.	.	PUNCT
cblr-8632	500	1	the	the	DET
cblr-8632	500	2	estimated	estimate	VERB
cblr-8632	500	3	differences	difference	NOUN
cblr-8632	500	4	between	between	ADP
cblr-8632	500	5	the	the	DET
cblr-8632	500	6	reg	reg	PROPN
cblr-8632	500	7	nms	nms	NOUN
cblr-8632	500	8	nbbo	nbbo	NOUN
cblr-8632	500	9	and	and	CCONJ
cblr-8632	500	10	the	the	DET
cblr-8632	500	11	ol	ol	ADJ
cblr-8632	500	12	nbbo	nbbo	NOUN
cblr-8632	500	13	should	should	AUX
cblr-8632	500	14	therefore	therefore	ADV
cblr-8632	500	15	be	be	AUX
cblr-8632	500	16	viewed	view	VERB
cblr-8632	500	17	as	as	ADP
cblr-8632	500	18	conservative	conservative	ADJ
cblr-8632	500	19	estimates	estimate	NOUN
cblr-8632	500	20	of	of	ADP
cblr-8632	500	21	the	the	DET
cblr-8632	500	22	extent	extent	NOUN
cblr-8632	500	23	to	to	PART
cblr-8632	500	24	which	which	PRON
cblr-8632	500	25	the	the	DET
cblr-8632	500	26	nbbo	nbbo	NOUN
cblr-8632	500	27	would	would	AUX
cblr-8632	500	28	narrow	narrow	VERB
cblr-8632	500	29	were	be	AUX
cblr-8632	500	30	it	it	PRON
cblr-8632	500	31	to	to	PART
cblr-8632	500	32	include	include	VERB
cblr-8632	500	33	all	all	DET
cblr-8632	500	34	odd	odd	ADJ
cblr-8632	500	35	lot	lot	NOUN
cblr-8632	500	36	quotes	quote	NOUN
cblr-8632	500	37	.	.	PUNCT
cblr-8632	501	1	on	on	ADP
cblr-8632	501	2	january	january	PROPN
cblr-8632	501	3	27	27	NUM
cblr-8632	501	4	,	,	PUNCT
cblr-8632	501	5	2021	2021	NUM
cblr-8632	501	6	,	,	PUNCT
cblr-8632	501	7	there	there	PRON
cblr-8632	501	8	were	be	VERB
cblr-8632	501	9	a	a	DET
cblr-8632	501	10	total	total	NOUN
cblr-8632	501	11	of	of	ADP
cblr-8632	501	12	3,051	3,051	NUM
cblr-8632	501	13	odd	odd	ADJ
cblr-8632	501	14	lot	lot	NOUN
cblr-8632	501	15	trades	trade	NOUN
cblr-8632	501	16	for	for	ADP
cblr-8632	501	17	amazon	amazon	NOUN
cblr-8632	501	18	common	common	ADJ
cblr-8632	501	19	stock	stock	NOUN
cblr-8632	501	20	that	that	PRON
cblr-8632	501	21	met	meet	VERB
cblr-8632	501	22	the	the	DET
cblr-8632	501	23	abovementioned	abovementioned	ADJ
cblr-8632	501	24	definition	definition	NOUN
cblr-8632	501	25	for	for	ADP
cblr-8632	501	26	a	a	DET
cblr-8632	501	27	price	price	NOUN
cblr-8632	501	28	-	-	PUNCT
cblr-8632	501	29	improved	improve	VERB
cblr-8632	501	30	retail	retail	ADJ
cblr-8632	501	31	trade	trade	NOUN
cblr-8632	501	32	.	.	PUNCT
cblr-8632	502	1	applying	apply	VERB
cblr-8632	502	2	the	the	DET
cblr-8632	502	3	foregoing	forego	VERB
cblr-8632	502	4	approach	approach	NOUN
cblr-8632	502	5	to	to	ADP
cblr-8632	502	6	all	all	PRON
cblr-8632	502	7	of	of	ADP
cblr-8632	502	8	these	these	DET
cblr-8632	502	9	trades	trade	NOUN
cblr-8632	502	10	reveals	reveal	VERB
cblr-8632	502	11	that	that	SCONJ
cblr-8632	502	12	947	947	NUM
cblr-8632	502	13	trades	trade	NOUN
cblr-8632	502	14	(	(	PUNCT
cblr-8632	502	15	31	31	NUM
cblr-8632	502	16	%	%	NOUN
cblr-8632	502	17	)	)	PUNCT
cblr-8632	502	18	would	would	AUX
cblr-8632	502	19	have	have	AUX
cblr-8632	502	20	received	receive	VERB
cblr-8632	502	21	better	well	ADJ
cblr-8632	502	22	pricing	pricing	NOUN
cblr-8632	502	23	had	have	VERB
cblr-8632	502	24	the	the	DET
cblr-8632	502	25	trade	trade	NOUN
cblr-8632	502	26	been	be	AUX
cblr-8632	502	27	filled	fill	VERB
cblr-8632	502	28	at	at	ADP
cblr-8632	502	29	the	the	DET
cblr-8632	502	30	nasdaq	nasdaq	PROPN
cblr-8632	502	31	ol	ol	PROPN
cblr-8632	502	32	nbbo	nbbo	NOUN
cblr-8632	502	33	.	.	PUNCT
cblr-8632	503	1	these	these	DET
cblr-8632	503	2	947	947	NUM
cblr-8632	503	3	trades	trade	NOUN
cblr-8632	503	4	consisted	consist	VERB
cblr-8632	503	5	of	of	ADP
cblr-8632	503	6	448	448	NUM
cblr-8632	503	7	marketable	marketable	ADJ
cblr-8632	503	8	sell	sell	NOUN
cblr-8632	503	9	orders	order	NOUN
cblr-8632	503	10	that	that	PRON
cblr-8632	503	11	would	would	AUX
cblr-8632	503	12	have	have	AUX
cblr-8632	503	13	received	receive	VERB
cblr-8632	503	14	approximately	approximately	ADV
cblr-8632	503	15	$	$	SYM
cblr-8632	503	16	2,616	2,616	NUM
cblr-8632	503	17	more	more	ADJ
cblr-8632	503	18	in	in	ADP
cblr-8632	503	19	proceeds	proceed	NOUN
cblr-8632	503	20	had	have	AUX
cblr-8632	503	21	the	the	DET
cblr-8632	503	22	trades	trade	NOUN
cblr-8632	503	23	been	be	AUX
cblr-8632	503	24	filled	fill	VERB
cblr-8632	503	25	at	at	ADP
cblr-8632	503	26	the	the	DET
cblr-8632	503	27	ol	ol	ADJ
cblr-8632	503	28	best	well	ADV
cblr-8632	503	29	bid	bid	NOUN
cblr-8632	503	30	and	and	CCONJ
cblr-8632	503	31	449	449	NUM
cblr-8632	503	32	marketable	marketable	ADJ
cblr-8632	503	33	buy	buy	NOUN
cblr-8632	503	34	orders	order	NOUN
cblr-8632	503	35	that	that	PRON
cblr-8632	503	36	would	would	AUX
cblr-8632	503	37	have	have	AUX
cblr-8632	503	38	saved	save	VERB
cblr-8632	503	39	approximately	approximately	ADV
cblr-8632	503	40	$	$	SYM
cblr-8632	503	41	2,420	2,420	NUM
cblr-8632	503	42	had	have	VERB
cblr-8632	503	43	the	the	DET
cblr-8632	503	44	trades	trade	NOUN
cblr-8632	503	45	been	be	AUX
cblr-8632	503	46	filled	fill	VERB
cblr-8632	503	47	at	at	ADP
cblr-8632	503	48	the	the	DET
cblr-8632	503	49	ol	ol	ADJ
cblr-8632	503	50	best	good	ADJ
cblr-8632	503	51	offer	offer	NOUN
cblr-8632	503	52	.	.	PUNCT
cblr-8632	504	1	overall	overall	ADV
cblr-8632	504	2	,	,	PUNCT
cblr-8632	504	3	the	the	DET
cblr-8632	504	4	full	full	ADJ
cblr-8632	504	5	set	set	NOUN
cblr-8632	504	6	of	of	ADP
cblr-8632	504	7	3,051	3,051	NUM
cblr-8632	504	8	trades	trade	NOUN
cblr-8632	504	9	received	receive	VERB
cblr-8632	504	10	an	an	DET
cblr-8632	504	11	aggregate	aggregate	NOUN
cblr-8632	504	12	of	of	ADP
cblr-8632	504	13	$	$	SYM
cblr-8632	504	14	3.5807	3.5807	NUM
cblr-8632	504	15	in	in	ADP
cblr-8632	504	16	price	price	NOUN
cblr-8632	504	17	improvement	improvement	NOUN
cblr-8632	504	18	relative	relative	ADJ
cblr-8632	504	19	to	to	ADP
cblr-8632	504	20	the	the	DET
cblr-8632	504	21	reg	reg	PROPN
cblr-8632	504	22	nms	nms	NOUN
cblr-8632	504	23	nbbo	nbbo	NOUN
cblr-8632	504	24	;	;	PUNCT
cblr-8632	504	25	however	however	ADV
cblr-8632	504	26	,	,	PUNCT
cblr-8632	504	27	using	use	VERB
cblr-8632	504	28	the	the	DET
cblr-8632	504	29	ol	ol	ADJ
cblr-8632	504	30	nbbo	nbbo	NOUN
cblr-8632	504	31	as	as	ADP
cblr-8632	504	32	the	the	DET
cblr-8632	504	33	relevant	relevant	ADJ
cblr-8632	504	34	benchmark	benchmark	NOUN
cblr-8632	504	35	,	,	PUNCT
cblr-8632	504	36	these	these	DET
cblr-8632	504	37	trades	trade	NOUN
cblr-8632	504	38	received	receive	VERB
cblr-8632	504	39	aggregate	aggregate	ADJ
cblr-8632	504	40	price	price	NOUN
cblr-8632	504	41	dis	dis	NOUN
cblr-8632	504	42	-	-	PUNCT
cblr-8632	504	43	improvement	improvement	NOUN
cblr-8632	504	44	of	of	ADP
cblr-8632	504	45	roughly	roughly	ADV
cblr-8632	504	46	-$5,034	-$5,034	NOUN
cblr-8632	504	47	.	.	PUNCT
cblr-8632	505	1	while	while	SCONJ
cblr-8632	505	2	non	non	ADJ
cblr-8632	505	3	-	-	ADJ
cblr-8632	505	4	exchange	exchange	ADJ
cblr-8632	505	5	venues	venue	NOUN
cblr-8632	505	6	routinely	routinely	ADV
cblr-8632	505	7	fill	fill	VERB
cblr-8632	505	8	trades	trade	NOUN
cblr-8632	505	9	at	at	ADP
cblr-8632	505	10	the	the	DET
cblr-8632	505	11	nbbo	nbbo	NOUN
cblr-8632	505	12	even	even	ADV
cblr-8632	505	13	at	at	ADP
cblr-8632	505	14	sizes	size	NOUN
cblr-8632	505	15	that	that	PRON
cblr-8632	505	16	exceed	exceed	VERB
cblr-8632	505	17	the	the	DET
cblr-8632	505	18	nbbo	nbbo	NOUN
cblr-8632	505	19	’s	’s	PART
cblr-8632	505	20	quoted	quote	VERB
cblr-8632	505	21	depth,82	depth,82	VERB
cblr-8632	505	22	a	a	DET
cblr-8632	505	23	reasonable	reasonable	ADJ
cblr-8632	505	24	concern	concern	NOUN
cblr-8632	505	25	may	may	AUX
cblr-8632	505	26	be	be	AUX
cblr-8632	505	27	whether	whether	SCONJ
cblr-8632	505	28	there	there	PRON
cblr-8632	505	29	was	be	VERB
cblr-8632	505	30	sufficient	sufficient	ADJ
cblr-8632	505	31	depth	depth	NOUN
cblr-8632	505	32	at	at	ADP
cblr-8632	505	33	the	the	DET
cblr-8632	505	34	ol	ol	ADJ
cblr-8632	505	35	nbbo	nbbo	NOUN
cblr-8632	505	36	to	to	PART
cblr-8632	505	37	cover	cover	VERB
cblr-8632	505	38	the	the	DET
cblr-8632	505	39	full	full	ADJ
cblr-8632	505	40	sizes	size	NOUN
cblr-8632	505	41	of	of	ADP
cblr-8632	505	42	these	these	DET
cblr-8632	505	43	trades	trade	NOUN
cblr-8632	505	44	.	.	PUNCT
cblr-8632	506	1	therefore	therefore	ADV
cblr-8632	506	2	,	,	PUNCT
cblr-8632	506	3	the	the	DET
cblr-8632	506	4	foregoing	forego	VERB
cblr-8632	506	5	analysis	analysis	NOUN
cblr-8632	506	6	was	be	AUX
cblr-8632	506	7	also	also	ADV
cblr-8632	506	8	repeated	repeat	VERB
cblr-8632	506	9	with	with	ADP
cblr-8632	506	10	a	a	DET
cblr-8632	506	11	requirement	requirement	NOUN
cblr-8632	506	12	that	that	SCONJ
cblr-8632	506	13	an	an	DET
cblr-8632	506	14	odd	odd	ADJ
cblr-8632	506	15	lot	lot	NOUN
cblr-8632	506	16	quote	quote	INTJ
cblr-8632	506	17	have	have	AUX
cblr-8632	506	18	sufficient	sufficient	ADJ
cblr-8632	506	19	depth	depth	NOUN
cblr-8632	506	20	to	to	PART
cblr-8632	506	21	fill	fill	VERB
cblr-8632	506	22	all	all	PRON
cblr-8632	506	23	or	or	CCONJ
cblr-8632	506	24	part	part	NOUN
cblr-8632	506	25	of	of	ADP
cblr-8632	506	26	the	the	DET
cblr-8632	506	27	reported	report	VERB
cblr-8632	506	28	trade	trade	NOUN
cblr-8632	506	29	.	.	PUNCT
cblr-8632	507	1	for	for	ADP
cblr-8632	507	2	example	example	NOUN
cblr-8632	507	3	,	,	PUNCT
cblr-8632	507	4	consider	consider	VERB
cblr-8632	507	5	table	table	NOUN
cblr-8632	507	6	3	3	NUM
cblr-8632	507	7	,	,	PUNCT
cblr-8632	507	8	which	which	PRON
cblr-8632	507	9	analyzes	analyze	VERB
cblr-8632	507	10	a	a	DET
cblr-8632	507	11	trade	trade	NOUN
cblr-8632	507	12	for	for	ADP
cblr-8632	507	13	twelve	twelve	NUM
cblr-8632	507	14	shares	share	NOUN
cblr-8632	507	15	of	of	ADP
cblr-8632	507	16	amazon	amazon	NOUN
cblr-8632	507	17	that	that	SCONJ
cblr-8632	507	18	82	82	NUM
cblr-8632	507	19	for	for	ADP
cblr-8632	507	20	example	example	NOUN
cblr-8632	507	21	,	,	PUNCT
cblr-8632	507	22	in	in	ADP
cblr-8632	507	23	unreported	unreported	ADJ
cblr-8632	507	24	results	result	NOUN
cblr-8632	507	25	,	,	PUNCT
cblr-8632	507	26	approximately	approximately	ADV
cblr-8632	507	27	thirty	thirty	NUM
cblr-8632	507	28	percent	percent	NOUN
cblr-8632	507	29	of	of	ADP
cblr-8632	507	30	all	all	DET
cblr-8632	507	31	2020	2020	NUM
cblr-8632	507	32	non	non	ADJ
cblr-8632	507	33	-	-	ADJ
cblr-8632	507	34	exchange	exchange	ADJ
cblr-8632	507	35	trades	trade	NOUN
cblr-8632	507	36	in	in	ADP
cblr-8632	507	37	the	the	DET
cblr-8632	507	38	dow	dow	NOUN
cblr-8632	507	39	30	30	NUM
cblr-8632	507	40	having	have	VERB
cblr-8632	507	41	a	a	DET
cblr-8632	507	42	trade	trade	NOUN
cblr-8632	507	43	size	size	NOUN
cblr-8632	507	44	of	of	ADP
cblr-8632	507	45	at	at	ADV
cblr-8632	507	46	least	least	ADV
cblr-8632	507	47	100	100	NUM
cblr-8632	507	48	shares	share	NOUN
cblr-8632	507	49	and	and	CCONJ
cblr-8632	507	50	a	a	DET
cblr-8632	507	51	trade	trade	NOUN
cblr-8632	507	52	value	value	NOUN
cblr-8632	507	53	of	of	ADP
cblr-8632	507	54	$	$	SYM
cblr-8632	507	55	10,000	10,000	NUM
cblr-8632	507	56	or	or	CCONJ
cblr-8632	507	57	less	less	ADJ
cblr-8632	507	58	were	be	AUX
cblr-8632	507	59	completed	complete	VERB
cblr-8632	507	60	at	at	ADP
cblr-8632	507	61	the	the	DET
cblr-8632	507	62	price	price	NOUN
cblr-8632	507	63	of	of	ADP
cblr-8632	507	64	the	the	DET
cblr-8632	507	65	nbbo	nbbo	NOUN
cblr-8632	507	66	despite	despite	SCONJ
cblr-8632	507	67	the	the	DET
cblr-8632	507	68	fact	fact	NOUN
cblr-8632	507	69	that	that	SCONJ
cblr-8632	507	70	the	the	DET
cblr-8632	507	71	trade	trade	NOUN
cblr-8632	507	72	size	size	NOUN
cblr-8632	507	73	was	be	AUX
cblr-8632	507	74	greater	great	ADJ
cblr-8632	507	75	than	than	ADP
cblr-8632	507	76	the	the	DET
cblr-8632	507	77	nbbo	nbbo	NOUN
cblr-8632	507	78	’s	’s	PART
cblr-8632	507	79	quoted	quote	VERB
cblr-8632	507	80	depth	depth	NOUN
cblr-8632	507	81	.	.	PUNCT
cblr-8632	508	1	trades	trade	NOUN
cblr-8632	508	2	executed	execute	VERB
cblr-8632	508	3	at	at	ADP
cblr-8632	508	4	prices	price	NOUN
cblr-8632	508	5	outside	outside	ADP
cblr-8632	508	6	the	the	DET
cblr-8632	508	7	nbbo	nbbo	NOUN
cblr-8632	508	8	were	be	AUX
cblr-8632	508	9	excluded	exclude	VERB
cblr-8632	508	10	from	from	ADP
cblr-8632	508	11	this	this	DET
cblr-8632	508	12	analysis	analysis	NOUN
cblr-8632	508	13	.	.	PUNCT
cblr-8632	509	1	bartlett	bartlett	PROPN
cblr-8632	509	2	8/20/2021	8/20/2021	NUM
cblr-8632	509	3	6:20	6:20	NUM
cblr-8632	509	4	pm	pm	NOUN
cblr-8632	509	5	558	558	NUM
cblr-8632	509	6	columbia	columbia	PROPN
cblr-8632	509	7	business	business	NOUN
cblr-8632	509	8	law	law	PROPN
cblr-8632	509	9	review	review	NOUN
cblr-8632	509	10	[	[	X
cblr-8632	509	11	vol	vol	NOUN
cblr-8632	509	12	.	.	PUNCT
cblr-8632	509	13	2021	2021	NUM
cblr-8632	509	14	occurred	occur	VERB
cblr-8632	509	15	at	at	ADP
cblr-8632	509	16	09:39:13.636	09:39:13.636	NOUN
cblr-8632	509	17	.	.	PUNCT
cblr-8632	510	1	this	this	DET
cblr-8632	510	2	order	order	NOUN
cblr-8632	510	3	to	to	PART
cblr-8632	510	4	sell	sell	VERB
cblr-8632	510	5	was	be	AUX
cblr-8632	510	6	executed	execute	VERB
cblr-8632	510	7	at	at	ADP
cblr-8632	510	8	a	a	DET
cblr-8632	510	9	price	price	NOUN
cblr-8632	510	10	of	of	ADP
cblr-8632	510	11	$	$	SYM
cblr-8632	510	12	3,278.0001	3,278.0001	NUM
cblr-8632	510	13	when	when	SCONJ
cblr-8632	510	14	the	the	DET
cblr-8632	510	15	reg	reg	NOUN
cblr-8632	510	16	nms	nms	PROPN
cblr-8632	510	17	best	good	ADJ
cblr-8632	510	18	bid	bid	NOUN
cblr-8632	510	19	was	be	AUX
cblr-8632	510	20	$	$	SYM
cblr-8632	510	21	3,278.00	3,278.00	NUM
cblr-8632	510	22	,	,	PUNCT
cblr-8632	510	23	yielding	yield	VERB
cblr-8632	510	24	$	$	SYM
cblr-8632	510	25	0.0001	0.0001	NUM
cblr-8632	510	26	per	per	ADP
cblr-8632	510	27	share	share	NOUN
cblr-8632	510	28	of	of	ADP
cblr-8632	510	29	price	price	NOUN
cblr-8632	510	30	improvement	improvement	NOUN
cblr-8632	510	31	based	base	VERB
cblr-8632	510	32	on	on	ADP
cblr-8632	510	33	the	the	DET
cblr-8632	510	34	reg	reg	PROPN
cblr-8632	510	35	nms	nms	NOUN
cblr-8632	510	36	nbbo	nbbo	NOUN
cblr-8632	510	37	.	.	PUNCT
cblr-8632	511	1	at	at	ADP
cblr-8632	511	2	the	the	DET
cblr-8632	511	3	time	time	NOUN
cblr-8632	511	4	of	of	ADP
cblr-8632	511	5	the	the	DET
cblr-8632	511	6	trade	trade	NOUN
cblr-8632	511	7	,	,	PUNCT
cblr-8632	511	8	however	however	ADV
cblr-8632	511	9	,	,	PUNCT
cblr-8632	511	10	the	the	DET
cblr-8632	511	11	first	first	ADJ
cblr-8632	511	12	level	level	NOUN
cblr-8632	511	13	of	of	ADP
cblr-8632	511	14	bids	bid	NOUN
cblr-8632	511	15	at	at	ADP
cblr-8632	511	16	nasdaq	nasdaq	PROPN
cblr-8632	511	17	displayed	display	VERB
cblr-8632	511	18	bids	bid	NOUN
cblr-8632	511	19	for	for	ADP
cblr-8632	511	20	six	six	NUM
cblr-8632	511	21	shares	share	NOUN
cblr-8632	511	22	at	at	ADP
cblr-8632	511	23	$	$	SYM
cblr-8632	511	24	3,282.69	3,282.69	NUM
cblr-8632	511	25	,	,	PUNCT
cblr-8632	511	26	and	and	CCONJ
cblr-8632	511	27	the	the	DET
cblr-8632	511	28	second	second	ADJ
cblr-8632	511	29	level	level	NOUN
cblr-8632	511	30	of	of	ADP
cblr-8632	511	31	bids	bid	NOUN
cblr-8632	511	32	displayed	display	VERB
cblr-8632	511	33	bids	bid	NOUN
cblr-8632	511	34	for	for	ADP
cblr-8632	511	35	eighteen	eighteen	NUM
cblr-8632	511	36	shares	share	NOUN
cblr-8632	511	37	at	at	ADP
cblr-8632	511	38	$	$	SYM
cblr-8632	511	39	3,281.21	3,281.21	NUM
cblr-8632	511	40	.	.	PUNCT
cblr-8632	512	1	in	in	ADP
cblr-8632	512	2	this	this	DET
cblr-8632	512	3	alternative	alternative	ADJ
cblr-8632	512	4	calculation	calculation	NOUN
cblr-8632	512	5	of	of	ADP
cblr-8632	512	6	price	price	NOUN
cblr-8632	512	7	improvement	improvement	NOUN
cblr-8632	512	8	,	,	PUNCT
cblr-8632	512	9	i	i	PRON
cblr-8632	512	10	therefore	therefore	ADV
cblr-8632	512	11	matched	match	VERB
cblr-8632	512	12	half	half	NOUN
cblr-8632	512	13	of	of	ADP
cblr-8632	512	14	this	this	DET
cblr-8632	512	15	twelve	twelve	NUM
cblr-8632	512	16	share	share	NOUN
cblr-8632	512	17	trade	trade	NOUN
cblr-8632	512	18	at	at	ADP
cblr-8632	512	19	$	$	SYM
cblr-8632	512	20	3,282.69	3,282.69	NUM
cblr-8632	512	21	and	and	CCONJ
cblr-8632	512	22	half	half	NOUN
cblr-8632	512	23	at	at	ADP
cblr-8632	512	24	$	$	SYM
cblr-8632	512	25	3,281.21	3,281.21	NUM
cblr-8632	512	26	,	,	PUNCT
cblr-8632	512	27	resulting	result	VERB
cblr-8632	512	28	in	in	ADP
cblr-8632	512	29	price	price	NOUN
cblr-8632	512	30	improvement	improvement	NOUN
cblr-8632	512	31	of	of	ADP
cblr-8632	512	32	-$47.3988.83	-$47.3988.83	ADJ
cblr-8632	512	33	table	table	NOUN
cblr-8632	512	34	3	3	NUM
cblr-8632	512	35	.	.	PUNCT
cblr-8632	512	36	price	price	NOUN
cblr-8632	512	37	improvement	improvement	NOUN
cblr-8632	512	38	using	use	VERB
cblr-8632	512	39	the	the	DET
cblr-8632	512	40	ol	ol	ADJ
cblr-8632	512	41	nbbo	nbbo	NOUN
cblr-8632	512	42	after	after	ADP
cblr-8632	512	43	accounting	account	VERB
cblr-8632	512	44	for	for	ADP
cblr-8632	512	45	depth	depth	NOUN
cblr-8632	512	46	observed	observe	VERB
cblr-8632	512	47	trade	trade	NOUN
cblr-8632	512	48	time	time	NOUN
cblr-8632	512	49	ex	ex	X
cblr-8632	512	50	size	size	NOUN
cblr-8632	512	51	price	price	NOUN
cblr-8632	512	52	09:39:13.636	09:39:13.636	NOUN
cblr-8632	512	53	d	d	DET
cblr-8632	512	54	12	12	NUM
cblr-8632	512	55	3278.0001	3278.0001	NUM
cblr-8632	512	56	best	good	ADJ
cblr-8632	512	57	bids	bid	NOUN
cblr-8632	512	58	and	and	CCONJ
cblr-8632	512	59	offers	offer	VERB
cblr-8632	512	60	at	at	ADP
cblr-8632	512	61	time	time	NOUN
cblr-8632	512	62	of	of	ADP
cblr-8632	512	63	trade	trade	NOUN
cblr-8632	512	64	execution	execution	NOUN
cblr-8632	512	65	nms	nms	NOUN
cblr-8632	512	66	bbid	bbid	VERB
cblr-8632	512	67	nms	nms	PROPN
cblr-8632	512	68	boffer	boffer	PROPN
cblr-8632	512	69	nasdaq	nasdaq	PROPN
cblr-8632	512	70	bbid	bbid	VERB
cblr-8632	512	71	level	level	NOUN
cblr-8632	512	72	1	1	NUM
cblr-8632	512	73	nasdaq	nasdaq	NOUN
cblr-8632	512	74	bbid	bbid	VERB
cblr-8632	512	75	depth	depth	NOUN
cblr-8632	512	76	level	level	NOUN
cblr-8632	512	77	1	1	NUM
cblr-8632	512	78	nasdaq	nasdaq	NOUN
cblr-8632	512	79	bbid	bbid	VERB
cblr-8632	512	80	level	level	NOUN
cblr-8632	512	81	2	2	NUM
cblr-8632	512	82	nasdaq	nasdaq	NOUN
cblr-8632	512	83	bbid	bbid	VERB
cblr-8632	512	84	depth	depth	NOUN
cblr-8632	512	85	level	level	NOUN
cblr-8632	512	86	2	2	NUM
cblr-8632	512	87	price	price	NOUN
cblr-8632	512	88	improvement	improvement	NOUN
cblr-8632	512	89	using	use	VERB
cblr-8632	512	90	ol	ol	NOUN
cblr-8632	512	91	nbbo	nbbo	VERB
cblr-8632	512	92	3278.00	3278.00	NUM
cblr-8632	512	93	3286.05	3286.05	NUM
cblr-8632	512	94	3282.69	3282.69	NUM
cblr-8632	512	95	6	6	NUM
cblr-8632	512	96	3281.21	3281.21	NUM
cblr-8632	512	97	18	18	NUM
cblr-8632	512	98	-47.3988	-47.3988	SYM
cblr-8632	512	99	83	83	NUM
cblr-8632	512	100	more	more	ADV
cblr-8632	512	101	specifically	specifically	ADV
cblr-8632	512	102	,	,	PUNCT
cblr-8632	512	103	price	price	NOUN
cblr-8632	512	104	improvement	improvement	NOUN
cblr-8632	512	105	was	be	AUX
cblr-8632	512	106	calculated	calculate	VERB
cblr-8632	512	107	for	for	ADP
cblr-8632	512	108	this	this	DET
cblr-8632	512	109	trade	trade	NOUN
cblr-8632	512	110	as	as	ADP
cblr-8632	512	111	:	:	PUNCT
cblr-8632	512	112	6	6	NUM
cblr-8632	512	113	×	×	NOUN
cblr-8632	512	114	(	(	PUNCT
cblr-8632	512	115	$	$	SYM
cblr-8632	512	116	3,278.0001	3,278.0001	NUM
cblr-8632	512	117	$	$	SYM
cblr-8632	512	118	3,282.69	3,282.69	NUM
cblr-8632	512	119	)	)	PUNCT
cblr-8632	513	1	+	+	CCONJ
cblr-8632	513	2	6	6	NUM
cblr-8632	513	3	×	×	NOUN
cblr-8632	513	4	(	(	PUNCT
cblr-8632	513	5	$	$	SYM
cblr-8632	513	6	3,278.0001	3,278.0001	NUM
cblr-8632	513	7	$	$	SYM
cblr-8632	513	8	3,281.21	3,281.21	NUM
cblr-8632	513	9	)	)	PUNCT
cblr-8632	513	10	=	=	PUNCT
cblr-8632	513	11	-47.3988	-47.3988	PROPN
cblr-8632	513	12	.	.	PUNCT
cblr-8632	514	1	in	in	ADP
cblr-8632	514	2	the	the	DET
cblr-8632	514	3	event	event	NOUN
cblr-8632	514	4	that	that	SCONJ
cblr-8632	514	5	the	the	DET
cblr-8632	514	6	full	full	ADJ
cblr-8632	514	7	size	size	NOUN
cblr-8632	514	8	of	of	ADP
cblr-8632	514	9	a	a	DET
cblr-8632	514	10	trade	trade	NOUN
cblr-8632	514	11	could	could	AUX
cblr-8632	514	12	not	not	PART
cblr-8632	514	13	be	be	AUX
cblr-8632	514	14	matched	match	VERB
cblr-8632	514	15	to	to	ADP
cblr-8632	514	16	an	an	DET
cblr-8632	514	17	order	order	NOUN
cblr-8632	514	18	level	level	NOUN
cblr-8632	514	19	within	within	ADP
cblr-8632	514	20	the	the	DET
cblr-8632	514	21	nbbo	nbbo	NOUN
cblr-8632	514	22	,	,	PUNCT
cblr-8632	514	23	i	i	PRON
cblr-8632	514	24	assumed	assume	VERB
cblr-8632	514	25	that	that	SCONJ
cblr-8632	514	26	the	the	DET
cblr-8632	514	27	unmatched	unmatched	ADJ
cblr-8632	514	28	portion	portion	NOUN
cblr-8632	514	29	of	of	ADP
cblr-8632	514	30	the	the	DET
cblr-8632	514	31	trade	trade	NOUN
cblr-8632	514	32	should	should	AUX
cblr-8632	514	33	be	be	AUX
cblr-8632	514	34	evaluated	evaluate	VERB
cblr-8632	514	35	against	against	ADP
cblr-8632	514	36	the	the	DET
cblr-8632	514	37	reg	reg	NOUN
cblr-8632	514	38	nms	nms	NOUN
cblr-8632	514	39	nbbo	nbbo	NOUN
cblr-8632	514	40	for	for	ADP
cblr-8632	514	41	purposes	purpose	NOUN
cblr-8632	514	42	of	of	ADP
cblr-8632	514	43	calculating	calculate	VERB
cblr-8632	514	44	price	price	NOUN
cblr-8632	514	45	improvement	improvement	NOUN
cblr-8632	514	46	.	.	PUNCT
cblr-8632	515	1	for	for	ADP
cblr-8632	515	2	example	example	NOUN
cblr-8632	515	3	,	,	PUNCT
cblr-8632	515	4	if	if	SCONJ
cblr-8632	515	5	the	the	DET
cblr-8632	515	6	trade	trade	NOUN
cblr-8632	515	7	in	in	ADP
cblr-8632	515	8	table	table	NOUN
cblr-8632	515	9	3	3	NUM
cblr-8632	515	10	were	be	AUX
cblr-8632	515	11	for	for	ADP
cblr-8632	515	12	fifty	fifty	NUM
cblr-8632	515	13	shares	share	NOUN
cblr-8632	515	14	(	(	PUNCT
cblr-8632	515	15	instead	instead	ADV
cblr-8632	515	16	of	of	ADP
cblr-8632	515	17	twelve	twelve	NUM
cblr-8632	515	18	shares	share	NOUN
cblr-8632	515	19	)	)	PUNCT
cblr-8632	515	20	,	,	PUNCT
cblr-8632	515	21	and	and	CCONJ
cblr-8632	515	22	if	if	SCONJ
cblr-8632	515	23	the	the	DET
cblr-8632	515	24	next	next	ADJ
cblr-8632	515	25	level	level	NOUN
cblr-8632	515	26	of	of	ADP
cblr-8632	515	27	nasdaq	nasdaq	NOUN
cblr-8632	515	28	bids	bid	NOUN
cblr-8632	515	29	were	be	AUX
cblr-8632	515	30	at	at	ADP
cblr-8632	515	31	$	$	SYM
cblr-8632	515	32	3,278	3,278	NUM
cblr-8632	515	33	(	(	PUNCT
cblr-8632	515	34	i.e.	i.e.	X
cblr-8632	515	35	,	,	PUNCT
cblr-8632	515	36	the	the	DET
cblr-8632	515	37	reg	reg	PROPN
cblr-8632	515	38	nms	nms	PROPN
cblr-8632	515	39	bid	bid	NOUN
cblr-8632	515	40	)	)	PUNCT
cblr-8632	515	41	,	,	PUNCT
cblr-8632	515	42	price	price	NOUN
cblr-8632	515	43	improvement	improvement	NOUN
cblr-8632	515	44	for	for	ADP
cblr-8632	515	45	this	this	DET
cblr-8632	515	46	trade	trade	NOUN
cblr-8632	515	47	would	would	AUX
cblr-8632	515	48	be	be	AUX
cblr-8632	515	49	calculated	calculate	VERB
cblr-8632	515	50	as	as	ADP
cblr-8632	515	51	:	:	PUNCT
cblr-8632	515	52	50	50	NUM
cblr-8632	515	53	×	×	NOUN
cblr-8632	515	54	$	$	SYM
cblr-8632	515	55	3,278.0001	3,278.0001	NUM
cblr-8632	515	56	–	–	PUNCT
cblr-8632	515	57	(	(	PUNCT
cblr-8632	515	58	6	6	NUM
cblr-8632	515	59	×	×	NOUN
cblr-8632	515	60	$	$	SYM
cblr-8632	515	61	3,282.69	3,282.69	NUM
cblr-8632	515	62	+	+	NUM
cblr-8632	515	63	18	18	NUM
cblr-8632	515	64	×	×	NOUN
cblr-8632	515	65	$	$	SYM
cblr-8632	515	66	3,281.21	3,281.21	NUM
cblr-8632	515	67	+	+	CCONJ
cblr-8632	515	68	26	26	NUM
cblr-8632	515	69	×	×	NOUN
cblr-8632	515	70	$	$	SYM
cblr-8632	515	71	3,278	3,278	NUM
cblr-8632	515	72	)	)	PUNCT
cblr-8632	515	73	=	=	PUNCT
cblr-8632	516	1	-$85.91	-$85.91	PROPN
cblr-8632	516	2	.	.	PUNCT
cblr-8632	517	1	for	for	ADP
cblr-8632	517	2	purposes	purpose	NOUN
cblr-8632	517	3	of	of	ADP
cblr-8632	517	4	this	this	DET
cblr-8632	517	5	analysis	analysis	NOUN
cblr-8632	517	6	,	,	PUNCT
cblr-8632	517	7	i	i	PRON
cblr-8632	517	8	examined	examine	VERB
cblr-8632	517	9	only	only	ADV
cblr-8632	517	10	the	the	DET
cblr-8632	517	11	first	first	ADJ
cblr-8632	517	12	ten	ten	NUM
cblr-8632	517	13	levels	level	NOUN
cblr-8632	517	14	of	of	ADP
cblr-8632	517	15	nasdaq	nasdaq	PROPN
cblr-8632	517	16	’s	’s	PART
cblr-8632	517	17	order	order	NOUN
cblr-8632	517	18	book	book	NOUN
cblr-8632	517	19	.	.	PUNCT
cblr-8632	518	1	bartlett	bartlett	PROPN
cblr-8632	518	2	8/20/2021	8/20/2021	NUM
cblr-8632	518	3	6:20	6:20	NUM
cblr-8632	518	4	pm	pm	NOUN
cblr-8632	518	5	no	no	INTJ
cblr-8632	518	6	.	.	PUNCT
cblr-8632	519	1	2:520	2:520	NUM
cblr-8632	519	2	]	]	X
cblr-8632	519	3	modernizing	modernize	VERB
cblr-8632	519	4	odd	odd	ADJ
cblr-8632	519	5	lot	lot	NOUN
cblr-8632	519	6	trading	trading	NOUN
cblr-8632	519	7	559	559	NUM
cblr-8632	519	8	after	after	ADP
cblr-8632	519	9	applying	apply	VERB
cblr-8632	519	10	this	this	DET
cblr-8632	519	11	alternative	alternative	ADJ
cblr-8632	519	12	analysis	analysis	NOUN
cblr-8632	519	13	to	to	ADP
cblr-8632	519	14	the	the	DET
cblr-8632	519	15	947	947	NUM
cblr-8632	519	16	trades	trade	NOUN
cblr-8632	519	17	completed	complete	VERB
cblr-8632	519	18	when	when	SCONJ
cblr-8632	519	19	the	the	DET
cblr-8632	519	20	top	top	NOUN
cblr-8632	519	21	of	of	ADP
cblr-8632	519	22	the	the	DET
cblr-8632	519	23	nasdaq	nasdaq	PROPN
cblr-8632	519	24	book	book	NOUN
cblr-8632	519	25	had	have	VERB
cblr-8632	519	26	superior	superior	ADJ
cblr-8632	519	27	prices	price	NOUN
cblr-8632	519	28	to	to	ADP
cblr-8632	519	29	the	the	DET
cblr-8632	519	30	reg	reg	PROPN
cblr-8632	519	31	nms	nms	NOUN
cblr-8632	519	32	nbbo	nbbo	NOUN
cblr-8632	519	33	,	,	PUNCT
cblr-8632	519	34	the	the	DET
cblr-8632	519	35	448	448	NUM
cblr-8632	519	36	marketable	marketable	ADJ
cblr-8632	519	37	sell	sell	NOUN
cblr-8632	519	38	orders	order	NOUN
cblr-8632	519	39	would	would	AUX
cblr-8632	519	40	have	have	AUX
cblr-8632	519	41	received	receive	VERB
cblr-8632	519	42	approximately	approximately	ADV
cblr-8632	519	43	$	$	SYM
cblr-8632	519	44	1,690	1,690	NUM
cblr-8632	519	45	more	more	ADJ
cblr-8632	519	46	in	in	ADP
cblr-8632	519	47	proceeds	proceed	NOUN
cblr-8632	519	48	based	base	VERB
cblr-8632	519	49	on	on	ADP
cblr-8632	519	50	nasdaq	nasdaq	PROPN
cblr-8632	519	51	’s	’s	PART
cblr-8632	519	52	order	order	NOUN
cblr-8632	519	53	book	book	NOUN
cblr-8632	519	54	prices	price	NOUN
cblr-8632	519	55	,	,	PUNCT
cblr-8632	519	56	while	while	SCONJ
cblr-8632	519	57	the	the	DET
cblr-8632	519	58	449	449	NUM
cblr-8632	519	59	marketable	marketable	ADJ
cblr-8632	519	60	buy	buy	NOUN
cblr-8632	519	61	orders	order	NOUN
cblr-8632	519	62	would	would	AUX
cblr-8632	519	63	have	have	AUX
cblr-8632	519	64	saved	save	VERB
cblr-8632	519	65	approximately	approximately	ADV
cblr-8632	519	66	$	$	SYM
cblr-8632	519	67	1,433	1,433	NUM
cblr-8632	519	68	.	.	PUNCT
cblr-8632	520	1	overall	overall	ADJ
cblr-8632	520	2	,	,	PUNCT
cblr-8632	520	3	based	base	VERB
cblr-8632	520	4	on	on	ADP
cblr-8632	520	5	this	this	DET
cblr-8632	520	6	alternative	alternative	ADJ
cblr-8632	520	7	approach	approach	NOUN
cblr-8632	520	8	,	,	PUNCT
cblr-8632	520	9	using	use	VERB
cblr-8632	520	10	the	the	DET
cblr-8632	520	11	ol	ol	ADJ
cblr-8632	520	12	nbbo	nbbo	NOUN
cblr-8632	520	13	as	as	SCONJ
cblr-8632	520	14	the	the	DET
cblr-8632	520	15	relevant	relevant	ADJ
cblr-8632	520	16	pricing	pricing	NOUN
cblr-8632	520	17	benchmark	benchmark	NOUN
cblr-8632	520	18	shows	show	NOUN
cblr-8632	520	19	aggregate	aggregate	VERB
cblr-8632	520	20	price	price	NOUN
cblr-8632	520	21	dis	dis	NOUN
cblr-8632	520	22	-	-	PUNCT
cblr-8632	520	23	improvement	improvement	NOUN
cblr-8632	520	24	across	across	ADP
cblr-8632	520	25	all	all	DET
cblr-8632	520	26	3,051	3,051	NUM
cblr-8632	520	27	retail	retail	ADJ
cblr-8632	520	28	trades	trade	NOUN
cblr-8632	520	29	of	of	ADP
cblr-8632	520	30	approximately	approximately	ADV
cblr-8632	520	31	-$3,123	-$3,123	PROPN
cblr-8632	520	32	.	.	PUNCT
cblr-8632	521	1	turning	turn	VERB
cblr-8632	521	2	to	to	PART
cblr-8632	521	3	gamestop	gamestop	VERB
cblr-8632	521	4	,	,	PUNCT
cblr-8632	521	5	on	on	ADP
cblr-8632	521	6	january	january	PROPN
cblr-8632	521	7	27	27	NUM
cblr-8632	521	8	,	,	PUNCT
cblr-8632	521	9	2021	2021	NUM
cblr-8632	521	10	there	there	PRON
cblr-8632	521	11	were	be	VERB
cblr-8632	521	12	232,967	232,967	NUM
cblr-8632	521	13	odd	odd	ADJ
cblr-8632	521	14	lot	lot	NOUN
cblr-8632	521	15	trades	trade	NOUN
cblr-8632	521	16	that	that	PRON
cblr-8632	521	17	met	meet	VERB
cblr-8632	521	18	the	the	DET
cblr-8632	521	19	foregoing	forego	VERB
cblr-8632	521	20	definition	definition	NOUN
cblr-8632	521	21	of	of	ADP
cblr-8632	521	22	a	a	DET
cblr-8632	521	23	non	non	ADJ
cblr-8632	521	24	-	-	ADJ
cblr-8632	521	25	exchange	exchange	ADJ
cblr-8632	521	26	retail	retail	ADJ
cblr-8632	521	27	trade	trade	NOUN
cblr-8632	521	28	.	.	PUNCT
cblr-8632	522	1	of	of	ADP
cblr-8632	522	2	these	these	PRON
cblr-8632	522	3	,	,	PUNCT
cblr-8632	522	4	107,940	107,940	NUM
cblr-8632	522	5	(	(	PUNCT
cblr-8632	522	6	46	46	NUM
cblr-8632	522	7	%	%	NOUN
cblr-8632	522	8	)	)	PUNCT
cblr-8632	522	9	would	would	AUX
cblr-8632	522	10	have	have	AUX
cblr-8632	522	11	received	receive	VERB
cblr-8632	522	12	better	well	ADJ
cblr-8632	522	13	pricing	pricing	NOUN
cblr-8632	522	14	had	have	VERB
cblr-8632	522	15	the	the	DET
cblr-8632	522	16	trade	trade	NOUN
cblr-8632	522	17	been	be	AUX
cblr-8632	522	18	filled	fill	VERB
cblr-8632	522	19	at	at	ADP
cblr-8632	522	20	the	the	DET
cblr-8632	522	21	nasdaq	nasdaq	PROPN
cblr-8632	522	22	ol	ol	PROPN
cblr-8632	522	23	nbbo	nbbo	NOUN
cblr-8632	522	24	.	.	PUNCT
cblr-8632	523	1	these	these	DET
cblr-8632	523	2	107,940	107,940	NUM
cblr-8632	523	3	trades	trade	NOUN
cblr-8632	523	4	consisted	consist	VERB
cblr-8632	523	5	of	of	ADP
cblr-8632	523	6	29,222	29,222	NUM
cblr-8632	523	7	marketable	marketable	ADJ
cblr-8632	523	8	sell	sell	NOUN
cblr-8632	523	9	orders	order	NOUN
cblr-8632	523	10	that	that	PRON
cblr-8632	523	11	would	would	AUX
cblr-8632	523	12	have	have	AUX
cblr-8632	523	13	received	receive	VERB
cblr-8632	523	14	approximately	approximately	ADV
cblr-8632	523	15	$	$	SYM
cblr-8632	523	16	84,039	84,039	NUM
cblr-8632	523	17	more	more	ADJ
cblr-8632	523	18	in	in	ADP
cblr-8632	523	19	proceeds	proceed	NOUN
cblr-8632	523	20	had	have	AUX
cblr-8632	523	21	the	the	DET
cblr-8632	523	22	trade	trade	NOUN
cblr-8632	523	23	been	be	AUX
cblr-8632	523	24	filled	fill	VERB
cblr-8632	523	25	at	at	ADP
cblr-8632	523	26	the	the	DET
cblr-8632	523	27	ol	ol	ADJ
cblr-8632	523	28	best	good	ADJ
cblr-8632	523	29	bid	bid	NOUN
cblr-8632	523	30	,	,	PUNCT
cblr-8632	523	31	and	and	CCONJ
cblr-8632	523	32	78,718	78,718	NUM
cblr-8632	523	33	marketable	marketable	ADJ
cblr-8632	523	34	buy	buy	NOUN
cblr-8632	523	35	orders	order	NOUN
cblr-8632	523	36	that	that	PRON
cblr-8632	523	37	would	would	AUX
cblr-8632	523	38	have	have	AUX
cblr-8632	523	39	saved	save	VERB
cblr-8632	523	40	approximately	approximately	ADV
cblr-8632	523	41	$	$	SYM
cblr-8632	523	42	122,237	122,237	NUM
cblr-8632	523	43	had	have	VERB
cblr-8632	523	44	the	the	DET
cblr-8632	523	45	trade	trade	NOUN
cblr-8632	523	46	been	be	AUX
cblr-8632	523	47	filled	fill	VERB
cblr-8632	523	48	at	at	ADP
cblr-8632	523	49	the	the	DET
cblr-8632	523	50	ol	ol	ADJ
cblr-8632	523	51	best	good	ADJ
cblr-8632	523	52	offer	offer	NOUN
cblr-8632	523	53	.	.	PUNCT
cblr-8632	524	1	the	the	DET
cblr-8632	524	2	aggregate	aggregate	ADJ
cblr-8632	524	3	price	price	NOUN
cblr-8632	524	4	improvement	improvement	NOUN
cblr-8632	524	5	for	for	ADP
cblr-8632	524	6	all	all	DET
cblr-8632	524	7	232,967	232,967	NUM
cblr-8632	524	8	trades	trade	NOUN
cblr-8632	524	9	was	be	AUX
cblr-8632	524	10	$	$	SYM
cblr-8632	524	11	238	238	NUM
cblr-8632	524	12	based	base	VERB
cblr-8632	524	13	on	on	ADP
cblr-8632	524	14	the	the	DET
cblr-8632	524	15	reg	reg	PROPN
cblr-8632	524	16	nms	nms	NOUN
cblr-8632	524	17	nbbo	nbbo	NOUN
cblr-8632	524	18	;	;	PUNCT
cblr-8632	524	19	however	however	ADV
cblr-8632	524	20	,	,	PUNCT
cblr-8632	524	21	using	use	VERB
cblr-8632	524	22	the	the	DET
cblr-8632	524	23	ol	ol	ADJ
cblr-8632	524	24	nbbo	nbbo	NOUN
cblr-8632	524	25	as	as	ADP
cblr-8632	524	26	the	the	DET
cblr-8632	524	27	relevant	relevant	ADJ
cblr-8632	524	28	benchmark	benchmark	NOUN
cblr-8632	524	29	,	,	PUNCT
cblr-8632	524	30	these	these	DET
cblr-8632	524	31	trades	trade	NOUN
cblr-8632	524	32	collectively	collectively	ADV
cblr-8632	524	33	received	receive	VERB
cblr-8632	524	34	price	price	NOUN
cblr-8632	524	35	disimprovement	disimprovement	NOUN
cblr-8632	524	36	of	of	ADP
cblr-8632	524	37	approximately	approximately	ADV
cblr-8632	524	38	-$206,0000	-$206,0000	PROPN
cblr-8632	524	39	.	.	PUNCT
cblr-8632	525	1	as	as	ADP
cblr-8632	525	2	with	with	ADP
cblr-8632	525	3	amazon	amazon	NOUN
cblr-8632	525	4	,	,	PUNCT
cblr-8632	525	5	price	price	NOUN
cblr-8632	525	6	improvement	improvement	NOUN
cblr-8632	525	7	was	be	AUX
cblr-8632	525	8	also	also	ADV
cblr-8632	525	9	calculated	calculate	VERB
cblr-8632	525	10	using	use	VERB
cblr-8632	525	11	the	the	DET
cblr-8632	525	12	alternative	alternative	ADJ
cblr-8632	525	13	procedure	procedure	NOUN
cblr-8632	525	14	that	that	PRON
cblr-8632	525	15	required	require	VERB
cblr-8632	525	16	that	that	SCONJ
cblr-8632	525	17	the	the	DET
cblr-8632	525	18	ol	ol	ADJ
cblr-8632	525	19	nbbo	nbbo	NOUN
cblr-8632	525	20	have	have	VERB
cblr-8632	525	21	sufficient	sufficient	ADJ
cblr-8632	525	22	depth	depth	NOUN
cblr-8632	525	23	to	to	PART
cblr-8632	525	24	cover	cover	VERB
cblr-8632	525	25	all	all	PRON
cblr-8632	525	26	or	or	CCONJ
cblr-8632	525	27	a	a	DET
cblr-8632	525	28	portion	portion	NOUN
cblr-8632	525	29	of	of	ADP
cblr-8632	525	30	the	the	DET
cblr-8632	525	31	trade	trade	NOUN
cblr-8632	525	32	’s	’s	PART
cblr-8632	525	33	size	size	NOUN
cblr-8632	525	34	.	.	PUNCT
cblr-8632	526	1	under	under	ADP
cblr-8632	526	2	this	this	DET
cblr-8632	526	3	alternative	alternative	ADJ
cblr-8632	526	4	approach	approach	NOUN
cblr-8632	526	5	,	,	PUNCT
cblr-8632	526	6	the	the	DET
cblr-8632	526	7	107,940	107,940	NUM
cblr-8632	526	8	trades	trade	NOUN
cblr-8632	526	9	completed	complete	VERB
cblr-8632	526	10	when	when	SCONJ
cblr-8632	526	11	the	the	DET
cblr-8632	526	12	ol	ol	ADJ
cblr-8632	526	13	nbbo	nbbo	NOUN
cblr-8632	526	14	offered	offer	VERB
cblr-8632	526	15	superior	superior	ADJ
cblr-8632	526	16	pricing	pricing	NOUN
cblr-8632	526	17	to	to	ADP
cblr-8632	526	18	the	the	DET
cblr-8632	526	19	reg	reg	NOUN
cblr-8632	526	20	nms	nms	NOUN
cblr-8632	526	21	would	would	AUX
cblr-8632	526	22	have	have	AUX
cblr-8632	526	23	benefited	benefit	VERB
cblr-8632	526	24	by	by	ADP
cblr-8632	526	25	approximately	approximately	ADV
cblr-8632	526	26	$	$	SYM
cblr-8632	526	27	101,000	101,000	NUM
cblr-8632	526	28	had	have	VERB
cblr-8632	526	29	the	the	DET
cblr-8632	526	30	trade	trade	NOUN
cblr-8632	526	31	been	be	AUX
cblr-8632	526	32	filled	fill	VERB
cblr-8632	526	33	(	(	PUNCT
cblr-8632	526	34	in	in	ADP
cblr-8632	526	35	whole	whole	NOUN
cblr-8632	526	36	or	or	CCONJ
cblr-8632	526	37	in	in	ADP
cblr-8632	526	38	part	part	NOUN
cblr-8632	526	39	)	)	PUNCT
cblr-8632	526	40	at	at	ADP
cblr-8632	526	41	prices	price	NOUN
cblr-8632	526	42	displayed	display	VERB
cblr-8632	526	43	in	in	ADP
cblr-8632	526	44	nasdaq	nasdaq	PROPN
cblr-8632	526	45	’s	’s	PART
cblr-8632	526	46	order	order	NOUN
cblr-8632	526	47	book	book	NOUN
cblr-8632	526	48	.	.	PUNCT
cblr-8632	527	1	specifically	specifically	ADV
cblr-8632	527	2	,	,	PUNCT
cblr-8632	527	3	the	the	DET
cblr-8632	527	4	29,222	29,222	NUM
cblr-8632	527	5	marketable	marketable	ADJ
cblr-8632	527	6	sell	sell	NOUN
cblr-8632	527	7	orders	order	NOUN
cblr-8632	527	8	would	would	AUX
cblr-8632	527	9	have	have	AUX
cblr-8632	527	10	received	receive	VERB
cblr-8632	527	11	approximately	approximately	ADV
cblr-8632	527	12	$	$	SYM
cblr-8632	527	13	36,436	36,436	NUM
cblr-8632	527	14	more	more	ADJ
cblr-8632	527	15	in	in	ADP
cblr-8632	527	16	proceeds	proceed	NOUN
cblr-8632	527	17	,	,	PUNCT
cblr-8632	527	18	and	and	CCONJ
cblr-8632	527	19	the	the	DET
cblr-8632	527	20	78,718	78,718	NUM
cblr-8632	527	21	marketable	marketable	ADJ
cblr-8632	527	22	buy	buy	NOUN
cblr-8632	527	23	orders	order	NOUN
cblr-8632	527	24	would	would	AUX
cblr-8632	527	25	have	have	AUX
cblr-8632	527	26	saved	save	VERB
cblr-8632	527	27	approximately	approximately	ADV
cblr-8632	527	28	$	$	SYM
cblr-8632	527	29	64,645	64,645	NUM
cblr-8632	527	30	.	.	PUNCT
cblr-8632	528	1	overall	overall	ADV
cblr-8632	528	2	,	,	PUNCT
cblr-8632	528	3	based	base	VERB
cblr-8632	528	4	on	on	ADP
cblr-8632	528	5	this	this	DET
cblr-8632	528	6	alternative	alternative	ADJ
cblr-8632	528	7	approach	approach	NOUN
cblr-8632	528	8	,	,	PUNCT
cblr-8632	528	9	using	use	VERB
cblr-8632	528	10	the	the	DET
cblr-8632	528	11	ol	ol	ADJ
cblr-8632	528	12	nbbo	nbbo	NOUN
cblr-8632	528	13	as	as	SCONJ
cblr-8632	528	14	the	the	DET
cblr-8632	528	15	relevant	relevant	ADJ
cblr-8632	528	16	pricing	pricing	NOUN
cblr-8632	528	17	benchmark	benchmark	NOUN
cblr-8632	528	18	shows	show	NOUN
cblr-8632	528	19	aggregate	aggregate	VERB
cblr-8632	528	20	price	price	NOUN
cblr-8632	528	21	dis	dis	NOUN
cblr-8632	528	22	-	-	PUNCT
cblr-8632	528	23	improvement	improvement	NOUN
cblr-8632	528	24	across	across	ADP
cblr-8632	528	25	all	all	DET
cblr-8632	528	26	232,967	232,967	NUM
cblr-8632	528	27	trades	trade	NOUN
cblr-8632	528	28	of	of	ADP
cblr-8632	528	29	approximately	approximately	ADV
cblr-8632	528	30	-$100,879	-$100,879	ADJ
cblr-8632	528	31	.	.	PUNCT
cblr-8632	529	1	bartlett	bartlett	PROPN
cblr-8632	529	2	8/20/2021	8/20/2021	NUM
cblr-8632	529	3	6:20	6:20	NUM
cblr-8632	529	4	pm	pm	NOUN
cblr-8632	529	5	560	560	NUM
cblr-8632	529	6	columbia	columbia	PROPN
cblr-8632	529	7	business	business	NOUN
cblr-8632	529	8	law	law	PROPN
cblr-8632	529	9	review	review	NOUN
cblr-8632	529	10	[	[	X
cblr-8632	529	11	vol	vol	NOUN
cblr-8632	529	12	.	.	PUNCT
cblr-8632	529	13	2021	2021	NUM
cblr-8632	529	14	given	give	VERB
cblr-8632	529	15	the	the	DET
cblr-8632	529	16	conservative	conservative	ADJ
cblr-8632	529	17	approach	approach	NOUN
cblr-8632	529	18	to	to	ADP
cblr-8632	529	19	defining	define	VERB
cblr-8632	529	20	retail	retail	ADJ
cblr-8632	529	21	trades	trade	NOUN
cblr-8632	529	22	in	in	ADP
cblr-8632	529	23	these	these	DET
cblr-8632	529	24	analyses	analysis	NOUN
cblr-8632	529	25	,	,	PUNCT
cblr-8632	529	26	these	these	DET
cblr-8632	529	27	figures	figure	NOUN
cblr-8632	529	28	capture	capture	VERB
cblr-8632	529	29	just	just	ADV
cblr-8632	529	30	a	a	DET
cblr-8632	529	31	fraction	fraction	NOUN
cblr-8632	529	32	of	of	ADP
cblr-8632	529	33	the	the	DET
cblr-8632	529	34	total	total	ADJ
cblr-8632	529	35	number	number	NOUN
cblr-8632	529	36	of	of	ADP
cblr-8632	529	37	odd	odd	ADJ
cblr-8632	529	38	lot	lot	NOUN
cblr-8632	529	39	trades	trade	NOUN
cblr-8632	529	40	in	in	ADP
cblr-8632	529	41	either	either	DET
cblr-8632	529	42	amazon	amazon	NOUN
cblr-8632	529	43	or	or	CCONJ
cblr-8632	529	44	gamestop	gamestop	NOUN
cblr-8632	529	45	.	.	PUNCT
cblr-8632	530	1	nevertheless	nevertheless	ADV
cblr-8632	530	2	,	,	PUNCT
cblr-8632	530	3	they	they	PRON
cblr-8632	530	4	are	be	AUX
cblr-8632	530	5	strongly	strongly	ADV
cblr-8632	530	6	suggestive	suggestive	ADJ
cblr-8632	530	7	that	that	SCONJ
cblr-8632	530	8	wholesale	wholesale	ADJ
cblr-8632	530	9	market	market	NOUN
cblr-8632	530	10	makers	maker	NOUN
cblr-8632	530	11	execute	execute	VERB
cblr-8632	530	12	trades	trade	NOUN
cblr-8632	530	13	that	that	PRON
cblr-8632	530	14	are	be	AUX
cblr-8632	530	15	benchmarked	benchmarke	VERB
cblr-8632	530	16	to	to	ADP
cblr-8632	530	17	the	the	DET
cblr-8632	530	18	reg	reg	NOUN
cblr-8632	530	19	nms	nms	NOUN
cblr-8632	530	20	nbbo	nbbo	NOUN
cblr-8632	530	21	even	even	ADV
cblr-8632	530	22	when	when	SCONJ
cblr-8632	530	23	superior	superior	ADJ
cblr-8632	530	24	pricing	pricing	NOUN
cblr-8632	530	25	exists	exist	VERB
cblr-8632	530	26	through	through	ADP
cblr-8632	530	27	odd	odd	ADJ
cblr-8632	530	28	lot	lot	NOUN
cblr-8632	530	29	quotes	quote	NOUN
cblr-8632	530	30	on	on	ADP
cblr-8632	530	31	exchanges	exchange	NOUN
cblr-8632	530	32	.	.	PUNCT
cblr-8632	531	1	iv	iv	X
cblr-8632	531	2	.	.	PUNCT
cblr-8632	532	1	fixing	fix	VERB
cblr-8632	532	2	the	the	DET
cblr-8632	532	3	odd	odd	ADJ
cblr-8632	532	4	lot	lot	NOUN
cblr-8632	532	5	problem	problem	NOUN
cblr-8632	532	6	as	as	SCONJ
cblr-8632	532	7	noted	note	VERB
cblr-8632	532	8	in	in	ADP
cblr-8632	532	9	the	the	DET
cblr-8632	532	10	introduction	introduction	NOUN
cblr-8632	532	11	,	,	PUNCT
cblr-8632	532	12	the	the	DET
cblr-8632	532	13	odd	odd	ADJ
cblr-8632	532	14	lot	lot	NOUN
cblr-8632	532	15	problem	problem	NOUN
cblr-8632	532	16	is	be	AUX
cblr-8632	532	17	rooted	root	VERB
cblr-8632	532	18	in	in	ADP
cblr-8632	532	19	the	the	DET
cblr-8632	532	20	exclusion	exclusion	NOUN
cblr-8632	532	21	of	of	ADP
cblr-8632	532	22	orders	order	NOUN
cblr-8632	532	23	for	for	ADP
cblr-8632	532	24	less	less	ADJ
cblr-8632	532	25	than	than	ADP
cblr-8632	532	26	100	100	NUM
cblr-8632	532	27	shares	share	NOUN
cblr-8632	532	28	from	from	ADP
cblr-8632	532	29	rule	rule	NOUN
cblr-8632	532	30	605	605	NUM
cblr-8632	532	31	and	and	CCONJ
cblr-8632	532	32	the	the	DET
cblr-8632	532	33	exclusion	exclusion	NOUN
cblr-8632	532	34	of	of	ADP
cblr-8632	532	35	odd	odd	ADJ
cblr-8632	532	36	lot	lot	NOUN
cblr-8632	532	37	quotes	quote	NOUN
cblr-8632	532	38	from	from	ADP
cblr-8632	532	39	the	the	DET
cblr-8632	532	40	definition	definition	NOUN
cblr-8632	532	41	of	of	ADP
cblr-8632	532	42	“	"	PUNCT
cblr-8632	532	43	bid	bid	NOUN
cblr-8632	532	44	”	"	PUNCT
cblr-8632	532	45	or	or	CCONJ
cblr-8632	532	46	“	"	PUNCT
cblr-8632	532	47	offer	offer	VERB
cblr-8632	532	48	”	"	PUNCT
cblr-8632	532	49	within	within	ADP
cblr-8632	532	50	reg	reg	NOUN
cblr-8632	532	51	nms	nms	NOUN
cblr-8632	532	52	.	.	PUNCT
cblr-8632	533	1	having	having	AUX
cblr-8632	533	2	now	now	ADV
cblr-8632	533	3	presented	present	VERB
cblr-8632	533	4	empirical	empirical	ADJ
cblr-8632	533	5	evidence	evidence	NOUN
cblr-8632	533	6	of	of	ADP
cblr-8632	533	7	the	the	DET
cblr-8632	533	8	scope	scope	NOUN
cblr-8632	533	9	of	of	ADP
cblr-8632	533	10	the	the	DET
cblr-8632	533	11	problem	problem	NOUN
cblr-8632	533	12	,	,	PUNCT
cblr-8632	533	13	fixing	fix	VERB
cblr-8632	533	14	it	it	PRON
cblr-8632	533	15	might	might	AUX
cblr-8632	533	16	appear	appear	VERB
cblr-8632	533	17	to	to	PART
cblr-8632	533	18	be	be	AUX
cblr-8632	533	19	as	as	ADV
cblr-8632	533	20	straightforward	straightforward	ADJ
cblr-8632	533	21	as	as	ADP
cblr-8632	533	22	eliminating	eliminate	VERB
cblr-8632	533	23	these	these	DET
cblr-8632	533	24	regulatory	regulatory	ADJ
cblr-8632	533	25	exclusions	exclusion	NOUN
cblr-8632	533	26	.	.	PUNCT
cblr-8632	534	1	while	while	SCONJ
cblr-8632	534	2	this	this	DET
cblr-8632	534	3	conclusion	conclusion	NOUN
cblr-8632	534	4	is	be	AUX
cblr-8632	534	5	largely	largely	ADV
cblr-8632	534	6	correct	correct	ADJ
cblr-8632	534	7	with	with	ADP
cblr-8632	534	8	respect	respect	NOUN
cblr-8632	534	9	to	to	ADP
cblr-8632	534	10	traditional	traditional	ADJ
cblr-8632	534	11	odd	odd	ADJ
cblr-8632	534	12	lot	lot	NOUN
cblr-8632	534	13	trades	trade	NOUN
cblr-8632	534	14	under	under	ADP
cblr-8632	534	15	rule	rule	NOUN
cblr-8632	534	16	605	605	NUM
cblr-8632	534	17	,	,	PUNCT
cblr-8632	534	18	a	a	DET
cblr-8632	534	19	slightly	slightly	ADV
cblr-8632	534	20	more	more	ADV
cblr-8632	534	21	nuanced	nuanced	ADJ
cblr-8632	534	22	analysis	analysis	NOUN
cblr-8632	534	23	is	be	AUX
cblr-8632	534	24	required	require	VERB
cblr-8632	534	25	to	to	PART
cblr-8632	534	26	address	address	VERB
cblr-8632	534	27	odd	odd	ADJ
cblr-8632	534	28	lot	lot	NOUN
cblr-8632	534	29	quotes	quote	NOUN
cblr-8632	534	30	.	.	PUNCT
cblr-8632	535	1	with	with	ADP
cblr-8632	535	2	respect	respect	NOUN
cblr-8632	535	3	to	to	PART
cblr-8632	535	4	rule	rule	VERB
cblr-8632	535	5	605	605	NUM
cblr-8632	535	6	,	,	PUNCT
cblr-8632	535	7	the	the	DET
cblr-8632	535	8	continued	continue	VERB
cblr-8632	535	9	exclusion	exclusion	NOUN
cblr-8632	535	10	of	of	ADP
cblr-8632	535	11	odd	odd	ADJ
cblr-8632	535	12	lot	lot	NOUN
cblr-8632	535	13	trades	trade	NOUN
cblr-8632	535	14	from	from	ADP
cblr-8632	535	15	the	the	DET
cblr-8632	535	16	rule	rule	NOUN
cblr-8632	535	17	is	be	AUX
cblr-8632	535	18	remarkably	remarkably	ADV
cblr-8632	535	19	outdated	outdate	VERB
cblr-8632	535	20	,	,	PUNCT
cblr-8632	535	21	and	and	CCONJ
cblr-8632	535	22	it	it	PRON
cblr-8632	535	23	is	be	AUX
cblr-8632	535	24	difficult	difficult	ADJ
cblr-8632	535	25	to	to	PART
cblr-8632	535	26	articulate	articulate	VERB
cblr-8632	535	27	compelling	compelling	ADJ
cblr-8632	535	28	policy	policy	NOUN
cblr-8632	535	29	reasons	reason	NOUN
cblr-8632	535	30	for	for	ADP
cblr-8632	535	31	treating	treat	VERB
cblr-8632	535	32	odd	odd	ADJ
cblr-8632	535	33	lot	lot	NOUN
cblr-8632	535	34	trades	trade	NOUN
cblr-8632	535	35	differently	differently	ADV
cblr-8632	535	36	than	than	ADP
cblr-8632	535	37	larger	large	ADJ
cblr-8632	535	38	trades	trade	NOUN
cblr-8632	535	39	.	.	PUNCT
cblr-8632	536	1	on	on	ADP
cblr-8632	536	2	the	the	DET
cblr-8632	536	3	contrary	contrary	NOUN
cblr-8632	536	4	,	,	PUNCT
cblr-8632	536	5	trades	trade	VERB
cblr-8632	536	6	for	for	ADP
cblr-8632	536	7	fewer	few	ADJ
cblr-8632	536	8	than	than	ADP
cblr-8632	536	9	100	100	NUM
cblr-8632	536	10	shares	share	NOUN
cblr-8632	536	11	now	now	ADV
cblr-8632	536	12	comprise	comprise	VERB
cblr-8632	536	13	over	over	ADP
cblr-8632	536	14	half	half	NOUN
cblr-8632	536	15	of	of	ADP
cblr-8632	536	16	all	all	PRON
cblr-8632	536	17	reported	report	VERB
cblr-8632	536	18	trades,84	trades,84	ADJ
cblr-8632	536	19	and	and	CCONJ
cblr-8632	536	20	part	part	NOUN
cblr-8632	536	21	ii	ii	PROPN
cblr-8632	536	22	reveals	reveal	VERB
cblr-8632	536	23	that	that	SCONJ
cblr-8632	536	24	these	these	DET
cblr-8632	536	25	trades	trade	NOUN
cblr-8632	536	26	systematically	systematically	ADV
cblr-8632	536	27	receive	receive	VERB
cblr-8632	536	28	lower	low	ADJ
cblr-8632	536	29	levels	level	NOUN
cblr-8632	536	30	of	of	ADP
cblr-8632	536	31	price	price	NOUN
cblr-8632	536	32	improvement	improvement	NOUN
cblr-8632	536	33	than	than	ADP
cblr-8632	536	34	trades	trade	NOUN
cblr-8632	536	35	for	for	ADP
cblr-8632	536	36	100	100	NUM
cblr-8632	536	37	shares	share	NOUN
cblr-8632	536	38	or	or	CCONJ
cblr-8632	536	39	more	more	ADJ
cblr-8632	536	40	.	.	PUNCT
cblr-8632	537	1	the	the	DET
cblr-8632	537	2	experience	experience	NOUN
cblr-8632	537	3	of	of	ADP
cblr-8632	537	4	the	the	DET
cblr-8632	537	5	fif	fif	PROPN
cblr-8632	537	6	working	working	PROPN
cblr-8632	537	7	group	group	NOUN
cblr-8632	537	8	also	also	ADV
cblr-8632	537	9	indicates	indicate	VERB
cblr-8632	537	10	that	that	SCONJ
cblr-8632	537	11	industry	industry	NOUN
cblr-8632	537	12	participants	participant	NOUN
cblr-8632	537	13	are	be	AUX
cblr-8632	537	14	cognizant	cognizant	ADJ
cblr-8632	537	15	of	of	ADP
cblr-8632	537	16	the	the	DET
cblr-8632	537	17	value	value	NOUN
cblr-8632	537	18	of	of	ADP
cblr-8632	537	19	providing	provide	VERB
cblr-8632	537	20	traders	trader	NOUN
cblr-8632	537	21	with	with	ADP
cblr-8632	537	22	trade	trade	NOUN
cblr-8632	537	23	execution	execution	NOUN
cblr-8632	537	24	statistics	statistic	NOUN
cblr-8632	537	25	for	for	ADP
cblr-8632	537	26	small	small	ADJ
cblr-8632	537	27	orders	order	NOUN
cblr-8632	537	28	,	,	PUNCT
cblr-8632	537	29	and	and	CCONJ
cblr-8632	537	30	the	the	DET
cblr-8632	537	31	sudden	sudden	ADJ
cblr-8632	537	32	increase	increase	NOUN
cblr-8632	537	33	in	in	ADP
cblr-8632	537	34	price	price	NOUN
cblr-8632	537	35	improvement	improvement	NOUN
cblr-8632	537	36	rates	rate	NOUN
cblr-8632	537	37	for	for	ADP
cblr-8632	537	38	odd	odd	ADJ
cblr-8632	537	39	lot	lot	NOUN
cblr-8632	537	40	trades	trade	NOUN
cblr-8632	537	41	in	in	ADP
cblr-8632	537	42	may	may	PROPN
cblr-8632	537	43	2015	2015	NUM
cblr-8632	537	44	suggests	suggest	VERB
cblr-8632	537	45	improved	improve	VERB
cblr-8632	537	46	disclosure	disclosure	NOUN
cblr-8632	537	47	may	may	AUX
cblr-8632	537	48	improve	improve	VERB
cblr-8632	537	49	odd	odd	ADJ
cblr-8632	537	50	lot	lot	NOUN
cblr-8632	537	51	trade	trade	NOUN
cblr-8632	537	52	execution	execution	NOUN
cblr-8632	537	53	quality.85	quality.85	NOUN
cblr-8632	537	54	rather	rather	ADV
cblr-8632	537	55	,	,	PUNCT
cblr-8632	537	56	the	the	DET
cblr-8632	537	57	primary	primary	ADJ
cblr-8632	537	58	challenge	challenge	NOUN
cblr-8632	537	59	in	in	ADP
cblr-8632	537	60	reforming	reform	VERB
cblr-8632	537	61	rule	rule	NOUN
cblr-8632	537	62	605	605	NUM
cblr-8632	537	63	is	be	AUX
cblr-8632	537	64	in	in	ADP
cblr-8632	537	65	defining	define	VERB
cblr-8632	537	66	what	what	PRON
cblr-8632	537	67	other	other	ADJ
cblr-8632	537	68	reforms	reform	NOUN
cblr-8632	537	69	one	one	PRON
cblr-8632	537	70	might	might	AUX
cblr-8632	537	71	include	include	VERB
cblr-8632	537	72	in	in	ADP
cblr-8632	537	73	such	such	DET
cblr-8632	537	74	an	an	DET
cblr-8632	537	75	endeavor	endeavor	NOUN
cblr-8632	537	76	.	.	PUNCT
cblr-8632	538	1	as	as	SCONJ
cblr-8632	538	2	has	have	AUX
cblr-8632	538	3	been	be	AUX
cblr-8632	538	4	noted	note	VERB
cblr-8632	538	5	by	by	ADP
cblr-8632	538	6	others	other	NOUN
cblr-8632	538	7	,	,	PUNCT
cblr-8632	538	8	the	the	DET
cblr-8632	538	9	absence	absence	NOUN
cblr-8632	538	10	of	of	ADP
cblr-8632	538	11	odd	odd	ADJ
cblr-8632	538	12	lot	lot	NOUN
cblr-8632	538	13	84	84	NUM
cblr-8632	538	14	see	see	NOUN
cblr-8632	538	15	supra	supra	PROPN
cblr-8632	538	16	note	note	PROPN
cblr-8632	538	17	7	7	NUM
cblr-8632	538	18	and	and	CCONJ
cblr-8632	538	19	accompanying	accompany	VERB
cblr-8632	538	20	text	text	NOUN
cblr-8632	538	21	.	.	PUNCT
cblr-8632	539	1	85	85	NUM
cblr-8632	539	2	see	see	VERB
cblr-8632	539	3	supra	supra	ADJ
cblr-8632	539	4	text	text	NOUN
cblr-8632	539	5	accompany	accompany	NOUN
cblr-8632	539	6	notes	note	VERB
cblr-8632	539	7	50–56	50–56	NUM
cblr-8632	539	8	.	.	PUNCT
cblr-8632	540	1	bartlett	bartlett	PROPN
cblr-8632	540	2	8/20/2021	8/20/2021	NUM
cblr-8632	540	3	6:20	6:20	NUM
cblr-8632	540	4	pm	pm	NOUN
cblr-8632	540	5	no	no	INTJ
cblr-8632	540	6	.	.	PUNCT
cblr-8632	541	1	2:520	2:520	NUM
cblr-8632	541	2	]	]	X
cblr-8632	541	3	modernizing	modernize	VERB
cblr-8632	541	4	odd	odd	ADJ
cblr-8632	541	5	lot	lot	NOUN
cblr-8632	541	6	trading	trade	VERB
cblr-8632	541	7	561	561	NUM
cblr-8632	541	8	trades	trade	NOUN
cblr-8632	541	9	from	from	ADP
cblr-8632	541	10	rule	rule	NOUN
cblr-8632	541	11	605	605	NUM
cblr-8632	541	12	reports	report	NOUN
cblr-8632	541	13	is	be	AUX
cblr-8632	541	14	but	but	CCONJ
cblr-8632	541	15	one	one	NUM
cblr-8632	541	16	way	way	NOUN
cblr-8632	541	17	in	in	ADP
cblr-8632	541	18	which	which	PRON
cblr-8632	541	19	the	the	DET
cblr-8632	541	20	evolution	evolution	NOUN
cblr-8632	541	21	of	of	ADP
cblr-8632	541	22	u.s	u.s	PROPN
cblr-8632	541	23	.	.	PROPN
cblr-8632	541	24	equity	equity	NOUN
cblr-8632	541	25	markets	market	NOUN
cblr-8632	541	26	has	have	AUX
cblr-8632	541	27	made	make	VERB
cblr-8632	541	28	rule	rule	NOUN
cblr-8632	541	29	605	605	NUM
cblr-8632	541	30	look	look	VERB
cblr-8632	541	31	increasingly	increasingly	ADV
cblr-8632	541	32	outdated.86	outdated.86	ADJ
cblr-8632	541	33	most	most	ADV
cblr-8632	541	34	notably	notably	ADV
cblr-8632	541	35	,	,	PUNCT
cblr-8632	541	36	rule	rule	VERB
cblr-8632	541	37	605	605	NUM
cblr-8632	541	38	was	be	AUX
cblr-8632	541	39	finalized	finalize	VERB
cblr-8632	541	40	in	in	ADP
cblr-8632	541	41	november	november	PROPN
cblr-8632	541	42	2000	2000	NUM
cblr-8632	541	43	as	as	SCONJ
cblr-8632	541	44	rule	rule	NOUN
cblr-8632	541	45	11ac1	11ac1	NOUN
cblr-8632	541	46	-	-	SYM
cblr-8632	541	47	5,87	5,87	NUM
cblr-8632	541	48	but	but	CCONJ
cblr-8632	541	49	it	it	PRON
cblr-8632	541	50	has	have	AUX
cblr-8632	541	51	not	not	PART
cblr-8632	541	52	been	be	AUX
cblr-8632	541	53	updated	update	VERB
cblr-8632	541	54	to	to	PART
cblr-8632	541	55	account	account	VERB
cblr-8632	541	56	for	for	ADP
cblr-8632	541	57	the	the	DET
cblr-8632	541	58	revolution	revolution	NOUN
cblr-8632	541	59	in	in	ADP
cblr-8632	541	60	trading	trading	NOUN
cblr-8632	541	61	speed	speed	NOUN
cblr-8632	541	62	that	that	PRON
cblr-8632	541	63	has	have	AUX
cblr-8632	541	64	occurred	occur	VERB
cblr-8632	541	65	over	over	ADP
cblr-8632	541	66	the	the	DET
cblr-8632	541	67	past	past	ADJ
cblr-8632	541	68	twenty	twenty	NUM
cblr-8632	541	69	years	year	NOUN
cblr-8632	541	70	.	.	PUNCT
cblr-8632	542	1	as	as	ADP
cblr-8632	542	2	a	a	DET
cblr-8632	542	3	result	result	NOUN
cblr-8632	542	4	,	,	PUNCT
cblr-8632	542	5	its	its	PRON
cblr-8632	542	6	rules	rule	NOUN
cblr-8632	542	7	for	for	ADP
cblr-8632	542	8	calculating	calculate	VERB
cblr-8632	542	9	trading	trading	NOUN
cblr-8632	542	10	costs	cost	NOUN
cblr-8632	542	11	are	be	AUX
cblr-8632	542	12	out	out	ADP
cblr-8632	542	13	of	of	ADP
cblr-8632	542	14	step	step	NOUN
cblr-8632	542	15	with	with	ADP
cblr-8632	542	16	the	the	DET
cblr-8632	542	17	speed	speed	NOUN
cblr-8632	542	18	with	with	ADP
cblr-8632	542	19	which	which	PRON
cblr-8632	542	20	prices	price	NOUN
cblr-8632	542	21	change	change	VERB
cblr-8632	542	22	in	in	ADP
cblr-8632	542	23	modern	modern	ADJ
cblr-8632	542	24	equity	equity	NOUN
cblr-8632	542	25	markets	market	NOUN
cblr-8632	542	26	.	.	PUNCT
cblr-8632	543	1	for	for	ADP
cblr-8632	543	2	instance	instance	NOUN
cblr-8632	543	3	,	,	PUNCT
cblr-8632	543	4	rule	rule	VERB
cblr-8632	543	5	605	605	NUM
cblr-8632	543	6	continues	continue	VERB
cblr-8632	543	7	to	to	PART
cblr-8632	543	8	require	require	VERB
cblr-8632	543	9	that	that	SCONJ
cblr-8632	543	10	realized	realize	VERB
cblr-8632	543	11	spreads	spread	NOUN
cblr-8632	543	12	be	be	AUX
cblr-8632	543	13	calculated	calculate	VERB
cblr-8632	543	14	using	use	VERB
cblr-8632	543	15	the	the	DET
cblr-8632	543	16	midpoint	midpoint	NOUN
cblr-8632	543	17	price	price	NOUN
cblr-8632	543	18	that	that	PRON
cblr-8632	543	19	prevails	prevail	VERB
cblr-8632	543	20	five	five	NUM
cblr-8632	543	21	minutes	minute	NOUN
cblr-8632	543	22	after	after	ADP
cblr-8632	543	23	the	the	DET
cblr-8632	543	24	time	time	NOUN
cblr-8632	543	25	of	of	ADP
cblr-8632	543	26	order	order	NOUN
cblr-8632	543	27	execution,88	execution,88	NOUN
cblr-8632	543	28	notwithstanding	notwithstanding	ADP
cblr-8632	543	29	empirical	empirical	ADJ
cblr-8632	543	30	research	research	NOUN
cblr-8632	543	31	indicating	indicate	VERB
cblr-8632	543	32	that	that	SCONJ
cblr-8632	543	33	in	in	ADP
cblr-8632	543	34	electronic	electronic	ADJ
cblr-8632	543	35	markets	market	NOUN
cblr-8632	543	36	realized	realize	VERB
cblr-8632	543	37	spreads	spread	NOUN
cblr-8632	543	38	should	should	AUX
cblr-8632	543	39	be	be	AUX
cblr-8632	543	40	measured	measure	VERB
cblr-8632	543	41	in	in	ADP
cblr-8632	543	42	the	the	DET
cblr-8632	543	43	seconds	second	NOUN
cblr-8632	543	44	—	—	PUNCT
cblr-8632	543	45	and	and	CCONJ
cblr-8632	543	46	even	even	ADV
cblr-8632	543	47	the	the	DET
cblr-8632	543	48	microseconds	microsecond	NOUN
cblr-8632	543	49	—	—	PUNCT
cblr-8632	543	50	following	follow	VERB
cblr-8632	543	51	a	a	DET
cblr-8632	543	52	trade.89	trade.89	NOUN
cblr-8632	543	53	likewise	likewise	ADV
cblr-8632	543	54	,	,	PUNCT
cblr-8632	543	55	venues	venue	NOUN
cblr-8632	543	56	are	be	AUX
cblr-8632	543	57	to	to	PART
cblr-8632	543	58	report	report	VERB
cblr-8632	543	59	their	their	PRON
cblr-8632	543	60	fastest	fast	ADJ
cblr-8632	543	61	trades	trade	NOUN
cblr-8632	543	62	according	accord	VERB
cblr-8632	543	63	to	to	ADP
cblr-8632	543	64	whether	whether	SCONJ
cblr-8632	543	65	they	they	PRON
cblr-8632	543	66	were	be	AUX
cblr-8632	543	67	“	"	PUNCT
cblr-8632	543	68	executed	execute	VERB
cblr-8632	543	69	from	from	ADP
cblr-8632	543	70	0	0	NUM
cblr-8632	543	71	to	to	ADP
cblr-8632	543	72	9	9	NUM
cblr-8632	543	73	seconds	second	NOUN
cblr-8632	543	74	after	after	ADP
cblr-8632	543	75	the	the	DET
cblr-8632	543	76	time	time	NOUN
cblr-8632	543	77	of	of	ADP
cblr-8632	543	78	order	order	NOUN
cblr-8632	543	79	receipt	receipt	NOUN
cblr-8632	543	80	.	.	PUNCT
cblr-8632	544	1	”90	”90	ADJ
cblr-8632	545	1	and	and	CCONJ
cblr-8632	545	2	effective	effective	ADJ
cblr-8632	545	3	spreads	spread	NOUN
cblr-8632	545	4	are	be	AUX
cblr-8632	545	5	to	to	PART
cblr-8632	545	6	be	be	AUX
cblr-8632	545	7	calculated	calculate	VERB
cblr-8632	545	8	based	base	VERB
cblr-8632	545	9	on	on	ADP
cblr-8632	545	10	the	the	DET
cblr-8632	545	11	midpoint	midpoint	NOUN
cblr-8632	545	12	“	"	PUNCT
cblr-8632	545	13	at	at	ADP
cblr-8632	545	14	the	the	DET
cblr-8632	545	15	time	time	NOUN
cblr-8632	545	16	of	of	ADP
cblr-8632	545	17	order	order	NOUN
cblr-8632	545	18	receipt”91	receipt”91	NOUN
cblr-8632	545	19	—	—	PUNCT
cblr-8632	545	20	a	a	DET
cblr-8632	545	21	term	term	NOUN
cblr-8632	545	22	defined	define	VERB
cblr-8632	545	23	to	to	PART
cblr-8632	545	24	be	be	AUX
cblr-8632	545	25	86	86	NUM
cblr-8632	545	26	for	for	ADP
cblr-8632	545	27	instance	instance	NOUN
cblr-8632	545	28	,	,	PUNCT
cblr-8632	545	29	several	several	ADJ
cblr-8632	545	30	comment	comment	NOUN
cblr-8632	545	31	letters	letter	NOUN
cblr-8632	545	32	on	on	ADP
cblr-8632	545	33	the	the	DET
cblr-8632	545	34	2020	2020	NUM
cblr-8632	545	35	market	market	NOUN
cblr-8632	545	36	data	datum	NOUN
cblr-8632	545	37	reform	reform	NOUN
cblr-8632	545	38	suggested	suggest	VERB
cblr-8632	545	39	the	the	DET
cblr-8632	545	40	need	need	NOUN
cblr-8632	545	41	to	to	PART
cblr-8632	545	42	update	update	VERB
cblr-8632	545	43	rule	rule	NOUN
cblr-8632	545	44	605	605	NUM
cblr-8632	545	45	.	.	PUNCT
cblr-8632	546	1	see	see	VERB
cblr-8632	546	2	,	,	PUNCT
cblr-8632	546	3	e.g.	e.g.	ADV
cblr-8632	546	4	,	,	PUNCT
cblr-8632	546	5	virtu	virtu	PROPN
cblr-8632	546	6	fin	fin	PROPN
cblr-8632	546	7	.	.	PROPN
cblr-8632	546	8	,	,	PUNCT
cblr-8632	546	9	inc	inc	PROPN
cblr-8632	546	10	.	.	PROPN
cblr-8632	546	11	,	,	PUNCT
cblr-8632	546	12	supra	supra	PROPN
cblr-8632	546	13	note	note	VERB
cblr-8632	546	14	38	38	NUM
cblr-8632	546	15	,	,	PUNCT
cblr-8632	546	16	at	at	ADP
cblr-8632	546	17	4	4	NUM
cblr-8632	546	18	(	(	PUNCT
cblr-8632	546	19	“	"	PUNCT
cblr-8632	546	20	[	[	X
cblr-8632	546	21	m]any	m]any	NOUN
cblr-8632	546	22	of	of	ADP
cblr-8632	546	23	the	the	DET
cblr-8632	546	24	rule	rule	NOUN
cblr-8632	546	25	605	605	NUM
cblr-8632	546	26	execution	execution	NOUN
cblr-8632	546	27	quality	quality	NOUN
cblr-8632	546	28	share	share	NOUN
cblr-8632	546	29	buckets	bucket	NOUN
cblr-8632	546	30	now	now	ADV
cblr-8632	546	31	bear	bear	VERB
cblr-8632	546	32	little	little	ADJ
cblr-8632	546	33	relation	relation	NOUN
cblr-8632	546	34	to	to	ADP
cblr-8632	546	35	the	the	DET
cblr-8632	546	36	average	average	ADJ
cblr-8632	546	37	trade	trade	NOUN
cblr-8632	546	38	sizes	size	NOUN
cblr-8632	546	39	sent	send	VERB
cblr-8632	546	40	by	by	ADP
cblr-8632	546	41	the	the	DET
cblr-8632	546	42	majority	majority	NOUN
cblr-8632	546	43	of	of	ADP
cblr-8632	546	44	investors	investor	NOUN
cblr-8632	546	45	.	.	PUNCT
cblr-8632	546	46	.	.	PUNCT
cblr-8632	546	47	.	.	PUNCT
cblr-8632	546	48	.	.	PUNCT
cblr-8632	547	1	[	[	X
cblr-8632	547	2	a	a	X
cblr-8632	547	3	]	]	X
cblr-8632	547	4	significant	significant	ADJ
cblr-8632	547	5	overhaul	overhaul	NOUN
cblr-8632	547	6	of	of	ADP
cblr-8632	547	7	rule	rule	NOUN
cblr-8632	547	8	605	605	NUM
cblr-8632	547	9	would	would	AUX
cblr-8632	547	10	be	be	AUX
cblr-8632	547	11	necessary	necessary	ADJ
cblr-8632	547	12	,	,	PUNCT
cblr-8632	547	13	including	include	VERB
cblr-8632	547	14	possibly	possibly	ADV
cblr-8632	547	15	expanding	expand	VERB
cblr-8632	547	16	measurement	measurement	NOUN
cblr-8632	547	17	of	of	ADP
cblr-8632	547	18	execution	execution	NOUN
cblr-8632	547	19	quality	quality	NOUN
cblr-8632	547	20	to	to	PART
cblr-8632	547	21	include	include	VERB
cblr-8632	547	22	depth	depth	NOUN
cblr-8632	547	23	of	of	ADP
cblr-8632	547	24	book	book	NOUN
cblr-8632	547	25	.	.	PUNCT
cblr-8632	547	26	”	"	PUNCT
cblr-8632	547	27	)	)	PUNCT
cblr-8632	547	28	.	.	PUNCT
cblr-8632	548	1	87	87	NUM
cblr-8632	548	2	disclosure	disclosure	NOUN
cblr-8632	548	3	of	of	ADP
cblr-8632	548	4	order	order	NOUN
cblr-8632	548	5	execution	execution	NOUN
cblr-8632	548	6	and	and	CCONJ
cblr-8632	548	7	routing	routing	NOUN
cblr-8632	548	8	practices	practice	NOUN
cblr-8632	548	9	,	,	PUNCT
cblr-8632	548	10	65	65	NUM
cblr-8632	548	11	fed	feed	VERB
cblr-8632	548	12	.	.	PUNCT
cblr-8632	549	1	reg	reg	PROPN
cblr-8632	549	2	.	.	PUNCT
cblr-8632	549	3	75,414	75,414	NUM
cblr-8632	549	4	,	,	PUNCT
cblr-8632	549	5	75,436–38	75,436–38	PROPN
cblr-8632	549	6	(	(	PUNCT
cblr-8632	549	7	dec	dec	PROPN
cblr-8632	549	8	.	.	PROPN
cblr-8632	549	9	1	1	NUM
cblr-8632	549	10	,	,	PUNCT
cblr-8632	549	11	2000	2000	NUM
cblr-8632	549	12	)	)	PUNCT
cblr-8632	549	13	(	(	PUNCT
cblr-8632	549	14	codified	codify	VERB
cblr-8632	549	15	as	as	SCONJ
cblr-8632	549	16	amended	amend	VERB
cblr-8632	549	17	at	at	ADP
cblr-8632	549	18	17	17	NUM
cblr-8632	549	19	c.f.r	c.f.r	NOUN
cblr-8632	549	20	.	.	PUNCT
cblr-8632	550	1	§	§	PROPN
cblr-8632	550	2	605	605	NUM
cblr-8632	550	3	(	(	PUNCT
cblr-8632	550	4	2020	2020	NUM
cblr-8632	550	5	)	)	PUNCT
cblr-8632	550	6	)	)	PUNCT
cblr-8632	550	7	(	(	PUNCT
cblr-8632	550	8	publishing	publish	VERB
cblr-8632	550	9	the	the	DET
cblr-8632	550	10	november	november	PROPN
cblr-8632	550	11	rule	rule	NOUN
cblr-8632	550	12	)	)	PUNCT
cblr-8632	550	13	.	.	PUNCT
cblr-8632	551	1	88	88	NUM
cblr-8632	551	2	see	see	VERB
cblr-8632	551	3	17	17	NUM
cblr-8632	551	4	c.f.r	c.f.r	NOUN
cblr-8632	551	5	.	.	PUNCT
cblr-8632	552	1	§	§	PROPN
cblr-8632	552	2	242.600(b)(7	242.600(b)(7	NUM
cblr-8632	552	3	)	)	PUNCT
cblr-8632	552	4	(	(	PUNCT
cblr-8632	552	5	giving	give	VERB
cblr-8632	552	6	the	the	DET
cblr-8632	552	7	formula	formula	NOUN
cblr-8632	552	8	)	)	PUNCT
cblr-8632	552	9	;	;	PUNCT
cblr-8632	553	1	i	i	PROPN
cblr-8632	553	2	d.	d.	PROPN
cblr-8632	553	3	§	§	PROPN
cblr-8632	553	4	242.605(a)(1)(i)(k	242.605(a)(1)(i)(k	PROPN
cblr-8632	553	5	)	)	PUNCT
cblr-8632	553	6	(	(	PUNCT
cblr-8632	553	7	requiring	require	VERB
cblr-8632	553	8	disclosure	disclosure	NOUN
cblr-8632	553	9	based	base	VERB
cblr-8632	553	10	on	on	ADP
cblr-8632	553	11	the	the	DET
cblr-8632	553	12	formula	formula	NOUN
cblr-8632	553	13	)	)	PUNCT
cblr-8632	553	14	.	.	PUNCT
cblr-8632	553	15	89	89	NUM
cblr-8632	553	16	for	for	ADP
cblr-8632	553	17	instance	instance	NOUN
cblr-8632	553	18	,	,	PUNCT
cblr-8632	553	19	in	in	ADP
cblr-8632	553	20	separate	separate	ADJ
cblr-8632	553	21	work	work	NOUN
cblr-8632	553	22	,	,	PUNCT
cblr-8632	553	23	justin	justin	PROPN
cblr-8632	553	24	mccrary	mccrary	PROPN
cblr-8632	553	25	and	and	CCONJ
cblr-8632	553	26	i	i	PRON
cblr-8632	553	27	illustrate	illustrate	VERB
cblr-8632	553	28	both	both	CCONJ
cblr-8632	553	29	the	the	DET
cblr-8632	553	30	feasibility	feasibility	NOUN
cblr-8632	553	31	and	and	CCONJ
cblr-8632	553	32	the	the	DET
cblr-8632	553	33	relevance	relevance	NOUN
cblr-8632	553	34	of	of	ADP
cblr-8632	553	35	estimating	estimate	VERB
cblr-8632	553	36	realized	realize	VERB
cblr-8632	553	37	spreads	spread	NOUN
cblr-8632	553	38	in	in	ADP
cblr-8632	553	39	the	the	DET
cblr-8632	553	40	microseconds	microsecond	NOUN
cblr-8632	553	41	occurring	occur	VERB
cblr-8632	553	42	after	after	ADP
cblr-8632	553	43	a	a	DET
cblr-8632	553	44	trade	trade	NOUN
cblr-8632	553	45	.	.	PUNCT
cblr-8632	554	1	see	see	VERB
cblr-8632	554	2	generally	generally	ADV
cblr-8632	554	3	robert	robert	PROPN
cblr-8632	554	4	p.	p.	PROPN
cblr-8632	554	5	bartlett	bartlett	PROPN
cblr-8632	554	6	iii	iii	PROPN
cblr-8632	554	7	&	&	CCONJ
cblr-8632	554	8	justin	justin	PROPN
cblr-8632	554	9	mccrary	mccrary	PROPN
cblr-8632	554	10	,	,	PUNCT
cblr-8632	554	11	subsidizing	subsidize	VERB
cblr-8632	554	12	liquidity	liquidity	NOUN
cblr-8632	554	13	with	with	ADP
cblr-8632	554	14	wider	wide	ADJ
cblr-8632	554	15	ticks	tick	NOUN
cblr-8632	554	16	:	:	PUNCT
cblr-8632	554	17	evidence	evidence	NOUN
cblr-8632	554	18	from	from	ADP
cblr-8632	554	19	the	the	DET
cblr-8632	554	20	tick	tick	NOUN
cblr-8632	554	21	size	size	NOUN
cblr-8632	554	22	pilot	pilot	NOUN
cblr-8632	554	23	study	study	NOUN
cblr-8632	554	24	,	,	PUNCT
cblr-8632	554	25	17	17	NUM
cblr-8632	554	26	j.	j.	PROPN
cblr-8632	554	27	empirical	empirical	ADJ
cblr-8632	554	28	legal	legal	ADJ
cblr-8632	554	29	stud	stud	NOUN
cblr-8632	554	30	.	.	PUNCT
cblr-8632	555	1	262	262	NUM
cblr-8632	555	2	(	(	PUNCT
cblr-8632	555	3	2020	2020	NUM
cblr-8632	555	4	)	)	PUNCT
cblr-8632	555	5	;	;	PUNCT
cblr-8632	555	6	craig	craig	PROPN
cblr-8632	555	7	w.	w.	PROPN
cblr-8632	555	8	holden	holden	PROPN
cblr-8632	555	9	&	&	CCONJ
cblr-8632	555	10	stacey	stacey	PROPN
cblr-8632	555	11	jacobsen	jacobsen	PROPN
cblr-8632	555	12	,	,	PUNCT
cblr-8632	555	13	liquidity	liquidity	NOUN
cblr-8632	555	14	measurement	measurement	NOUN
cblr-8632	555	15	problems	problem	NOUN
cblr-8632	555	16	in	in	ADP
cblr-8632	555	17	fast	fast	ADJ
cblr-8632	555	18	,	,	PUNCT
cblr-8632	555	19	competitive	competitive	ADJ
cblr-8632	555	20	markets	market	NOUN
cblr-8632	555	21	:	:	PUNCT
cblr-8632	555	22	expensive	expensive	ADJ
cblr-8632	555	23	and	and	CCONJ
cblr-8632	555	24	cheap	cheap	ADJ
cblr-8632	555	25	solutions	solution	NOUN
cblr-8632	555	26	,	,	PUNCT
cblr-8632	555	27	69	69	NUM
cblr-8632	555	28	j.	j.	PROPN
cblr-8632	555	29	fin	fin	PROPN
cblr-8632	555	30	.	.	PUNCT
cblr-8632	556	1	1747	1747	NUM
cblr-8632	556	2	(	(	PUNCT
cblr-8632	556	3	2014	2014	NUM
cblr-8632	556	4	)	)	PUNCT
cblr-8632	556	5	(	(	PUNCT
cblr-8632	556	6	estimating	estimate	VERB
cblr-8632	556	7	the	the	DET
cblr-8632	556	8	term	term	NOUN
cblr-8632	556	9	structure	structure	NOUN
cblr-8632	556	10	of	of	ADP
cblr-8632	556	11	realized	realize	VERB
cblr-8632	556	12	spreads	spread	NOUN
cblr-8632	556	13	in	in	ADP
cblr-8632	556	14	the	the	DET
cblr-8632	556	15	seconds	second	NOUN
cblr-8632	556	16	and	and	CCONJ
cblr-8632	556	17	milliseconds	millisecond	NOUN
cblr-8632	556	18	following	follow	VERB
cblr-8632	556	19	a	a	DET
cblr-8632	556	20	trade	trade	NOUN
cblr-8632	556	21	)	)	PUNCT
cblr-8632	556	22	.	.	PUNCT
cblr-8632	557	1	90	90	NUM
cblr-8632	557	2	see	see	VERB
cblr-8632	557	3	17	17	NUM
cblr-8632	557	4	c.f.r	c.f.r	NOUN
cblr-8632	557	5	.	.	PUNCT
cblr-8632	558	1	§	§	PROPN
cblr-8632	558	2	242.605(a)(1)(f	242.605(a)(1)(f	NUM
cblr-8632	558	3	)	)	PUNCT
cblr-8632	558	4	.	.	PUNCT
cblr-8632	559	1	91	91	NUM
cblr-8632	560	1	i	i	PRON
cblr-8632	560	2	d.	d.	PROPN
cblr-8632	560	3	§	§	PROPN
cblr-8632	560	4	242.600(b)(6	242.600(b)(6	NUM
cblr-8632	560	5	)	)	PUNCT
cblr-8632	560	6	.	.	PUNCT
cblr-8632	561	1	bartlett	bartlett	PROPN
cblr-8632	561	2	8/20/2021	8/20/2021	NUM
cblr-8632	561	3	6:20	6:20	NUM
cblr-8632	561	4	pm	pm	NOUN
cblr-8632	561	5	562	562	NUM
cblr-8632	561	6	columbia	columbia	PROPN
cblr-8632	561	7	business	business	NOUN
cblr-8632	561	8	law	law	NOUN
cblr-8632	561	9	review	review	NOUN
cblr-8632	561	10	[	[	X
cblr-8632	561	11	vol	vol	NOUN
cblr-8632	561	12	.	.	PUNCT
cblr-8632	561	13	2021	2021	NUM
cblr-8632	561	14	“	"	PUNCT
cblr-8632	561	15	the	the	DET
cblr-8632	561	16	time	time	NOUN
cblr-8632	561	17	(	(	PUNCT
cblr-8632	561	18	to	to	ADP
cblr-8632	561	19	the	the	DET
cblr-8632	561	20	second	second	NOUN
cblr-8632	561	21	)	)	PUNCT
cblr-8632	561	22	that	that	SCONJ
cblr-8632	561	23	an	an	DET
cblr-8632	561	24	order	order	NOUN
cblr-8632	561	25	was	be	AUX
cblr-8632	561	26	received	receive	VERB
cblr-8632	561	27	by	by	ADP
cblr-8632	561	28	a	a	DET
cblr-8632	561	29	market	market	NOUN
cblr-8632	561	30	center	center	NOUN
cblr-8632	561	31	for	for	ADP
cblr-8632	561	32	execution	execution	NOUN
cblr-8632	561	33	.	.	PUNCT
cblr-8632	562	1	”92	”92	ADJ
cblr-8632	562	2	in	in	ADP
cblr-8632	562	3	short	short	ADJ
cblr-8632	562	4	,	,	PUNCT
cblr-8632	562	5	the	the	DET
cblr-8632	562	6	execution	execution	NOUN
cblr-8632	562	7	statistics	statistic	NOUN
cblr-8632	562	8	at	at	ADP
cblr-8632	562	9	the	the	DET
cblr-8632	562	10	center	center	NOUN
cblr-8632	562	11	of	of	ADP
cblr-8632	562	12	rule	rule	NOUN
cblr-8632	562	13	605	605	NUM
cblr-8632	562	14	remain	remain	VERB
cblr-8632	562	15	stuck	stuck	ADJ
cblr-8632	562	16	in	in	ADP
cblr-8632	562	17	a	a	DET
cblr-8632	562	18	world	world	NOUN
cblr-8632	562	19	that	that	PRON
cblr-8632	562	20	evaluated	evaluate	VERB
cblr-8632	562	21	trades	trade	NOUN
cblr-8632	562	22	across	across	ADP
cblr-8632	562	23	seconds	second	NOUN
cblr-8632	562	24	,	,	PUNCT
cblr-8632	562	25	even	even	ADV
cblr-8632	562	26	though	though	SCONJ
cblr-8632	562	27	market	market	NOUN
cblr-8632	562	28	prices	price	NOUN
cblr-8632	562	29	today	today	NOUN
cblr-8632	562	30	can	can	AUX
cblr-8632	562	31	change	change	VERB
cblr-8632	562	32	across	across	ADP
cblr-8632	562	33	microseconds	microsecond	NOUN
cblr-8632	562	34	and	and	CCONJ
cblr-8632	562	35	nanoseconds.93	nanoseconds.93	NOUN
cblr-8632	562	36	to	to	PART
cblr-8632	562	37	understand	understand	VERB
cblr-8632	562	38	how	how	SCONJ
cblr-8632	562	39	this	this	DET
cblr-8632	562	40	antiquated	antiquated	ADJ
cblr-8632	562	41	approach	approach	NOUN
cblr-8632	562	42	to	to	ADP
cblr-8632	562	43	trading	trading	NOUN
cblr-8632	562	44	speed	speed	NOUN
cblr-8632	562	45	can	can	AUX
cblr-8632	562	46	undermine	undermine	VERB
cblr-8632	562	47	a	a	DET
cblr-8632	562	48	market	market	NOUN
cblr-8632	562	49	center	center	NOUN
cblr-8632	562	50	’s	’s	PART
cblr-8632	562	51	statistics	statistic	NOUN
cblr-8632	562	52	one	one	NUM
cblr-8632	562	53	needs	need	VERB
cblr-8632	562	54	to	to	PART
cblr-8632	562	55	look	look	VERB
cblr-8632	562	56	no	no	ADV
cblr-8632	562	57	further	far	ADV
cblr-8632	562	58	than	than	ADP
cblr-8632	562	59	trading	trade	VERB
cblr-8632	562	60	in	in	ADP
cblr-8632	562	61	gamestop	gamestop	NOUN
cblr-8632	562	62	on	on	ADP
cblr-8632	562	63	january	january	PROPN
cblr-8632	562	64	27	27	NUM
cblr-8632	562	65	,	,	PUNCT
cblr-8632	562	66	2021	2021	NUM
cblr-8632	562	67	.	.	PUNCT
cblr-8632	563	1	analysis	analysis	NOUN
cblr-8632	563	2	of	of	ADP
cblr-8632	563	3	the	the	DET
cblr-8632	563	4	taq	taq	PROPN
cblr-8632	563	5	data	datum	NOUN
cblr-8632	563	6	reveals	reveal	VERB
cblr-8632	563	7	that	that	SCONJ
cblr-8632	563	8	gamestop	gamestop	NOUN
cblr-8632	563	9	’s	’s	PART
cblr-8632	563	10	nbbo	nbbo	NOUN
cblr-8632	563	11	changed	change	VERB
cblr-8632	563	12	at	at	ADP
cblr-8632	563	13	least	least	ADV
cblr-8632	563	14	four	four	NUM
cblr-8632	563	15	times	time	NOUN
cblr-8632	563	16	within	within	ADP
cblr-8632	563	17	the	the	DET
cblr-8632	563	18	second	second	ADJ
cblr-8632	563	19	in	in	ADP
cblr-8632	563	20	more	more	ADJ
cblr-8632	563	21	than	than	ADP
cblr-8632	563	22	eighty	eighty	NUM
cblr-8632	563	23	percent	percent	NOUN
cblr-8632	563	24	of	of	ADP
cblr-8632	563	25	the	the	DET
cblr-8632	563	26	60,000	60,000	NUM
cblr-8632	563	27	seconds	second	NOUN
cblr-8632	563	28	that	that	PRON
cblr-8632	563	29	comprised	comprise	VERB
cblr-8632	563	30	the	the	DET
cblr-8632	563	31	trading	trading	NOUN
cblr-8632	563	32	day	day	NOUN
cblr-8632	563	33	.	.	PUNCT
cblr-8632	564	1	moreover	moreover	ADV
cblr-8632	564	2	,	,	PUNCT
cblr-8632	564	3	the	the	DET
cblr-8632	564	4	rate	rate	NOUN
cblr-8632	564	5	of	of	ADP
cblr-8632	564	6	within	within	ADP
cblr-8632	564	7	-	-	PUNCT
cblr-8632	564	8	second	second	ADJ
cblr-8632	564	9	changes	change	NOUN
cblr-8632	564	10	could	could	AUX
cblr-8632	564	11	reach	reach	VERB
cblr-8632	564	12	dizzying	dizzying	ADJ
cblr-8632	564	13	levels	level	NOUN
cblr-8632	564	14	,	,	PUNCT
cblr-8632	564	15	with	with	ADP
cblr-8632	564	16	its	its	PRON
cblr-8632	564	17	nbbo	nbbo	NOUN
cblr-8632	564	18	changing	change	VERB
cblr-8632	564	19	over	over	ADP
cblr-8632	564	20	500	500	NUM
cblr-8632	564	21	times	time	NOUN
cblr-8632	564	22	within	within	ADP
cblr-8632	564	23	the	the	DET
cblr-8632	564	24	second	second	ADJ
cblr-8632	564	25	in	in	ADP
cblr-8632	564	26	eleven	eleven	NUM
cblr-8632	564	27	instances	instance	NOUN
cblr-8632	564	28	and	and	CCONJ
cblr-8632	564	29	changing	change	VERB
cblr-8632	564	30	over	over	ADP
cblr-8632	564	31	1,500	1,500	NUM
cblr-8632	564	32	times	time	NOUN
cblr-8632	564	33	in	in	ADP
cblr-8632	564	34	five	five	NUM
cblr-8632	564	35	instances	instance	NOUN
cblr-8632	564	36	.	.	PUNCT
cblr-8632	565	1	such	such	ADJ
cblr-8632	565	2	within	within	ADP
cblr-8632	565	3	-	-	PUNCT
cblr-8632	565	4	second	second	NOUN
cblr-8632	565	5	volatility	volatility	NOUN
cblr-8632	565	6	creates	create	VERB
cblr-8632	565	7	considerable	considerable	ADJ
cblr-8632	565	8	discretion	discretion	NOUN
cblr-8632	565	9	for	for	ADP
cblr-8632	565	10	a	a	DET
cblr-8632	565	11	market	market	NOUN
cblr-8632	565	12	center	center	NOUN
cblr-8632	565	13	regarding	regard	VERB
cblr-8632	565	14	which	which	DET
cblr-8632	565	15	midpoint	midpoint	NOUN
cblr-8632	565	16	price	price	NOUN
cblr-8632	565	17	to	to	PART
cblr-8632	565	18	use	use	VERB
cblr-8632	565	19	in	in	ADP
cblr-8632	565	20	complying	comply	VERB
cblr-8632	565	21	with	with	ADP
cblr-8632	565	22	rule	rule	NOUN
cblr-8632	565	23	605	605	NUM
cblr-8632	565	24	.	.	PUNCT
cblr-8632	566	1	consider	consider	VERB
cblr-8632	566	2	an	an	DET
cblr-8632	566	3	example	example	NOUN
cblr-8632	566	4	.	.	PUNCT
cblr-8632	567	1	at	at	ADP
cblr-8632	567	2	11:06:27	11:06:27	NUM
cblr-8632	567	3	on	on	ADP
cblr-8632	567	4	january	january	PROPN
cblr-8632	567	5	27	27	NUM
cblr-8632	567	6	,	,	PUNCT
cblr-8632	567	7	2021	2021	NUM
cblr-8632	567	8	,	,	PUNCT
cblr-8632	567	9	a	a	DET
cblr-8632	567	10	non	non	ADJ
cblr-8632	567	11	-	-	ADJ
cblr-8632	567	12	exchange	exchange	ADJ
cblr-8632	567	13	purchase	purchase	NOUN
cblr-8632	567	14	of	of	ADP
cblr-8632	567	15	one	one	NUM
cblr-8632	567	16	share	share	NOUN
cblr-8632	567	17	of	of	ADP
cblr-8632	567	18	gamestop	gamestop	NOUN
cblr-8632	567	19	occurred	occur	VERB
cblr-8632	567	20	at	at	ADP
cblr-8632	567	21	a	a	DET
cblr-8632	567	22	price	price	NOUN
cblr-8632	567	23	of	of	ADP
cblr-8632	567	24	$	$	SYM
cblr-8632	567	25	379.5985	379.5985	NUM
cblr-8632	567	26	when	when	SCONJ
cblr-8632	567	27	the	the	DET
cblr-8632	567	28	contemporaneous	contemporaneous	ADJ
cblr-8632	567	29	reg	reg	PROPN
cblr-8632	567	30	nms	nms	NOUN
cblr-8632	567	31	nbbo	nbbo	NOUN
cblr-8632	567	32	(	(	PUNCT
cblr-8632	567	33	matched	match	VERB
cblr-8632	567	34	by	by	ADP
cblr-8632	567	35	the	the	DET
cblr-8632	567	36	microsecond	microsecond	NOUN
cblr-8632	567	37	of	of	ADP
cblr-8632	567	38	the	the	DET
cblr-8632	567	39	trade	trade	NOUN
cblr-8632	567	40	and	and	CCONJ
cblr-8632	567	41	quote	quote	INTJ
cblr-8632	567	42	)	)	PUNCT
cblr-8632	567	43	was	be	AUX
cblr-8632	567	44	$	$	SYM
cblr-8632	567	45	378.12	378.12	NUM
cblr-8632	567	46	×	×	NOUN
cblr-8632	567	47	$	$	SYM
cblr-8632	567	48	379.79	379.79	NUM
cblr-8632	567	49	,	,	PUNCT
cblr-8632	567	50	for	for	ADP
cblr-8632	567	51	a	a	DET
cblr-8632	567	52	midpoint	midpoint	NOUN
cblr-8632	567	53	of	of	ADP
cblr-8632	567	54	$	$	SYM
cblr-8632	567	55	378.955	378.955	NUM
cblr-8632	567	56	.	.	PUNCT
cblr-8632	568	1	based	base	VERB
cblr-8632	568	2	on	on	ADP
cblr-8632	568	3	the	the	DET
cblr-8632	568	4	nbbo	nbbo	NOUN
cblr-8632	568	5	at	at	ADP
cblr-8632	568	6	the	the	DET
cblr-8632	568	7	microsecond	microsecond	NOUN
cblr-8632	568	8	of	of	ADP
cblr-8632	568	9	the	the	DET
cblr-8632	568	10	trade	trade	NOUN
cblr-8632	568	11	,	,	PUNCT
cblr-8632	568	12	the	the	DET
cblr-8632	568	13	effective	effective	ADJ
cblr-8632	568	14	spread	spread	NOUN
cblr-8632	568	15	for	for	ADP
cblr-8632	568	16	this	this	DET
cblr-8632	568	17	trade	trade	NOUN
cblr-8632	568	18	was	be	AUX
cblr-8632	568	19	$	$	SYM
cblr-8632	568	20	1.287	1.287	NUM
cblr-8632	568	21	.	.	PUNCT
cblr-8632	569	1	however	however	ADV
cblr-8632	569	2	,	,	PUNCT
cblr-8632	569	3	due	due	ADP
cblr-8632	569	4	to	to	ADP
cblr-8632	569	5	within	within	ADP
cblr-8632	569	6	-	-	PUNCT
cblr-8632	569	7	second	second	NOUN
cblr-8632	569	8	variation	variation	NOUN
cblr-8632	569	9	of	of	ADP
cblr-8632	569	10	the	the	DET
cblr-8632	569	11	nbbo	nbbo	NOUN
cblr-8632	569	12	,	,	PUNCT
cblr-8632	569	13	the	the	DET
cblr-8632	569	14	midpoint	midpoint	NOUN
cblr-8632	569	15	went	go	VERB
cblr-8632	569	16	as	as	ADV
cblr-8632	569	17	high	high	ADJ
cblr-8632	569	18	as	as	ADP
cblr-8632	569	19	$	$	SYM
cblr-8632	569	20	379.215	379.215	NUM
cblr-8632	569	21	during	during	ADP
cblr-8632	569	22	11:06:27	11:06:27	NUM
cblr-8632	569	23	,	,	PUNCT
cblr-8632	569	24	and	and	CCONJ
cblr-8632	569	25	using	use	VERB
cblr-8632	569	26	this	this	DET
cblr-8632	569	27	midpoint	midpoint	NOUN
cblr-8632	569	28	as	as	ADP
cblr-8632	569	29	the	the	DET
cblr-8632	569	30	effective	effective	ADJ
cblr-8632	569	31	spread	spread	ADJ
cblr-8632	569	32	benchmark	benchmark	NOUN
cblr-8632	569	33	,	,	PUNCT
cblr-8632	569	34	the	the	DET
cblr-8632	569	35	effective	effective	ADJ
cblr-8632	569	36	spread	spread	NOUN
cblr-8632	569	37	for	for	ADP
cblr-8632	569	38	the	the	DET
cblr-8632	569	39	trade	trade	NOUN
cblr-8632	569	40	would	would	AUX
cblr-8632	569	41	be	be	AUX
cblr-8632	569	42	only	only	ADV
cblr-8632	569	43	$	$	SYM
cblr-8632	569	44	0.767	0.767	NUM
cblr-8632	569	45	.	.	PUNCT
cblr-8632	570	1	while	while	SCONJ
cblr-8632	570	2	it	it	PRON
cblr-8632	570	3	is	be	AUX
cblr-8632	570	4	unclear	unclear	ADJ
cblr-8632	570	5	if	if	SCONJ
cblr-8632	570	6	market	market	NOUN
cblr-8632	570	7	centers	center	NOUN
cblr-8632	570	8	select	select	VERB
cblr-8632	570	9	midpoint	midpoint	NOUN
cblr-8632	570	10	benchmarks	benchmark	NOUN
cblr-8632	570	11	in	in	ADP
cblr-8632	570	12	this	this	DET
cblr-8632	570	13	fashion	fashion	NOUN
cblr-8632	570	14	,	,	PUNCT
cblr-8632	570	15	the	the	DET
cblr-8632	570	16	fact	fact	NOUN
cblr-8632	570	17	that	that	SCONJ
cblr-8632	570	18	rule	rule	NOUN
cblr-8632	570	19	605	605	NUM
cblr-8632	570	20	would	would	AUX
cblr-8632	570	21	appear	appear	VERB
cblr-8632	570	22	to	to	PART
cblr-8632	570	23	permit	permit	VERB
cblr-8632	570	24	them	they	PRON
cblr-8632	570	25	to	to	PART
cblr-8632	570	26	do	do	VERB
cblr-8632	570	27	so	so	ADV
cblr-8632	570	28	is	be	AUX
cblr-8632	570	29	clearly	clearly	ADV
cblr-8632	570	30	poor	poor	ADJ
cblr-8632	570	31	regulatory	regulatory	ADJ
cblr-8632	570	32	design	design	NOUN
cblr-8632	570	33	.	.	PUNCT
cblr-8632	571	1	moreover	moreover	ADV
cblr-8632	571	2	,	,	PUNCT
cblr-8632	571	3	the	the	DET
cblr-8632	571	4	shortcomings	shortcoming	NOUN
cblr-8632	571	5	of	of	ADP
cblr-8632	571	6	regulatory	regulatory	ADJ
cblr-8632	571	7	design	design	NOUN
cblr-8632	571	8	in	in	ADP
cblr-8632	571	9	this	this	DET
cblr-8632	571	10	regard	regard	NOUN
cblr-8632	571	11	are	be	AUX
cblr-8632	571	12	not	not	PART
cblr-8632	571	13	limited	limit	VERB
cblr-8632	571	14	to	to	ADP
cblr-8632	571	15	a	a	DET
cblr-8632	571	16	volatile	volatile	ADJ
cblr-8632	571	17	stock	stock	NOUN
cblr-8632	571	18	such	such	ADJ
cblr-8632	571	19	as	as	ADP
cblr-8632	571	20	gamestop	gamestop	NOUN
cblr-8632	571	21	on	on	ADP
cblr-8632	571	22	january	january	PROPN
cblr-8632	571	23	27	27	NUM
cblr-8632	571	24	,	,	PUNCT
cblr-8632	571	25	2021	2021	NUM
cblr-8632	571	26	.	.	PUNCT
cblr-8632	572	1	for	for	ADP
cblr-8632	572	2	instance	instance	NOUN
cblr-8632	572	3	,	,	PUNCT
cblr-8632	572	4	even	even	ADV
cblr-8632	572	5	on	on	ADP
cblr-8632	572	6	a	a	DET
cblr-8632	572	7	light	light	NOUN
cblr-8632	572	8	92	92	NUM
cblr-8632	572	9	i	i	PROPN
cblr-8632	572	10	d.	d.	PROPN
cblr-8632	572	11	§	§	PROPN
cblr-8632	572	12	242.600(b)(79	242.600(b)(79	PROPN
cblr-8632	572	13	)	)	PUNCT
cblr-8632	572	14	.	.	PUNCT
cblr-8632	573	1	93	93	NUM
cblr-8632	573	2	see	see	VERB
cblr-8632	573	3	holden	holden	PROPN
cblr-8632	573	4	&	&	CCONJ
cblr-8632	573	5	stacey	stacey	PROPN
cblr-8632	573	6	,	,	PUNCT
cblr-8632	573	7	supra	supra	PROPN
cblr-8632	573	8	note	note	PROPN
cblr-8632	573	9	89	89	NUM
cblr-8632	573	10	,	,	PUNCT
cblr-8632	573	11	at	at	ADP
cblr-8632	573	12	1782	1782	NUM
cblr-8632	573	13	(	(	PUNCT
cblr-8632	573	14	projecting	project	VERB
cblr-8632	573	15	nanosecond	nanosecond	NOUN
cblr-8632	573	16	response	response	NOUN
cblr-8632	573	17	times	time	NOUN
cblr-8632	573	18	in	in	ADP
cblr-8632	573	19	the	the	DET
cblr-8632	573	20	2020s	2020s	NUM
cblr-8632	573	21	)	)	PUNCT
cblr-8632	573	22	.	.	PUNCT
cblr-8632	574	1	bartlett	bartlett	PROPN
cblr-8632	574	2	8/20/2021	8/20/2021	NUM
cblr-8632	574	3	6:20	6:20	NUM
cblr-8632	574	4	pm	pm	NOUN
cblr-8632	574	5	no	no	INTJ
cblr-8632	574	6	.	.	PUNCT
cblr-8632	575	1	2:520	2:520	NUM
cblr-8632	575	2	]	]	X
cblr-8632	575	3	modernizing	modernize	VERB
cblr-8632	575	4	odd	odd	ADJ
cblr-8632	575	5	lot	lot	NOUN
cblr-8632	575	6	trading	trade	VERB
cblr-8632	575	7	563	563	NUM
cblr-8632	575	8	trading	trading	NOUN
cblr-8632	575	9	day	day	NOUN
cblr-8632	575	10	such	such	ADJ
cblr-8632	575	11	as	as	ADP
cblr-8632	575	12	december	december	PROPN
cblr-8632	575	13	24	24	NUM
cblr-8632	575	14	,	,	PUNCT
cblr-8632	575	15	2020	2020	NUM
cblr-8632	575	16	,	,	PUNCT
cblr-8632	575	17	the	the	DET
cblr-8632	575	18	taq	taq	NOUN
cblr-8632	575	19	data	datum	NOUN
cblr-8632	575	20	reveal	reveal	VERB
cblr-8632	575	21	that	that	SCONJ
cblr-8632	575	22	the	the	DET
cblr-8632	575	23	nbbo	nbbo	NOUN
cblr-8632	575	24	for	for	ADP
cblr-8632	575	25	apple	apple	NOUN
cblr-8632	575	26	changed	change	VERB
cblr-8632	575	27	more	more	ADJ
cblr-8632	575	28	than	than	ADP
cblr-8632	575	29	ten	ten	NUM
cblr-8632	575	30	times	time	NOUN
cblr-8632	575	31	per	per	ADP
cblr-8632	575	32	second	second	NOUN
cblr-8632	575	33	for	for	ADP
cblr-8632	575	34	half	half	NOUN
cblr-8632	575	35	of	of	ADP
cblr-8632	575	36	all	all	DET
cblr-8632	575	37	seconds	second	NOUN
cblr-8632	575	38	of	of	ADP
cblr-8632	575	39	the	the	DET
cblr-8632	575	40	trading	trading	NOUN
cblr-8632	575	41	day	day	NOUN
cblr-8632	575	42	,	,	PUNCT
cblr-8632	575	43	with	with	ADP
cblr-8632	575	44	the	the	DET
cblr-8632	575	45	nbbo	nbbo	NOUN
cblr-8632	575	46	changing	change	VERB
cblr-8632	575	47	749	749	NUM
cblr-8632	575	48	times	time	NOUN
cblr-8632	575	49	for	for	ADP
cblr-8632	575	50	the	the	DET
cblr-8632	575	51	second	second	ADJ
cblr-8632	575	52	at	at	ADP
cblr-8632	575	53	3:50:12	3:50:12	NUM
cblr-8632	575	54	pm	pm	NOUN
cblr-8632	575	55	.	.	PUNCT
cblr-8632	576	1	thus	thus	ADV
cblr-8632	576	2	,	,	PUNCT
cblr-8632	576	3	reforming	reform	VERB
cblr-8632	576	4	rule	rule	NOUN
cblr-8632	576	5	605	605	NUM
cblr-8632	576	6	requires	require	VERB
cblr-8632	576	7	not	not	PART
cblr-8632	576	8	just	just	ADV
cblr-8632	576	9	expanding	expand	VERB
cblr-8632	576	10	the	the	DET
cblr-8632	576	11	rule	rule	NOUN
cblr-8632	576	12	to	to	PART
cblr-8632	576	13	cover	cover	VERB
cblr-8632	576	14	traditional	traditional	ADJ
cblr-8632	576	15	odd	odd	ADJ
cblr-8632	576	16	lot	lot	NOUN
cblr-8632	576	17	trades	trade	NOUN
cblr-8632	576	18	but	but	CCONJ
cblr-8632	576	19	also	also	ADV
cblr-8632	576	20	updating	update	VERB
cblr-8632	576	21	it	it	PRON
cblr-8632	576	22	to	to	PART
cblr-8632	576	23	account	account	VERB
cblr-8632	576	24	for	for	ADP
cblr-8632	576	25	the	the	DET
cblr-8632	576	26	speed	speed	NOUN
cblr-8632	576	27	with	with	ADP
cblr-8632	576	28	which	which	PRON
cblr-8632	576	29	prices	price	NOUN
cblr-8632	576	30	change	change	VERB
cblr-8632	576	31	in	in	ADP
cblr-8632	576	32	today	today	NOUN
cblr-8632	576	33	’s	’s	PART
cblr-8632	576	34	equity	equity	NOUN
cblr-8632	576	35	markets	market	NOUN
cblr-8632	576	36	.	.	PUNCT
cblr-8632	577	1	the	the	DET
cblr-8632	577	2	need	need	NOUN
cblr-8632	577	3	for	for	ADP
cblr-8632	577	4	rule	rule	NOUN
cblr-8632	577	5	605	605	NUM
cblr-8632	577	6	to	to	PART
cblr-8632	577	7	account	account	VERB
cblr-8632	577	8	for	for	ADP
cblr-8632	577	9	the	the	DET
cblr-8632	577	10	“	"	PUNCT
cblr-8632	577	11	correct	correct	ADJ
cblr-8632	577	12	”	"	PUNCT
cblr-8632	577	13	nbbo	nbbo	NOUN
cblr-8632	577	14	midpoint	midpoint	NOUN
cblr-8632	577	15	at	at	ADP
cblr-8632	577	16	the	the	DET
cblr-8632	577	17	time	time	NOUN
cblr-8632	577	18	of	of	ADP
cblr-8632	577	19	a	a	DET
cblr-8632	577	20	trade	trade	NOUN
cblr-8632	577	21	also	also	ADV
cblr-8632	577	22	implicates	implicate	VERB
cblr-8632	577	23	the	the	DET
cblr-8632	577	24	question	question	NOUN
cblr-8632	577	25	of	of	ADP
cblr-8632	577	26	the	the	DET
cblr-8632	577	27	proper	proper	ADJ
cblr-8632	577	28	regulatory	regulatory	ADJ
cblr-8632	577	29	treatment	treatment	NOUN
cblr-8632	577	30	of	of	ADP
cblr-8632	577	31	odd	odd	ADJ
cblr-8632	577	32	lot	lot	NOUN
cblr-8632	577	33	quotes	quote	NOUN
cblr-8632	577	34	.	.	PUNCT
cblr-8632	578	1	in	in	ADP
cblr-8632	578	2	the	the	DET
cblr-8632	578	3	previous	previous	ADJ
cblr-8632	578	4	gamestop	gamestop	NOUN
cblr-8632	578	5	example	example	NOUN
cblr-8632	578	6	,	,	PUNCT
cblr-8632	578	7	the	the	DET
cblr-8632	578	8	nbbo	nbbo	NOUN
cblr-8632	578	9	and	and	CCONJ
cblr-8632	578	10	its	its	PRON
cblr-8632	578	11	midpoint	midpoint	NOUN
cblr-8632	578	12	were	be	AUX
cblr-8632	578	13	calculated	calculate	VERB
cblr-8632	578	14	by	by	ADP
cblr-8632	578	15	reference	reference	NOUN
cblr-8632	578	16	to	to	ADP
cblr-8632	578	17	the	the	DET
cblr-8632	578	18	reg	reg	PROPN
cblr-8632	578	19	nms	nms	NOUN
cblr-8632	578	20	nbbo	nbbo	NOUN
cblr-8632	578	21	and	and	CCONJ
cblr-8632	578	22	not	not	PART
cblr-8632	578	23	by	by	ADP
cblr-8632	578	24	reference	reference	NOUN
cblr-8632	578	25	to	to	ADP
cblr-8632	578	26	the	the	DET
cblr-8632	578	27	“	"	PUNCT
cblr-8632	578	28	odd	odd	ADJ
cblr-8632	578	29	lot	lot	NOUN
cblr-8632	578	30	”	"	PUNCT
cblr-8632	578	31	nbbo	nbbo	NOUN
cblr-8632	578	32	discussed	discuss	VERB
cblr-8632	578	33	in	in	ADP
cblr-8632	578	34	part	part	NOUN
cblr-8632	578	35	iii	iii	NOUN
cblr-8632	578	36	.	.	PUNCT
cblr-8632	579	1	at	at	ADP
cblr-8632	579	2	the	the	DET
cblr-8632	579	3	time	time	NOUN
cblr-8632	579	4	of	of	ADP
cblr-8632	579	5	the	the	DET
cblr-8632	579	6	trade	trade	NOUN
cblr-8632	579	7	noted	note	VERB
cblr-8632	579	8	above	above	ADV
cblr-8632	579	9	,	,	PUNCT
cblr-8632	579	10	however	however	ADV
cblr-8632	579	11	,	,	PUNCT
cblr-8632	579	12	an	an	DET
cblr-8632	579	13	offer	offer	NOUN
cblr-8632	579	14	to	to	PART
cblr-8632	579	15	sell	sell	VERB
cblr-8632	579	16	three	three	NUM
cblr-8632	579	17	shares	share	NOUN
cblr-8632	579	18	for	for	ADP
cblr-8632	579	19	$	$	SYM
cblr-8632	579	20	379.69	379.69	NUM
cblr-8632	579	21	existed	exist	VERB
cblr-8632	579	22	on	on	ADP
cblr-8632	579	23	nasdaq	nasdaq	PROPN
cblr-8632	579	24	.	.	PUNCT
cblr-8632	580	1	therefore	therefore	ADV
cblr-8632	580	2	,	,	PUNCT
cblr-8632	580	3	had	have	VERB
cblr-8632	580	4	the	the	DET
cblr-8632	580	5	nbbo	nbbo	NOUN
cblr-8632	580	6	accounted	account	VERB
cblr-8632	580	7	for	for	ADP
cblr-8632	580	8	odd	odd	ADJ
cblr-8632	580	9	lot	lot	NOUN
cblr-8632	580	10	quotes	quote	NOUN
cblr-8632	580	11	at	at	ADP
cblr-8632	580	12	nasdaq	nasdaq	PROPN
cblr-8632	580	13	,	,	PUNCT
cblr-8632	580	14	it	it	PRON
cblr-8632	580	15	would	would	AUX
cblr-8632	580	16	have	have	AUX
cblr-8632	580	17	been	be	AUX
cblr-8632	580	18	$	$	SYM
cblr-8632	580	19	378.12	378.12	NUM
cblr-8632	580	20	×	×	NOUN
cblr-8632	580	21	$	$	SYM
cblr-8632	580	22	379.69	379.69	NUM
cblr-8632	580	23	,	,	PUNCT
cblr-8632	580	24	and	and	CCONJ
cblr-8632	580	25	the	the	DET
cblr-8632	580	26	effective	effective	ADJ
cblr-8632	580	27	spread	spread	NOUN
cblr-8632	580	28	would	would	AUX
cblr-8632	580	29	have	have	AUX
cblr-8632	580	30	increased	increase	VERB
cblr-8632	580	31	to	to	ADP
cblr-8632	580	32	$	$	SYM
cblr-8632	580	33	1.387	1.387	NUM
cblr-8632	580	34	.	.	PUNCT
cblr-8632	581	1	in	in	ADP
cblr-8632	581	2	this	this	DET
cblr-8632	581	3	regard	regard	NOUN
cblr-8632	581	4	,	,	PUNCT
cblr-8632	581	5	updating	update	VERB
cblr-8632	581	6	rule	rule	NOUN
cblr-8632	581	7	605	605	NUM
cblr-8632	581	8	to	to	PART
cblr-8632	581	9	account	account	VERB
cblr-8632	581	10	for	for	ADP
cblr-8632	581	11	traditional	traditional	ADJ
cblr-8632	581	12	odd	odd	ADJ
cblr-8632	581	13	lot	lot	NOUN
cblr-8632	581	14	trades	trade	NOUN
cblr-8632	581	15	will	will	AUX
cblr-8632	581	16	also	also	ADV
cblr-8632	581	17	require	require	VERB
cblr-8632	581	18	a	a	DET
cblr-8632	581	19	determination	determination	NOUN
cblr-8632	581	20	of	of	ADP
cblr-8632	581	21	how	how	SCONJ
cblr-8632	581	22	to	to	PART
cblr-8632	581	23	treat	treat	VERB
cblr-8632	581	24	odd	odd	ADJ
cblr-8632	581	25	lot	lot	NOUN
cblr-8632	581	26	quotes	quote	NOUN
cblr-8632	581	27	.	.	PUNCT
cblr-8632	582	1	from	from	ADP
cblr-8632	582	2	the	the	DET
cblr-8632	582	3	perspective	perspective	NOUN
cblr-8632	582	4	of	of	ADP
cblr-8632	582	5	promoting	promote	VERB
cblr-8632	582	6	best	best	ADJ
cblr-8632	582	7	execution	execution	NOUN
cblr-8632	582	8	of	of	ADP
cblr-8632	582	9	trades	trade	NOUN
cblr-8632	582	10	,	,	PUNCT
cblr-8632	582	11	the	the	DET
cblr-8632	582	12	findings	finding	NOUN
cblr-8632	582	13	presented	present	VERB
cblr-8632	582	14	in	in	ADP
cblr-8632	582	15	part	part	NOUN
cblr-8632	582	16	iii	iii	NUM
cblr-8632	582	17	point	point	NOUN
cblr-8632	582	18	to	to	ADP
cblr-8632	582	19	the	the	DET
cblr-8632	582	20	value	value	NOUN
cblr-8632	582	21	of	of	ADP
cblr-8632	582	22	including	include	VERB
cblr-8632	582	23	odd	odd	ADJ
cblr-8632	582	24	lot	lot	NOUN
cblr-8632	582	25	quotations	quotation	NOUN
cblr-8632	582	26	in	in	ADP
cblr-8632	582	27	the	the	DET
cblr-8632	582	28	nbbo	nbbo	NOUN
cblr-8632	582	29	and	and	CCONJ
cblr-8632	582	30	protecting	protect	VERB
cblr-8632	582	31	them	they	PRON
cblr-8632	582	32	from	from	ADP
cblr-8632	582	33	trade	trade	NOUN
cblr-8632	582	34	-	-	PUNCT
cblr-8632	582	35	throughs	throughs	NOUN
cblr-8632	582	36	under	under	ADP
cblr-8632	582	37	rule	rule	NOUN
cblr-8632	582	38	611	611	NUM
cblr-8632	582	39	.	.	PUNCT
cblr-8632	583	1	the	the	DET
cblr-8632	583	2	sec	sec	PROPN
cblr-8632	583	3	and	and	CCONJ
cblr-8632	583	4	finra	finra	PROPN
cblr-8632	583	5	have	have	AUX
cblr-8632	583	6	clearly	clearly	ADV
cblr-8632	583	7	stated	state	VERB
cblr-8632	583	8	that	that	SCONJ
cblr-8632	583	9	the	the	DET
cblr-8632	583	10	duty	duty	NOUN
cblr-8632	583	11	of	of	ADP
cblr-8632	583	12	best	good	ADJ
cblr-8632	583	13	execution	execution	NOUN
cblr-8632	583	14	requires	require	VERB
cblr-8632	583	15	a	a	DET
cblr-8632	583	16	broker	broker	NOUN
cblr-8632	583	17	to	to	PART
cblr-8632	583	18	consider	consider	VERB
cblr-8632	583	19	displayed	display	VERB
cblr-8632	583	20	odd	odd	ADJ
cblr-8632	583	21	lot	lot	NOUN
cblr-8632	583	22	quotes	quote	NOUN
cblr-8632	583	23	,	,	PUNCT
cblr-8632	583	24	and	and	CCONJ
cblr-8632	583	25	the	the	DET
cblr-8632	583	26	stated	state	VERB
cblr-8632	583	27	purpose	purpose	NOUN
cblr-8632	583	28	of	of	ADP
cblr-8632	583	29	disclosing	disclosing	NOUN
cblr-8632	583	30	(	(	PUNCT
cblr-8632	583	31	unprotected	unprotected	ADJ
cblr-8632	583	32	)	)	PUNCT
cblr-8632	583	33	odd	odd	ADJ
cblr-8632	583	34	lot	lot	NOUN
cblr-8632	583	35	quotes	quote	NOUN
cblr-8632	583	36	in	in	ADP
cblr-8632	583	37	the	the	DET
cblr-8632	583	38	2020	2020	NUM
cblr-8632	583	39	market	market	NOUN
cblr-8632	583	40	data	datum	NOUN
cblr-8632	583	41	reforms	reform	NOUN
cblr-8632	583	42	is	be	AUX
cblr-8632	583	43	to	to	PART
cblr-8632	583	44	ensure	ensure	VERB
cblr-8632	583	45	that	that	PRON
cblr-8632	583	46	odd	odd	ADJ
cblr-8632	583	47	lot	lot	NOUN
cblr-8632	583	48	quotations	quotation	NOUN
cblr-8632	583	49	are	be	AUX
cblr-8632	583	50	considered	consider	VERB
cblr-8632	583	51	in	in	ADP
cblr-8632	583	52	this	this	DET
cblr-8632	583	53	regard.94	regard.94	NOUN
cblr-8632	583	54	yet	yet	ADV
cblr-8632	583	55	as	as	SCONJ
cblr-8632	583	56	shown	show	VERB
cblr-8632	583	57	in	in	ADP
cblr-8632	583	58	part	part	PROPN
cblr-8632	583	59	iii	iii	PROPN
cblr-8632	583	60	,	,	PUNCT
cblr-8632	583	61	odd	odd	ADJ
cblr-8632	583	62	lot	lot	NOUN
cblr-8632	583	63	94	94	NUM
cblr-8632	583	64	see	see	VERB
cblr-8632	583	65	market	market	NOUN
cblr-8632	583	66	data	datum	NOUN
cblr-8632	583	67	infrastructure	infrastructure	NOUN
cblr-8632	583	68	,	,	PUNCT
cblr-8632	583	69	86	86	NUM
cblr-8632	583	70	fed	fed	PROPN
cblr-8632	583	71	.	.	PUNCT
cblr-8632	584	1	reg	reg	PROPN
cblr-8632	584	2	.	.	PROPN
cblr-8632	585	1	18,596	18,596	NUM
cblr-8632	585	2	,	,	PUNCT
cblr-8632	585	3	18,753	18,753	NUM
cblr-8632	585	4	(	(	PUNCT
cblr-8632	585	5	apr	apr	NOUN
cblr-8632	585	6	.	.	PROPN
cblr-8632	585	7	9	9	NUM
cblr-8632	585	8	,	,	PUNCT
cblr-8632	585	9	2021	2021	NUM
cblr-8632	585	10	)	)	PUNCT
cblr-8632	585	11	(	(	PUNCT
cblr-8632	585	12	to	to	PART
cblr-8632	585	13	be	be	AUX
cblr-8632	585	14	codified	codify	VERB
cblr-8632	585	15	at	at	ADP
cblr-8632	585	16	17	17	NUM
cblr-8632	585	17	c.f.r	c.f.r	NOUN
cblr-8632	585	18	.	.	PUNCT
cblr-8632	586	1	pts	pts	PROPN
cblr-8632	586	2	.	.	PROPN
cblr-8632	586	3	240	240	NUM
cblr-8632	586	4	,	,	PUNCT
cblr-8632	586	5	242	242	NUM
cblr-8632	586	6	,	,	PUNCT
cblr-8632	586	7	249	249	NUM
cblr-8632	586	8	)	)	PUNCT
cblr-8632	586	9	(	(	PUNCT
cblr-8632	586	10	“	"	PUNCT
cblr-8632	586	11	[	[	X
cblr-8632	586	12	t]he	t]he	X
cblr-8632	586	13	inclusion	inclusion	NOUN
cblr-8632	586	14	of	of	ADP
cblr-8632	586	15	oddlot	oddlot	NOUN
cblr-8632	586	16	quote	quote	NOUN
cblr-8632	586	17	information	information	NOUN
cblr-8632	586	18	in	in	ADP
cblr-8632	586	19	core	core	NOUN
cblr-8632	586	20	data	datum	NOUN
cblr-8632	586	21	will	will	AUX
cblr-8632	586	22	improve	improve	VERB
cblr-8632	586	23	transparency	transparency	NOUN
cblr-8632	586	24	and	and	CCONJ
cblr-8632	586	25	reduce	reduce	VERB
cblr-8632	586	26	information	information	NOUN
cblr-8632	586	27	asymmetry	asymmetry	NOUN
cblr-8632	586	28	between	between	ADP
cblr-8632	586	29	market	market	NOUN
cblr-8632	586	30	participants	participant	NOUN
cblr-8632	586	31	who	who	PRON
cblr-8632	586	32	already	already	ADV
cblr-8632	586	33	receive	receive	VERB
cblr-8632	586	34	this	this	DET
cblr-8632	586	35	information	information	NOUN
cblr-8632	586	36	through	through	ADP
cblr-8632	586	37	proprietary	proprietary	ADJ
cblr-8632	586	38	dob	dob	NOUN
cblr-8632	586	39	feeds	feed	VERB
cblr-8632	586	40	and	and	CCONJ
cblr-8632	586	41	market	market	NOUN
cblr-8632	586	42	participants	participant	NOUN
cblr-8632	586	43	who	who	PRON
cblr-8632	586	44	choose	choose	VERB
cblr-8632	586	45	to	to	PART
cblr-8632	586	46	subscribe	subscribe	VERB
cblr-8632	586	47	to	to	ADP
cblr-8632	586	48	this	this	DET
cblr-8632	586	49	aspect	aspect	NOUN
cblr-8632	586	50	of	of	ADP
cblr-8632	586	51	core	core	NOUN
cblr-8632	586	52	data	datum	NOUN
cblr-8632	586	53	and	and	CCONJ
cblr-8632	586	54	previously	previously	ADV
cblr-8632	586	55	did	do	AUX
cblr-8632	586	56	not	not	PART
cblr-8632	586	57	receive	receive	VERB
cblr-8632	586	58	this	this	DET
cblr-8632	586	59	information	information	NOUN
cblr-8632	586	60	.	.	PUNCT
cblr-8632	587	1	this	this	PRON
cblr-8632	587	2	could	could	AUX
cblr-8632	587	3	potentially	potentially	ADV
cblr-8632	587	4	lead	lead	VERB
cblr-8632	587	5	to	to	ADP
cblr-8632	587	6	these	these	DET
cblr-8632	587	7	market	market	NOUN
cblr-8632	587	8	participants	participant	NOUN
cblr-8632	587	9	being	be	AUX
cblr-8632	587	10	able	able	ADJ
cblr-8632	587	11	to	to	PART
cblr-8632	587	12	reduce	reduce	VERB
cblr-8632	587	13	their	their	PRON
cblr-8632	587	14	execution	execution	NOUN
cblr-8632	587	15	costs	cost	NOUN
cblr-8632	587	16	,	,	PUNCT
cblr-8632	587	17	make	make	VERB
cblr-8632	587	18	more	more	ADV
cblr-8632	587	19	informed	informed	ADJ
cblr-8632	587	20	trading	trading	NOUN
cblr-8632	587	21	decisions	decision	NOUN
cblr-8632	587	22	,	,	PUNCT
cblr-8632	587	23	facilitate	facilitate	VERB
cblr-8632	587	24	best	good	ADJ
cblr-8632	587	25	execution	execution	NOUN
cblr-8632	587	26	,	,	PUNCT
cblr-8632	587	27	as	as	ADV
cblr-8632	587	28	well	well	ADV
cblr-8632	587	29	as	as	ADP
cblr-8632	587	30	realize	realize	VERB
cblr-8632	587	31	gains	gain	NOUN
cblr-8632	587	32	from	from	ADP
cblr-8632	587	33	trade	trade	NOUN
cblr-8632	587	34	.	.	PUNCT
cblr-8632	587	35	”	"	PUNCT
cblr-8632	588	1	(	(	PUNCT
cblr-8632	588	2	footnote	footnote	NOUN
cblr-8632	588	3	omitted	omit	VERB
cblr-8632	588	4	)	)	PUNCT
cblr-8632	588	5	)	)	PUNCT
cblr-8632	588	6	;	;	PUNCT
cblr-8632	589	1	cf	cf	X
cblr-8632	589	2	.	.	PUNCT
cblr-8632	590	1	also	also	ADV
cblr-8632	590	2	finra	finra	PROPN
cblr-8632	590	3	r.	r.	PROPN
cblr-8632	590	4	5310	5310	NUM
cblr-8632	590	5	supp	supp	PROPN
cblr-8632	590	6	.	.	PUNCT
cblr-8632	591	1	.06	.06	NUM
cblr-8632	591	2	(	(	PUNCT
cblr-8632	591	3	fin	fin	NOUN
cblr-8632	591	4	.	.	PUNCT
cblr-8632	591	5	indus	indus	PROPN
cblr-8632	591	6	.	.	PUNCT
cblr-8632	592	1	bartlett	bartlett	PROPN
cblr-8632	592	2	8/20/2021	8/20/2021	NUM
cblr-8632	592	3	6:20	6:20	NUM
cblr-8632	592	4	pm	pm	NOUN
cblr-8632	592	5	564	564	NUM
cblr-8632	592	6	columbia	columbia	PROPN
cblr-8632	592	7	business	business	NOUN
cblr-8632	592	8	law	law	PROPN
cblr-8632	592	9	review	review	NOUN
cblr-8632	592	10	[	[	X
cblr-8632	592	11	vol	vol	NOUN
cblr-8632	592	12	.	.	PUNCT
cblr-8632	592	13	2021	2021	NUM
cblr-8632	592	14	quotes	quote	NOUN
cblr-8632	592	15	today	today	NOUN
cblr-8632	592	16	appear	appear	VERB
cblr-8632	592	17	to	to	PART
cblr-8632	592	18	be	be	AUX
cblr-8632	592	19	traded	trade	VERB
cblr-8632	592	20	through	through	ADP
cblr-8632	592	21	with	with	ADP
cblr-8632	592	22	regularity	regularity	NOUN
cblr-8632	592	23	,	,	PUNCT
cblr-8632	592	24	despite	despite	SCONJ
cblr-8632	592	25	the	the	DET
cblr-8632	592	26	fact	fact	NOUN
cblr-8632	592	27	that	that	SCONJ
cblr-8632	592	28	odd	odd	ADJ
cblr-8632	592	29	lot	lot	NOUN
cblr-8632	592	30	quotation	quotation	NOUN
cblr-8632	592	31	data	datum	NOUN
cblr-8632	592	32	is	be	AUX
cblr-8632	592	33	already	already	ADV
cblr-8632	592	34	available	available	ADJ
cblr-8632	592	35	through	through	ADP
cblr-8632	592	36	exchanges	exchange	NOUN
cblr-8632	592	37	’	'	PUNCT
cblr-8632	592	38	proprietary	proprietary	ADJ
cblr-8632	592	39	data	datum	NOUN
cblr-8632	592	40	feeds	feed	NOUN
cblr-8632	592	41	utilized	utilize	VERB
cblr-8632	592	42	by	by	ADP
cblr-8632	592	43	the	the	DET
cblr-8632	592	44	primary	primary	ADJ
cblr-8632	592	45	wholesale	wholesale	ADJ
cblr-8632	592	46	market	market	NOUN
cblr-8632	592	47	makers.95	makers.95	NOUN
cblr-8632	592	48	to	to	PART
cblr-8632	592	49	be	be	AUX
cblr-8632	592	50	sure	sure	ADJ
cblr-8632	592	51	,	,	PUNCT
cblr-8632	592	52	it	it	PRON
cblr-8632	592	53	is	be	AUX
cblr-8632	592	54	possible	possible	ADJ
cblr-8632	592	55	that	that	SCONJ
cblr-8632	592	56	these	these	DET
cblr-8632	592	57	trade	trade	NOUN
cblr-8632	592	58	-	-	PUNCT
cblr-8632	592	59	throughs	throughs	NOUN
cblr-8632	592	60	occur	occur	VERB
cblr-8632	592	61	because	because	SCONJ
cblr-8632	592	62	a	a	DET
cblr-8632	592	63	venue	venue	NOUN
cblr-8632	592	64	does	do	AUX
cblr-8632	592	65	not	not	PART
cblr-8632	592	66	have	have	VERB
cblr-8632	592	67	access	access	NOUN
cblr-8632	592	68	to	to	ADP
cblr-8632	592	69	these	these	DET
cblr-8632	592	70	data	datum	NOUN
cblr-8632	592	71	feeds	feed	NOUN
cblr-8632	592	72	;	;	PUNCT
cblr-8632	592	73	however	however	ADV
cblr-8632	592	74	,	,	PUNCT
cblr-8632	592	75	the	the	DET
cblr-8632	592	76	comments	comment	NOUN
cblr-8632	592	77	received	receive	VERB
cblr-8632	592	78	as	as	ADP
cblr-8632	592	79	part	part	NOUN
cblr-8632	592	80	of	of	ADP
cblr-8632	592	81	the	the	DET
cblr-8632	592	82	2020	2020	NUM
cblr-8632	592	83	market	market	NOUN
cblr-8632	592	84	data	datum	NOUN
cblr-8632	592	85	reform	reform	NOUN
cblr-8632	592	86	also	also	ADV
cblr-8632	592	87	indicated	indicate	VERB
cblr-8632	592	88	the	the	DET
cblr-8632	592	89	extent	extent	NOUN
cblr-8632	592	90	to	to	PART
cblr-8632	592	91	which	which	PRON
cblr-8632	592	92	market	market	NOUN
cblr-8632	592	93	participants	participant	NOUN
cblr-8632	592	94	feel	feel	VERB
cblr-8632	592	95	compelled	compel	VERB
cblr-8632	592	96	to	to	PART
cblr-8632	592	97	purchase	purchase	VERB
cblr-8632	592	98	these	these	DET
cblr-8632	592	99	data	datum	NOUN
cblr-8632	592	100	(	(	PUNCT
cblr-8632	592	101	often	often	ADV
cblr-8632	592	102	at	at	ADP
cblr-8632	592	103	extraordinary	extraordinary	ADJ
cblr-8632	592	104	cost	cost	NOUN
cblr-8632	592	105	)	)	PUNCT
cblr-8632	592	106	due	due	ADP
cblr-8632	592	107	to	to	ADP
cblr-8632	592	108	the	the	DET
cblr-8632	592	109	additional	additional	ADJ
cblr-8632	592	110	data	datum	NOUN
cblr-8632	592	111	they	they	PRON
cblr-8632	592	112	contain	contain	VERB
cblr-8632	592	113	relative	relative	ADJ
cblr-8632	592	114	to	to	ADP
cblr-8632	592	115	the	the	DET
cblr-8632	592	116	public	public	ADJ
cblr-8632	592	117	sip	sip	NOUN
cblr-8632	592	118	data.96	data.96	NOUN
cblr-8632	592	119	accordingly	accordingly	ADV
cblr-8632	592	120	,	,	PUNCT
cblr-8632	592	121	while	while	SCONJ
cblr-8632	592	122	the	the	DET
cblr-8632	592	123	expansion	expansion	NOUN
cblr-8632	592	124	of	of	ADP
cblr-8632	592	125	the	the	DET
cblr-8632	592	126	consolidated	consolidated	ADJ
cblr-8632	592	127	“	"	PUNCT
cblr-8632	592	128	core	core	NOUN
cblr-8632	592	129	”	"	PUNCT
cblr-8632	592	130	data	datum	NOUN
cblr-8632	592	131	to	to	PART
cblr-8632	592	132	include	include	VERB
cblr-8632	592	133	odd	odd	ADJ
cblr-8632	592	134	lot	lot	NOUN
cblr-8632	592	135	quotes	quote	NOUN
cblr-8632	592	136	and	and	CCONJ
cblr-8632	592	137	depth	depth	NOUN
cblr-8632	592	138	-	-	PUNCT
cblr-8632	592	139	of	of	ADP
cblr-8632	592	140	-	-	PUNCT
cblr-8632	592	141	book	book	NOUN
cblr-8632	592	142	information	information	NOUN
cblr-8632	592	143	will	will	AUX
cblr-8632	592	144	ensure	ensure	VERB
cblr-8632	592	145	greater	great	ADJ
cblr-8632	592	146	access	access	NOUN
cblr-8632	592	147	to	to	ADP
cblr-8632	592	148	these	these	DET
cblr-8632	592	149	data	datum	NOUN
cblr-8632	592	150	,	,	PUNCT
cblr-8632	592	151	the	the	DET
cblr-8632	592	152	findings	finding	NOUN
cblr-8632	592	153	in	in	ADP
cblr-8632	592	154	part	part	NOUN
cblr-8632	592	155	iii	iii	PRON
cblr-8632	592	156	nevertheless	nevertheless	ADV
cblr-8632	592	157	provide	provide	VERB
cblr-8632	592	158	a	a	DET
cblr-8632	592	159	reason	reason	NOUN
cblr-8632	592	160	to	to	PART
cblr-8632	592	161	question	question	VERB
cblr-8632	592	162	whether	whether	SCONJ
cblr-8632	592	163	adding	add	VERB
cblr-8632	592	164	odd	odd	ADJ
cblr-8632	592	165	lot	lot	NOUN
cblr-8632	592	166	quotes	quote	NOUN
cblr-8632	592	167	to	to	ADP
cblr-8632	592	168	the	the	DET
cblr-8632	592	169	core	core	ADJ
cblr-8632	592	170	consolidated	consolidated	ADJ
cblr-8632	592	171	data	datum	NOUN
cblr-8632	592	172	will	will	AUX
cblr-8632	592	173	ensure	ensure	VERB
cblr-8632	592	174	that	that	SCONJ
cblr-8632	592	175	they	they	PRON
cblr-8632	592	176	are	be	AUX
cblr-8632	592	177	used	use	VERB
cblr-8632	592	178	for	for	ADP
cblr-8632	592	179	pricing	pricing	NOUN
cblr-8632	592	180	trades	trade	NOUN
cblr-8632	592	181	.	.	PUNCT
cblr-8632	593	1	to	to	ADP
cblr-8632	593	2	the	the	DET
cblr-8632	593	3	extent	extent	NOUN
cblr-8632	593	4	the	the	DET
cblr-8632	593	5	goal	goal	NOUN
cblr-8632	593	6	is	be	AUX
cblr-8632	593	7	to	to	PART
cblr-8632	593	8	ensure	ensure	VERB
cblr-8632	593	9	that	that	SCONJ
cblr-8632	593	10	traders	trader	NOUN
cblr-8632	593	11	benefit	benefit	VERB
cblr-8632	593	12	from	from	ADP
cblr-8632	593	13	aggressively	aggressively	ADV
cblr-8632	593	14	-	-	PUNCT
cblr-8632	593	15	priced	price	VERB
cblr-8632	593	16	odd	odd	ADJ
cblr-8632	593	17	lot	lot	NOUN
cblr-8632	593	18	quotes	quote	NOUN
cblr-8632	593	19	,	,	PUNCT
cblr-8632	593	20	it	it	PRON
cblr-8632	593	21	would	would	AUX
cblr-8632	593	22	therefore	therefore	ADV
cblr-8632	593	23	be	be	AUX
cblr-8632	593	24	more	more	ADV
cblr-8632	593	25	effective	effective	ADJ
cblr-8632	593	26	to	to	PART
cblr-8632	593	27	include	include	VERB
cblr-8632	593	28	displayed	display	VERB
cblr-8632	593	29	odd	odd	ADJ
cblr-8632	593	30	lot	lot	NOUN
cblr-8632	593	31	quotes	quote	NOUN
cblr-8632	593	32	in	in	ADP
cblr-8632	593	33	the	the	DET
cblr-8632	593	34	set	set	NOUN
cblr-8632	593	35	of	of	ADP
cblr-8632	593	36	quotes	quote	NOUN
cblr-8632	593	37	eligible	eligible	ADJ
cblr-8632	593	38	for	for	ADP
cblr-8632	593	39	the	the	DET
cblr-8632	593	40	nbbo	nbbo	NOUN
cblr-8632	593	41	and	and	CCONJ
cblr-8632	593	42	for	for	ADP
cblr-8632	593	43	rule	rule	NOUN
cblr-8632	593	44	611	611	NUM
cblr-8632	593	45	.	.	PUNCT
cblr-8632	594	1	this	this	DET
cblr-8632	594	2	conclusion	conclusion	NOUN
cblr-8632	594	3	is	be	AUX
cblr-8632	594	4	especially	especially	ADV
cblr-8632	594	5	compelling	compelling	ADJ
cblr-8632	594	6	for	for	ADP
cblr-8632	594	7	odd	odd	ADJ
cblr-8632	594	8	lot	lot	NOUN
cblr-8632	594	9	trades	trade	NOUN
cblr-8632	594	10	.	.	PUNCT
cblr-8632	595	1	in	in	ADP
cblr-8632	595	2	the	the	DET
cblr-8632	595	3	example	example	NOUN
cblr-8632	595	4	given	give	VERB
cblr-8632	595	5	above	above	ADV
cblr-8632	595	6	,	,	PUNCT
cblr-8632	595	7	the	the	DET
cblr-8632	595	8	liquidity	liquidity	NOUN
cblr-8632	595	9	-	-	PUNCT
cblr-8632	595	10	taking	take	VERB
cblr-8632	595	11	trade	trade	NOUN
cblr-8632	595	12	was	be	AUX
cblr-8632	595	13	itself	itself	PRON
cblr-8632	595	14	an	an	DET
cblr-8632	595	15	order	order	NOUN
cblr-8632	595	16	to	to	PART
cblr-8632	595	17	buy	buy	VERB
cblr-8632	595	18	a	a	DET
cblr-8632	595	19	single	single	ADJ
cblr-8632	595	20	share	share	NOUN
cblr-8632	595	21	of	of	ADP
cblr-8632	595	22	gamestop	gamestop	NOUN
cblr-8632	595	23	.	.	PUNCT
cblr-8632	596	1	allowing	allow	VERB
cblr-8632	596	2	the	the	DET
cblr-8632	596	3	broker	broker	NOUN
cblr-8632	596	4	executing	execute	VERB
cblr-8632	596	5	this	this	DET
cblr-8632	596	6	order	order	NOUN
cblr-8632	596	7	to	to	PART
cblr-8632	596	8	ignore	ignore	VERB
cblr-8632	596	9	the	the	DET
cblr-8632	596	10	offer	offer	NOUN
cblr-8632	596	11	to	to	PART
cblr-8632	596	12	sell	sell	VERB
cblr-8632	596	13	three	three	NUM
cblr-8632	596	14	shares	share	NOUN
cblr-8632	596	15	for	for	ADP
cblr-8632	596	16	$	$	SYM
cblr-8632	596	17	379.69	379.69	NUM
cblr-8632	596	18	would	would	AUX
cblr-8632	596	19	thus	thus	ADV
cblr-8632	596	20	seem	seem	VERB
cblr-8632	596	21	,	,	PUNCT
cblr-8632	596	22	setting	set	VERB
cblr-8632	596	23	aside	aside	ADP
cblr-8632	596	24	specialized	specialized	ADJ
cblr-8632	596	25	considerations	consideration	NOUN
cblr-8632	596	26	that	that	PRON
cblr-8632	596	27	might	might	AUX
cblr-8632	596	28	be	be	AUX
cblr-8632	596	29	present	present	ADJ
cblr-8632	596	30	in	in	ADP
cblr-8632	596	31	isolated	isolated	ADJ
cblr-8632	596	32	circumstances	circumstance	NOUN
cblr-8632	596	33	,	,	PUNCT
cblr-8632	596	34	to	to	PART
cblr-8632	596	35	be	be	AUX
cblr-8632	596	36	inconsistent	inconsistent	ADJ
cblr-8632	596	37	with	with	ADP
cblr-8632	596	38	a	a	DET
cblr-8632	596	39	policy	policy	NOUN
cblr-8632	596	40	goal	goal	NOUN
cblr-8632	596	41	of	of	ADP
cblr-8632	596	42	ensuring	ensure	VERB
cblr-8632	596	43	best	good	ADJ
cblr-8632	596	44	execution.97	execution.97	NOUN
cblr-8632	596	45	yet	yet	ADV
cblr-8632	596	46	even	even	ADV
cblr-8632	596	47	for	for	ADP
cblr-8632	596	48	larger	large	ADJ
cblr-8632	596	49	market	market	NOUN
cblr-8632	596	50	orders	order	NOUN
cblr-8632	596	51	,	,	PUNCT
cblr-8632	596	52	odd	odd	ADJ
cblr-8632	596	53	lot	lot	NOUN
cblr-8632	596	54	quotes	quote	NOUN
cblr-8632	596	55	represent	represent	VERB
cblr-8632	596	56	relevant	relevant	ADJ
cblr-8632	596	57	information	information	NOUN
cblr-8632	596	58	regarding	regard	VERB
cblr-8632	596	59	market	market	NOUN
cblr-8632	596	60	conditions	condition	NOUN
cblr-8632	596	61	.	.	PUNCT
cblr-8632	597	1	the	the	DET
cblr-8632	597	2	regulatory	regulatory	ADJ
cblr-8632	597	3	preference	preference	NOUN
cblr-8632	597	4	for	for	ADP
cblr-8632	597	5	round	round	ADJ
cblr-8632	597	6	lots	lot	NOUN
cblr-8632	597	7	is	be	AUX
cblr-8632	597	8	not	not	PART
cblr-8632	597	9	because	because	SCONJ
cblr-8632	597	10	odd	odd	ADJ
cblr-8632	597	11	lot	lot	NOUN
cblr-8632	597	12	regul	regul	NOUN
cblr-8632	597	13	.	.	PUNCT
cblr-8632	598	1	auth	auth	PROPN
cblr-8632	598	2	.	.	PROPN
cblr-8632	598	3	2021	2021	NUM
cblr-8632	598	4	)	)	PUNCT
cblr-8632	599	1	(	(	PUNCT
cblr-8632	599	2	describing	describe	VERB
cblr-8632	599	3	the	the	DET
cblr-8632	599	4	need	need	NOUN
cblr-8632	599	5	to	to	PART
cblr-8632	599	6	search	search	VERB
cblr-8632	599	7	for	for	ADP
cblr-8632	599	8	pricing	pricing	NOUN
cblr-8632	599	9	and	and	CCONJ
cblr-8632	599	10	liquidity	liquidity	NOUN
cblr-8632	599	11	information	information	NOUN
cblr-8632	599	12	)	)	PUNCT
cblr-8632	599	13	.	.	PUNCT
cblr-8632	600	1	95	95	NUM
cblr-8632	600	2	see	see	VERB
cblr-8632	600	3	supra	supra	PROPN
cblr-8632	600	4	note	note	PROPN
cblr-8632	600	5	22	22	NUM
cblr-8632	600	6	and	and	CCONJ
cblr-8632	600	7	accompanying	accompany	VERB
cblr-8632	600	8	text	text	NOUN
cblr-8632	600	9	.	.	PUNCT
cblr-8632	601	1	96	96	NUM
cblr-8632	601	2	see	see	VERB
cblr-8632	601	3	supra	supra	PROPN
cblr-8632	601	4	note	note	NOUN
cblr-8632	601	5	31	31	NUM
cblr-8632	601	6	.	.	PUNCT
cblr-8632	602	1	97	97	NUM
cblr-8632	602	2	see	see	VERB
cblr-8632	602	3	jonathan	jonathan	PROPN
cblr-8632	602	4	r.	r.	PROPN
cblr-8632	602	5	macey	macey	PROPN
cblr-8632	602	6	&	&	CCONJ
cblr-8632	602	7	maureen	maureen	PROPN
cblr-8632	602	8	o’hara	o’hara	PROPN
cblr-8632	602	9	,	,	PUNCT
cblr-8632	602	10	the	the	DET
cblr-8632	602	11	law	law	NOUN
cblr-8632	602	12	and	and	CCONJ
cblr-8632	602	13	economics	economic	NOUN
cblr-8632	602	14	of	of	ADP
cblr-8632	602	15	best	good	ADJ
cblr-8632	602	16	execution	execution	NOUN
cblr-8632	602	17	,	,	PUNCT
cblr-8632	602	18	6	6	NUM
cblr-8632	602	19	j.	j.	PROPN
cblr-8632	602	20	fin	fin	PROPN
cblr-8632	602	21	.	.	PUNCT
cblr-8632	603	1	intermediation	intermediation	NOUN
cblr-8632	603	2	188	188	NUM
cblr-8632	603	3	,	,	PUNCT
cblr-8632	603	4	220	220	NUM
cblr-8632	603	5	(	(	PUNCT
cblr-8632	603	6	1997	1997	NUM
cblr-8632	603	7	)	)	PUNCT
cblr-8632	603	8	(	(	PUNCT
cblr-8632	603	9	“	"	PUNCT
cblr-8632	603	10	[	[	X
cblr-8632	603	11	a]bsent	a]bsent	ADP
cblr-8632	603	12	an	an	DET
cblr-8632	603	13	explicit	explicit	ADJ
cblr-8632	603	14	demonstration	demonstration	NOUN
cblr-8632	603	15	of	of	ADP
cblr-8632	603	16	other	other	ADJ
cblr-8632	603	17	offsetting	offset	VERB
cblr-8632	603	18	costs	cost	NOUN
cblr-8632	603	19	,	,	PUNCT
cblr-8632	603	20	the	the	DET
cblr-8632	603	21	duty	duty	NOUN
cblr-8632	603	22	of	of	ADP
cblr-8632	603	23	best	good	ADJ
cblr-8632	603	24	execution	execution	NOUN
cblr-8632	603	25	requires	require	VERB
cblr-8632	603	26	that	that	SCONJ
cblr-8632	603	27	the	the	DET
cblr-8632	603	28	trade	trade	NOUN
cblr-8632	603	29	execute	execute	VERB
cblr-8632	603	30	at	at	ADP
cblr-8632	603	31	the	the	DET
cblr-8632	603	32	best	good	ADJ
cblr-8632	603	33	prevailing	prevail	VERB
cblr-8632	603	34	price	price	NOUN
cblr-8632	603	35	.	.	PUNCT
cblr-8632	603	36	”	"	PUNCT
cblr-8632	603	37	)	)	PUNCT
cblr-8632	603	38	.	.	PUNCT
cblr-8632	604	1	bartlett	bartlett	PROPN
cblr-8632	604	2	8/20/2021	8/20/2021	NUM
cblr-8632	604	3	6:20	6:20	NUM
cblr-8632	604	4	pm	pm	NOUN
cblr-8632	604	5	no	no	INTJ
cblr-8632	604	6	.	.	PUNCT
cblr-8632	605	1	2:520	2:520	NUM
cblr-8632	605	2	]	]	X
cblr-8632	605	3	modernizing	modernize	VERB
cblr-8632	605	4	odd	odd	ADJ
cblr-8632	605	5	lot	lot	NOUN
cblr-8632	605	6	trading	trade	VERB
cblr-8632	605	7	565	565	NUM
cblr-8632	605	8	orders	order	NOUN
cblr-8632	605	9	are	be	AUX
cblr-8632	605	10	economically	economically	ADV
cblr-8632	605	11	irrelevant	irrelevant	ADJ
cblr-8632	605	12	.	.	PUNCT
cblr-8632	606	1	rather	rather	ADV
cblr-8632	606	2	,	,	PUNCT
cblr-8632	606	3	the	the	DET
cblr-8632	606	4	preference	preference	NOUN
cblr-8632	606	5	dates	date	VERB
cblr-8632	606	6	back	back	ADV
cblr-8632	606	7	to	to	ADP
cblr-8632	606	8	the	the	DET
cblr-8632	606	9	years	year	NOUN
cblr-8632	606	10	following	follow	VERB
cblr-8632	606	11	the	the	DET
cblr-8632	606	12	civil	civil	ADJ
cblr-8632	606	13	war	war	NOUN
cblr-8632	606	14	,	,	PUNCT
cblr-8632	606	15	when	when	SCONJ
cblr-8632	606	16	the	the	DET
cblr-8632	606	17	fixed	fix	VERB
cblr-8632	606	18	costs	cost	NOUN
cblr-8632	606	19	of	of	ADP
cblr-8632	606	20	floor	floor	NOUN
cblr-8632	606	21	trading	trading	NOUN
cblr-8632	606	22	on	on	ADP
cblr-8632	606	23	the	the	DET
cblr-8632	606	24	new	new	PROPN
cblr-8632	606	25	york	york	PROPN
cblr-8632	606	26	stock	stock	PROPN
cblr-8632	606	27	exchange	exchange	PROPN
cblr-8632	606	28	made	make	VERB
cblr-8632	606	29	it	it	PRON
cblr-8632	606	30	physically	physically	ADV
cblr-8632	606	31	challenging	challenge	VERB
cblr-8632	606	32	for	for	SCONJ
cblr-8632	606	33	brokers	broker	NOUN
cblr-8632	606	34	to	to	PART
cblr-8632	606	35	handle	handle	VERB
cblr-8632	606	36	the	the	DET
cblr-8632	606	37	expanding	expand	VERB
cblr-8632	606	38	number	number	NOUN
cblr-8632	606	39	of	of	ADP
cblr-8632	606	40	orders	order	NOUN
cblr-8632	606	41	for	for	ADP
cblr-8632	606	42	smaller	small	ADJ
cblr-8632	606	43	lots.98	lots.98	NOUN
cblr-8632	606	44	the	the	DET
cblr-8632	606	45	result	result	NOUN
cblr-8632	606	46	was	be	AUX
cblr-8632	606	47	a	a	DET
cblr-8632	606	48	twotiered	twotiered	ADJ
cblr-8632	606	49	market	market	NOUN
cblr-8632	606	50	where	where	SCONJ
cblr-8632	606	51	orders	order	NOUN
cblr-8632	606	52	in	in	ADP
cblr-8632	606	53	excess	excess	NOUN
cblr-8632	606	54	of	of	ADP
cblr-8632	606	55	100	100	NUM
cblr-8632	606	56	shares	share	NOUN
cblr-8632	606	57	interacted	interact	VERB
cblr-8632	606	58	on	on	ADP
cblr-8632	606	59	the	the	DET
cblr-8632	606	60	floor	floor	NOUN
cblr-8632	606	61	of	of	ADP
cblr-8632	606	62	the	the	DET
cblr-8632	606	63	nyse	nyse	PROPN
cblr-8632	606	64	while	while	SCONJ
cblr-8632	606	65	odd	odd	ADJ
cblr-8632	606	66	lot	lot	NOUN
cblr-8632	606	67	orders	order	NOUN
cblr-8632	606	68	were	be	AUX
cblr-8632	606	69	sent	send	VERB
cblr-8632	606	70	to	to	ADP
cblr-8632	606	71	a	a	DET
cblr-8632	606	72	small	small	ADJ
cblr-8632	606	73	group	group	NOUN
cblr-8632	606	74	of	of	ADP
cblr-8632	606	75	“	"	PUNCT
cblr-8632	606	76	odd	odd	ADJ
cblr-8632	606	77	lot	lot	NOUN
cblr-8632	606	78	brokers	broker	NOUN
cblr-8632	606	79	”	"	PUNCT
cblr-8632	606	80	who	who	PRON
cblr-8632	606	81	specialized	specialize	VERB
cblr-8632	606	82	in	in	ADP
cblr-8632	606	83	filling	fill	VERB
cblr-8632	606	84	odd	odd	ADJ
cblr-8632	606	85	lot	lot	NOUN
cblr-8632	606	86	orders	order	NOUN
cblr-8632	606	87	on	on	ADP
cblr-8632	606	88	a	a	DET
cblr-8632	606	89	principal	principal	ADJ
cblr-8632	606	90	basis	basis	NOUN
cblr-8632	606	91	(	(	PUNCT
cblr-8632	606	92	for	for	ADP
cblr-8632	606	93	which	which	PRON
cblr-8632	606	94	they	they	PRON
cblr-8632	606	95	charged	charge	VERB
cblr-8632	606	96	an	an	DET
cblr-8632	606	97	“	"	PUNCT
cblr-8632	606	98	odd	odd	ADJ
cblr-8632	606	99	lot	lot	NOUN
cblr-8632	606	100	differential”).99	differential”).99	VERB
cblr-8632	606	101	these	these	DET
cblr-8632	606	102	concerns	concern	NOUN
cblr-8632	606	103	are	be	AUX
cblr-8632	606	104	obsolete	obsolete	ADJ
cblr-8632	606	105	in	in	ADP
cblr-8632	606	106	modern	modern	ADJ
cblr-8632	606	107	equity	equity	NOUN
cblr-8632	606	108	markets	market	NOUN
cblr-8632	606	109	,	,	PUNCT
cblr-8632	606	110	where	where	SCONJ
cblr-8632	606	111	trade	trade	NOUN
cblr-8632	606	112	executions	execution	NOUN
cblr-8632	606	113	occur	occur	VERB
cblr-8632	606	114	electronically	electronically	ADV
cblr-8632	606	115	.	.	PUNCT
cblr-8632	607	1	indeed	indeed	ADV
cblr-8632	607	2	,	,	PUNCT
cblr-8632	607	3	part	part	NOUN
cblr-8632	607	4	of	of	ADP
cblr-8632	607	5	the	the	DET
cblr-8632	607	6	growth	growth	NOUN
cblr-8632	607	7	of	of	ADP
cblr-8632	607	8	odd	odd	ADJ
cblr-8632	607	9	lot	lot	NOUN
cblr-8632	607	10	trading	trading	NOUN
cblr-8632	607	11	and	and	CCONJ
cblr-8632	607	12	quoting	quoting	NOUN
cblr-8632	607	13	is	be	AUX
cblr-8632	607	14	the	the	DET
cblr-8632	607	15	emergence	emergence	NOUN
cblr-8632	607	16	of	of	ADP
cblr-8632	607	17	smart	smart	ADJ
cblr-8632	607	18	order	order	NOUN
cblr-8632	607	19	routers	router	NOUN
cblr-8632	607	20	that	that	PRON
cblr-8632	607	21	are	be	AUX
cblr-8632	607	22	capable	capable	ADJ
cblr-8632	607	23	of	of	ADP
cblr-8632	607	24	dividing	divide	VERB
cblr-8632	607	25	large	large	ADJ
cblr-8632	607	26	institutional	institutional	ADJ
cblr-8632	607	27	trades	trade	NOUN
cblr-8632	607	28	into	into	ADP
cblr-8632	607	29	smaller	small	ADJ
cblr-8632	607	30	orders	order	NOUN
cblr-8632	607	31	that	that	PRON
cblr-8632	607	32	can	can	AUX
cblr-8632	607	33	seek	seek	VERB
cblr-8632	607	34	better	well	ADJ
cblr-8632	607	35	pricing	pricing	NOUN
cblr-8632	607	36	within	within	ADP
cblr-8632	607	37	the	the	DET
cblr-8632	607	38	official	official	ADJ
cblr-8632	607	39	nbbo	nbbo	NOUN
cblr-8632	607	40	,	,	PUNCT
cblr-8632	607	41	such	such	ADJ
cblr-8632	607	42	as	as	ADP
cblr-8632	607	43	by	by	ADP
cblr-8632	607	44	interacting	interact	VERB
cblr-8632	607	45	with	with	ADP
cblr-8632	607	46	odd	odd	ADJ
cblr-8632	607	47	lot	lot	NOUN
cblr-8632	607	48	quotes.100	quotes.100	PROPN
cblr-8632	607	49	thus	thus	ADV
cblr-8632	607	50	,	,	PUNCT
cblr-8632	607	51	even	even	ADV
cblr-8632	607	52	for	for	ADP
cblr-8632	607	53	a	a	DET
cblr-8632	607	54	large	large	ADJ
cblr-8632	607	55	institutional	institutional	ADJ
cblr-8632	607	56	order	order	NOUN
cblr-8632	607	57	,	,	PUNCT
cblr-8632	607	58	aggressively	aggressively	ADV
cblr-8632	607	59	-	-	PUNCT
cblr-8632	607	60	priced	price	VERB
cblr-8632	607	61	quotes	quote	NOUN
cblr-8632	607	62	—	—	PUNCT
cblr-8632	607	63	whether	whether	SCONJ
cblr-8632	607	64	odd	odd	ADJ
cblr-8632	607	65	lot	lot	NOUN
cblr-8632	607	66	or	or	CCONJ
cblr-8632	607	67	round	round	NOUN
cblr-8632	607	68	lot	lot	NOUN
cblr-8632	607	69	—	—	PUNCT
cblr-8632	607	70	are	be	AUX
cblr-8632	607	71	part	part	NOUN
cblr-8632	607	72	of	of	ADP
cblr-8632	607	73	the	the	DET
cblr-8632	607	74	order	order	NOUN
cblr-8632	607	75	book	book	NOUN
cblr-8632	607	76	that	that	PRON
cblr-8632	607	77	a	a	DET
cblr-8632	607	78	trader	trader	NOUN
cblr-8632	607	79	can	can	AUX
cblr-8632	607	80	“	"	PUNCT
cblr-8632	607	81	walk	walk	VERB
cblr-8632	607	82	through	through	ADP
cblr-8632	607	83	”	"	PUNCT
cblr-8632	607	84	if	if	SCONJ
cblr-8632	607	85	it	it	PRON
cblr-8632	607	86	demands	demand	VERB
cblr-8632	607	87	more	more	ADJ
cblr-8632	607	88	shares	share	NOUN
cblr-8632	607	89	than	than	SCONJ
cblr-8632	607	90	a	a	DET
cblr-8632	607	91	given	give	VERB
cblr-8632	607	92	price	price	NOUN
cblr-8632	607	93	level	level	NOUN
cblr-8632	607	94	can	can	AUX
cblr-8632	607	95	provide	provide	VERB
cblr-8632	607	96	.	.	PUNCT
cblr-8632	608	1	perhaps	perhaps	ADV
cblr-8632	608	2	unsurprisingly	unsurprisingly	ADV
cblr-8632	608	3	,	,	PUNCT
cblr-8632	608	4	most	most	ADV
cblr-8632	608	5	developed	develop	VERB
cblr-8632	608	6	equity	equity	NOUN
cblr-8632	608	7	markets	market	NOUN
cblr-8632	608	8	outside	outside	ADP
cblr-8632	608	9	of	of	ADP
cblr-8632	608	10	the	the	DET
cblr-8632	608	11	u.s	u.s	PROPN
cblr-8632	608	12	.	.	PROPN
cblr-8632	608	13	do	do	AUX
cblr-8632	608	14	not	not	PART
cblr-8632	608	15	distinguish	distinguish	VERB
cblr-8632	608	16	between	between	ADP
cblr-8632	608	17	odd	odd	ADJ
cblr-8632	608	18	lots	lot	NOUN
cblr-8632	608	19	and	and	CCONJ
cblr-8632	608	20	round	round	VERB
cblr-8632	608	21	lots	lot	NOUN
cblr-8632	608	22	and	and	CCONJ
cblr-8632	608	23	trade	trade	NOUN
cblr-8632	608	24	in	in	ADP
cblr-8632	608	25	integer	integer	NOUN
cblr-8632	608	26	shares.101	shares.101	PROPN
cblr-8632	608	27	to	to	PART
cblr-8632	608	28	be	be	AUX
cblr-8632	608	29	sure	sure	ADJ
cblr-8632	608	30	,	,	PUNCT
cblr-8632	608	31	providing	provide	VERB
cblr-8632	608	32	equal	equal	ADJ
cblr-8632	608	33	treatment	treatment	NOUN
cblr-8632	608	34	to	to	ADP
cblr-8632	608	35	all	all	DET
cblr-8632	608	36	quotes	quote	NOUN
cblr-8632	608	37	does	do	AUX
cblr-8632	608	38	call	call	VERB
cblr-8632	608	39	into	into	ADP
cblr-8632	608	40	question	question	NOUN
cblr-8632	608	41	the	the	DET
cblr-8632	608	42	relevance	relevance	NOUN
cblr-8632	608	43	of	of	ADP
cblr-8632	608	44	the	the	DET
cblr-8632	608	45	nbbo	nbbo	NOUN
cblr-8632	608	46	when	when	SCONJ
cblr-8632	608	47	one	one	NUM
cblr-8632	608	48	or	or	CCONJ
cblr-8632	608	49	both	both	DET
cblr-8632	608	50	98	98	NUM
cblr-8632	608	51	see	see	VERB
cblr-8632	608	52	henry	henry	PROPN
cblr-8632	608	53	brodie	brodie	PROPN
cblr-8632	608	54	,	,	PUNCT
cblr-8632	608	55	odd	odd	ADJ
cblr-8632	608	56	-	-	PUNCT
cblr-8632	608	57	lot	lot	NOUN
cblr-8632	608	58	trading	trading	NOUN
cblr-8632	608	59	on	on	ADP
cblr-8632	608	60	the	the	DET
cblr-8632	608	61	new	new	PROPN
cblr-8632	608	62	york	york	PROPN
cblr-8632	608	63	stock	stock	PROPN
cblr-8632	608	64	exchange	exchange	PROPN
cblr-8632	608	65	and	and	CCONJ
cblr-8632	608	66	financial	financial	ADJ
cblr-8632	608	67	decentralization	decentralization	NOUN
cblr-8632	608	68	,	,	PUNCT
cblr-8632	608	69	6	6	NUM
cblr-8632	608	70	s.	s.	PROPN
cblr-8632	608	71	econ	econ	PROPN
cblr-8632	608	72	.	.	PUNCT
cblr-8632	609	1	j.	j.	PROPN
cblr-8632	609	2	488	488	PROPN
cblr-8632	609	3	,	,	PUNCT
cblr-8632	609	4	489	489	NUM
cblr-8632	609	5	(	(	PUNCT
cblr-8632	609	6	1940	1940	NUM
cblr-8632	609	7	)	)	PUNCT
cblr-8632	609	8	.	.	PUNCT
cblr-8632	610	1	prior	prior	ADV
cblr-8632	610	2	to	to	ADP
cblr-8632	610	3	the	the	DET
cblr-8632	610	4	civil	civil	ADJ
cblr-8632	610	5	war	war	NOUN
cblr-8632	610	6	,	,	PUNCT
cblr-8632	610	7	the	the	DET
cblr-8632	610	8	nyse	nyse	PROPN
cblr-8632	610	9	“	"	PUNCT
cblr-8632	610	10	had	have	VERB
cblr-8632	610	11	no	no	DET
cblr-8632	610	12	prescribed	prescribed	ADJ
cblr-8632	610	13	unit	unit	NOUN
cblr-8632	610	14	of	of	ADP
cblr-8632	610	15	trading	trading	NOUN
cblr-8632	610	16	,	,	PUNCT
cblr-8632	610	17	”	"	PUNCT
cblr-8632	610	18	and	and	CCONJ
cblr-8632	610	19	“	"	PUNCT
cblr-8632	610	20	[	[	X
cblr-8632	610	21	a]ll	a]ll	PRON
cblr-8632	610	22	purchases	purchase	NOUN
cblr-8632	610	23	and	and	CCONJ
cblr-8632	610	24	sales	sale	NOUN
cblr-8632	610	25	of	of	ADP
cblr-8632	610	26	stock	stock	NOUN
cblr-8632	610	27	,	,	PUNCT
cblr-8632	610	28	irrespective	irrespective	ADV
cblr-8632	610	29	of	of	ADP
cblr-8632	610	30	the	the	DET
cblr-8632	610	31	number	number	NOUN
cblr-8632	610	32	of	of	ADP
cblr-8632	610	33	shares	share	NOUN
cblr-8632	610	34	involved	involve	VERB
cblr-8632	610	35	were	be	AUX
cblr-8632	610	36	executed	execute	VERB
cblr-8632	610	37	by	by	ADP
cblr-8632	610	38	brokers	broker	NOUN
cblr-8632	610	39	at	at	ADP
cblr-8632	610	40	a	a	DET
cblr-8632	610	41	mutually	mutually	ADV
cblr-8632	610	42	satisfactory	satisfactory	ADJ
cblr-8632	610	43	price	price	NOUN
cblr-8632	610	44	,	,	PUNCT
cblr-8632	610	45	through	through	ADP
cblr-8632	610	46	a	a	DET
cblr-8632	610	47	system	system	NOUN
cblr-8632	610	48	of	of	ADP
cblr-8632	610	49	bids	bid	NOUN
cblr-8632	610	50	and	and	CCONJ
cblr-8632	610	51	offers	offer	VERB
cblr-8632	610	52	on	on	ADP
cblr-8632	610	53	the	the	DET
cblr-8632	610	54	floor	floor	NOUN
cblr-8632	610	55	of	of	ADP
cblr-8632	610	56	the	the	DET
cblr-8632	610	57	exchange	exchange	NOUN
cblr-8632	610	58	.	.	PUNCT
cblr-8632	610	59	”	"	PUNCT
cblr-8632	611	1	i	i	PRON
cblr-8632	611	2	d.	d.	PROPN
cblr-8632	611	3	99	99	NUM
cblr-8632	611	4	see	see	VERB
cblr-8632	611	5	i	i	PRON
cblr-8632	611	6	d.	d.	PROPN
cblr-8632	611	7	at	at	ADP
cblr-8632	611	8	489–90	489–90	PROPN
cblr-8632	611	9	.	.	PUNCT
cblr-8632	612	1	the	the	DET
cblr-8632	612	2	price	price	NOUN
cblr-8632	612	3	that	that	PRON
cblr-8632	612	4	an	an	DET
cblr-8632	612	5	odd	odd	ADJ
cblr-8632	612	6	lot	lot	NOUN
cblr-8632	612	7	broker	broker	NOUN
cblr-8632	612	8	used	use	VERB
cblr-8632	612	9	to	to	PART
cblr-8632	612	10	fill	fill	VERB
cblr-8632	612	11	an	an	DET
cblr-8632	612	12	odd	odd	ADJ
cblr-8632	612	13	lot	lot	NOUN
cblr-8632	612	14	order	order	NOUN
cblr-8632	612	15	was	be	AUX
cblr-8632	612	16	fixed	fix	VERB
cblr-8632	612	17	by	by	ADP
cblr-8632	612	18	the	the	DET
cblr-8632	612	19	prices	price	NOUN
cblr-8632	612	20	at	at	ADP
cblr-8632	612	21	which	which	PRON
cblr-8632	612	22	round	round	NOUN
cblr-8632	612	23	lots	lot	NOUN
cblr-8632	612	24	were	be	AUX
cblr-8632	612	25	sold	sell	VERB
cblr-8632	612	26	on	on	ADP
cblr-8632	612	27	the	the	DET
cblr-8632	612	28	floor	floor	NOUN
cblr-8632	612	29	of	of	ADP
cblr-8632	612	30	the	the	DET
cblr-8632	612	31	exchange	exchange	NOUN
cblr-8632	612	32	;	;	PUNCT
cblr-8632	612	33	consequently	consequently	ADV
cblr-8632	612	34	,	,	PUNCT
cblr-8632	612	35	they	they	PRON
cblr-8632	612	36	were	be	AUX
cblr-8632	612	37	not	not	PART
cblr-8632	612	38	viewed	view	VERB
cblr-8632	612	39	as	as	ADP
cblr-8632	612	40	contributing	contribute	VERB
cblr-8632	612	41	to	to	ADP
cblr-8632	612	42	price	price	NOUN
cblr-8632	612	43	discovery	discovery	NOUN
cblr-8632	612	44	.	.	PUNCT
cblr-8632	613	1	i	i	PRON
cblr-8632	613	2	d.	d.	PROPN
cblr-8632	613	3	at	at	ADP
cblr-8632	613	4	490	490	NUM
cblr-8632	613	5	.	.	NOUN
cblr-8632	613	6	100	100	NUM
cblr-8632	613	7	for	for	ADP
cblr-8632	613	8	a	a	DET
cblr-8632	613	9	brief	brief	ADJ
cblr-8632	613	10	overview	overview	NOUN
cblr-8632	613	11	of	of	ADP
cblr-8632	613	12	smart	smart	ADJ
cblr-8632	613	13	order	order	NOUN
cblr-8632	613	14	routing	routing	NOUN
cblr-8632	613	15	,	,	PUNCT
cblr-8632	613	16	see	see	VERB
cblr-8632	613	17	kiersten	kiersten	PROPN
cblr-8632	613	18	zaza	zaza	PROPN
cblr-8632	613	19	,	,	PUNCT
cblr-8632	613	20	a	a	DET
cblr-8632	613	21	fiduciary	fiduciary	ADJ
cblr-8632	613	22	standard	standard	NOUN
cblr-8632	613	23	as	as	ADP
cblr-8632	613	24	a	a	DET
cblr-8632	613	25	tool	tool	NOUN
cblr-8632	613	26	for	for	ADP
cblr-8632	613	27	dark	dark	ADJ
cblr-8632	613	28	pool	pool	NOUN
cblr-8632	613	29	subscribers	subscriber	NOUN
cblr-8632	613	30	,	,	PUNCT
cblr-8632	613	31	18	18	NUM
cblr-8632	613	32	stan	stan	NOUN
cblr-8632	613	33	.	.	PUNCT
cblr-8632	614	1	j.l	j.l	PROPN
cblr-8632	614	2	.	.	PROPN
cblr-8632	614	3	bus	bus	PROPN
cblr-8632	614	4	.	.	PUNCT
cblr-8632	614	5	&	&	CCONJ
cblr-8632	614	6	fin	fin	PROPN
cblr-8632	614	7	.	.	PUNCT
cblr-8632	615	1	319	319	NUM
cblr-8632	615	2	,	,	PUNCT
cblr-8632	615	3	330–31	330–31	NUM
cblr-8632	615	4	(	(	PUNCT
cblr-8632	615	5	2013	2013	NUM
cblr-8632	615	6	)	)	PUNCT
cblr-8632	615	7	.	.	PUNCT
cblr-8632	616	1	101	101	NUM
cblr-8632	616	2	phil	phil	PROPN
cblr-8632	616	3	mackintosh	mackintosh	PROPN
cblr-8632	616	4	,	,	PUNCT
cblr-8632	616	5	real	real	ADJ
cblr-8632	616	6	impact	impact	NOUN
cblr-8632	616	7	of	of	ADP
cblr-8632	616	8	no	no	DET
cblr-8632	616	9	round	round	ADJ
cblr-8632	616	10	lots	lot	NOUN
cblr-8632	616	11	,	,	PUNCT
cblr-8632	616	12	traders	trader	NOUN
cblr-8632	616	13	magazine	magazine	NOUN
cblr-8632	616	14	(	(	PUNCT
cblr-8632	616	15	july	july	PROPN
cblr-8632	616	16	20	20	NUM
cblr-8632	616	17	,	,	PUNCT
cblr-8632	616	18	2021	2021	NUM
cblr-8632	616	19	)	)	PUNCT
cblr-8632	616	20	,	,	PUNCT
cblr-8632	616	21	https://www.tradersmagazine.com/am/real-impact-of-noround-lots/.	https://www.tradersmagazine.com/am/real-impact-of-noround-lots/.	CCONJ
cblr-8632	616	22	bartlett	bartlett	PROPN
cblr-8632	616	23	8/20/2021	8/20/2021	NUM
cblr-8632	616	24	6:20	6:20	NUM
cblr-8632	616	25	pm	pm	NOUN
cblr-8632	616	26	566	566	NUM
cblr-8632	616	27	columbia	columbia	PROPN
cblr-8632	616	28	business	business	NOUN
cblr-8632	616	29	law	law	PROPN
cblr-8632	616	30	review	review	NOUN
cblr-8632	616	31	[	[	X
cblr-8632	616	32	vol	vol	NOUN
cblr-8632	616	33	.	.	NOUN
cblr-8632	616	34	2021	2021	NUM
cblr-8632	616	35	sides	side	NOUN
cblr-8632	616	36	of	of	ADP
cblr-8632	616	37	the	the	DET
cblr-8632	616	38	market	market	NOUN
cblr-8632	616	39	can	can	AUX
cblr-8632	616	40	be	be	AUX
cblr-8632	616	41	set	set	VERB
cblr-8632	616	42	by	by	ADP
cblr-8632	616	43	small	small	ADJ
cblr-8632	616	44	,	,	PUNCT
cblr-8632	616	45	odd	odd	ADJ
cblr-8632	616	46	lot	lot	NOUN
cblr-8632	616	47	quotes	quote	NOUN
cblr-8632	616	48	.	.	PUNCT
cblr-8632	617	1	for	for	ADP
cblr-8632	617	2	instance	instance	NOUN
cblr-8632	617	3	,	,	PUNCT
cblr-8632	617	4	a	a	DET
cblr-8632	617	5	trader	trader	NOUN
cblr-8632	617	6	looking	look	VERB
cblr-8632	617	7	to	to	PART
cblr-8632	617	8	sell	sell	VERB
cblr-8632	617	9	500	500	NUM
cblr-8632	617	10	shares	share	NOUN
cblr-8632	617	11	may	may	AUX
cblr-8632	617	12	have	have	VERB
cblr-8632	617	13	concerns	concern	NOUN
cblr-8632	617	14	that	that	SCONJ
cblr-8632	617	15	the	the	DET
cblr-8632	617	16	best	good	ADJ
cblr-8632	617	17	bid	bid	NOUN
cblr-8632	617	18	does	do	AUX
cblr-8632	617	19	not	not	PART
cblr-8632	617	20	actually	actually	ADV
cblr-8632	617	21	represent	represent	VERB
cblr-8632	617	22	the	the	DET
cblr-8632	617	23	price	price	NOUN
cblr-8632	617	24	the	the	DET
cblr-8632	617	25	trader	trader	NOUN
cblr-8632	617	26	can	can	AUX
cblr-8632	617	27	obtain	obtain	VERB
cblr-8632	617	28	if	if	SCONJ
cblr-8632	617	29	the	the	DET
cblr-8632	617	30	bid	bid	NOUN
cblr-8632	617	31	is	be	AUX
cblr-8632	617	32	only	only	ADV
cblr-8632	617	33	for	for	ADP
cblr-8632	617	34	a	a	DET
cblr-8632	617	35	single	single	ADJ
cblr-8632	617	36	share	share	NOUN
cblr-8632	617	37	.	.	PUNCT
cblr-8632	618	1	this	this	DET
cblr-8632	618	2	challenge	challenge	NOUN
cblr-8632	618	3	,	,	PUNCT
cblr-8632	618	4	however	however	ADV
cblr-8632	618	5	,	,	PUNCT
cblr-8632	618	6	is	be	AUX
cblr-8632	618	7	simply	simply	ADV
cblr-8632	618	8	an	an	DET
cblr-8632	618	9	extension	extension	NOUN
cblr-8632	618	10	of	of	ADP
cblr-8632	618	11	an	an	DET
cblr-8632	618	12	existing	exist	VERB
cblr-8632	618	13	problem	problem	NOUN
cblr-8632	618	14	faced	face	VERB
cblr-8632	618	15	by	by	ADP
cblr-8632	618	16	traders	trader	NOUN
cblr-8632	618	17	given	give	VERB
cblr-8632	618	18	that	that	SCONJ
cblr-8632	618	19	the	the	DET
cblr-8632	618	20	top	top	NOUN
cblr-8632	618	21	of	of	ADP
cblr-8632	618	22	the	the	DET
cblr-8632	618	23	book	book	NOUN
cblr-8632	618	24	can	can	AUX
cblr-8632	618	25	already	already	ADV
cblr-8632	618	26	be	be	AUX
cblr-8632	618	27	set	set	VERB
cblr-8632	618	28	by	by	ADP
cblr-8632	618	29	an	an	DET
cblr-8632	618	30	order	order	NOUN
cblr-8632	618	31	for	for	ADP
cblr-8632	618	32	just	just	ADV
cblr-8632	618	33	100	100	NUM
cblr-8632	618	34	shares	share	NOUN
cblr-8632	618	35	.	.	PUNCT
cblr-8632	619	1	more	more	ADV
cblr-8632	619	2	importantly	importantly	ADV
cblr-8632	619	3	,	,	PUNCT
cblr-8632	619	4	it	it	PRON
cblr-8632	619	5	can	can	AUX
cblr-8632	619	6	be	be	AUX
cblr-8632	619	7	addressed	address	VERB
cblr-8632	619	8	by	by	ADP
cblr-8632	619	9	the	the	DET
cblr-8632	619	10	availability	availability	NOUN
cblr-8632	619	11	of	of	ADP
cblr-8632	619	12	depthof	depthof	NOUN
cblr-8632	619	13	-	-	PUNCT
cblr-8632	619	14	book	book	NOUN
cblr-8632	619	15	data	datum	NOUN
cblr-8632	619	16	that	that	PRON
cblr-8632	619	17	will	will	AUX
cblr-8632	619	18	soon	soon	ADV
cblr-8632	619	19	be	be	AUX
cblr-8632	619	20	disseminated	disseminate	VERB
cblr-8632	619	21	by	by	ADP
cblr-8632	619	22	the	the	DET
cblr-8632	619	23	consolidated	consolidate	VERB
cblr-8632	619	24	quote	quote	NOUN
cblr-8632	619	25	and	and	CCONJ
cblr-8632	619	26	trade	trade	NOUN
cblr-8632	619	27	system	system	NOUN
cblr-8632	619	28	following	follow	VERB
cblr-8632	619	29	the	the	DET
cblr-8632	619	30	2020	2020	NUM
cblr-8632	619	31	market	market	NOUN
cblr-8632	619	32	data	datum	NOUN
cblr-8632	619	33	reform.102	reform.102	NOUN
cblr-8632	619	34	as	as	ADP
cblr-8632	619	35	an	an	DET
cblr-8632	619	36	example	example	NOUN
cblr-8632	619	37	,	,	PUNCT
cblr-8632	619	38	consider	consider	VERB
cblr-8632	619	39	a	a	DET
cblr-8632	619	40	hypothetical	hypothetical	ADJ
cblr-8632	619	41	trader	trader	NOUN
cblr-8632	619	42	looking	look	VERB
cblr-8632	619	43	to	to	PART
cblr-8632	619	44	sell	sell	VERB
cblr-8632	619	45	500	500	NUM
cblr-8632	619	46	shares	share	NOUN
cblr-8632	619	47	in	in	ADP
cblr-8632	619	48	the	the	DET
cblr-8632	619	49	market	market	NOUN
cblr-8632	619	50	depicted	depict	VERB
cblr-8632	619	51	in	in	ADP
cblr-8632	619	52	table	table	NOUN
cblr-8632	619	53	4	4	NUM
cblr-8632	619	54	.	.	PUNCT
cblr-8632	620	1	the	the	DET
cblr-8632	620	2	best	good	ADJ
cblr-8632	620	3	bid	bid	NOUN
cblr-8632	620	4	is	be	AUX
cblr-8632	620	5	$	$	SYM
cblr-8632	620	6	100.00	100.00	NUM
cblr-8632	620	7	,	,	PUNCT
cblr-8632	620	8	but	but	CCONJ
cblr-8632	620	9	there	there	PRON
cblr-8632	620	10	are	be	VERB
cblr-8632	620	11	only	only	ADV
cblr-8632	620	12	fifteen	fifteen	NUM
cblr-8632	620	13	shares	share	NOUN
cblr-8632	620	14	on	on	ADP
cblr-8632	620	15	it	it	PRON
cblr-8632	620	16	.	.	PUNCT
cblr-8632	621	1	consequently	consequently	ADV
cblr-8632	621	2	,	,	PUNCT
cblr-8632	621	3	without	without	ADP
cblr-8632	621	4	depth	depth	NOUN
cblr-8632	621	5	-	-	PUNCT
cblr-8632	621	6	of	of	ADP
cblr-8632	621	7	-	-	PUNCT
cblr-8632	621	8	book	book	NOUN
cblr-8632	621	9	data	datum	NOUN
cblr-8632	621	10	,	,	PUNCT
cblr-8632	621	11	the	the	DET
cblr-8632	621	12	trader	trader	NOUN
cblr-8632	621	13	may	may	AUX
cblr-8632	621	14	reasonably	reasonably	ADV
cblr-8632	621	15	question	question	VERB
cblr-8632	621	16	whether	whether	SCONJ
cblr-8632	621	17	this	this	PRON
cblr-8632	621	18	is	be	AUX
cblr-8632	621	19	an	an	DET
cblr-8632	621	20	appropriate	appropriate	ADJ
cblr-8632	621	21	benchmark	benchmark	NOUN
cblr-8632	621	22	to	to	PART
cblr-8632	621	23	use	use	VERB
cblr-8632	621	24	for	for	ADP
cblr-8632	621	25	evaluating	evaluate	VERB
cblr-8632	621	26	the	the	DET
cblr-8632	621	27	market	market	NOUN
cblr-8632	621	28	for	for	ADP
cblr-8632	621	29	an	an	DET
cblr-8632	621	30	order	order	NOUN
cblr-8632	621	31	to	to	PART
cblr-8632	621	32	sell	sell	VERB
cblr-8632	621	33	500	500	NUM
cblr-8632	621	34	shares	share	NOUN
cblr-8632	621	35	.	.	PUNCT
cblr-8632	622	1	likewise	likewise	ADV
cblr-8632	622	2	,	,	PUNCT
cblr-8632	622	3	the	the	DET
cblr-8632	622	4	broker	broker	NOUN
cblr-8632	622	5	who	who	PRON
cblr-8632	622	6	executes	execute	VERB
cblr-8632	622	7	the	the	DET
cblr-8632	622	8	trade	trade	NOUN
cblr-8632	622	9	may	may	AUX
cblr-8632	622	10	have	have	VERB
cblr-8632	622	11	concerns	concern	NOUN
cblr-8632	622	12	about	about	ADP
cblr-8632	622	13	reporting	report	VERB
cblr-8632	622	14	an	an	DET
cblr-8632	622	15	effective	effective	ADJ
cblr-8632	622	16	spread	spread	NOUN
cblr-8632	622	17	based	base	VERB
cblr-8632	622	18	on	on	ADP
cblr-8632	622	19	a	a	DET
cblr-8632	622	20	midpoint	midpoint	NOUN
cblr-8632	622	21	price	price	NOUN
cblr-8632	622	22	set	set	VERB
cblr-8632	622	23	by	by	ADP
cblr-8632	622	24	a	a	DET
cblr-8632	622	25	bid	bid	NOUN
cblr-8632	622	26	of	of	ADP
cblr-8632	622	27	fifteen	fifteen	NUM
cblr-8632	622	28	shares	share	NOUN
cblr-8632	622	29	and	and	CCONJ
cblr-8632	622	30	an	an	DET
cblr-8632	622	31	offer	offer	NOUN
cblr-8632	622	32	of	of	ADP
cblr-8632	622	33	just	just	ADV
cblr-8632	622	34	two	two	NUM
cblr-8632	622	35	shares	share	NOUN
cblr-8632	622	36	.	.	PUNCT
cblr-8632	623	1	however	however	ADV
cblr-8632	623	2	,	,	PUNCT
cblr-8632	623	3	the	the	DET
cblr-8632	623	4	ability	ability	NOUN
cblr-8632	623	5	to	to	PART
cblr-8632	623	6	see	see	VERB
cblr-8632	623	7	multiple	multiple	ADJ
cblr-8632	623	8	levels	level	NOUN
cblr-8632	623	9	of	of	ADP
cblr-8632	623	10	prices	price	NOUN
cblr-8632	623	11	alleviates	alleviate	VERB
cblr-8632	623	12	both	both	DET
cblr-8632	623	13	concerns	concern	NOUN
cblr-8632	623	14	.	.	PUNCT
cblr-8632	624	1	first	first	ADV
cblr-8632	624	2	,	,	PUNCT
cblr-8632	624	3	the	the	DET
cblr-8632	624	4	three	three	NUM
cblr-8632	624	5	levels	level	NOUN
cblr-8632	624	6	of	of	ADP
cblr-8632	624	7	bid	bid	NOUN
cblr-8632	624	8	prices	price	NOUN
cblr-8632	624	9	highlight	highlight	VERB
cblr-8632	624	10	for	for	ADP
cblr-8632	624	11	the	the	DET
cblr-8632	624	12	trader	trader	NOUN
cblr-8632	624	13	that	that	SCONJ
cblr-8632	624	14	a	a	DET
cblr-8632	624	15	500	500	NUM
cblr-8632	624	16	-	-	PUNCT
cblr-8632	624	17	share	share	NOUN
cblr-8632	624	18	order	order	NOUN
cblr-8632	624	19	would	would	AUX
cblr-8632	624	20	sweep	sweep	VERB
cblr-8632	624	21	through	through	ADP
cblr-8632	624	22	the	the	DET
cblr-8632	624	23	first	first	ADJ
cblr-8632	624	24	two	two	NUM
cblr-8632	624	25	levels	level	NOUN
cblr-8632	624	26	and	and	CCONJ
cblr-8632	624	27	part	part	NOUN
cblr-8632	624	28	of	of	ADP
cblr-8632	624	29	the	the	DET
cblr-8632	624	30	third	third	NOUN
cblr-8632	624	31	for	for	ADP
cblr-8632	624	32	total	total	ADJ
cblr-8632	624	33	proceeds	proceed	NOUN
cblr-8632	624	34	of	of	ADP
cblr-8632	624	35	$	$	SYM
cblr-8632	624	36	49,992.30	49,992.30	NUM
cblr-8632	624	37	,	,	PUNCT
cblr-8632	624	38	or	or	CCONJ
cblr-8632	624	39	$	$	SYM
cblr-8632	624	40	99.9846	99.9846	NUM
cblr-8632	624	41	per	per	ADP
cblr-8632	624	42	share	share	NOUN
cblr-8632	624	43	.	.	PUNCT
cblr-8632	625	1	second	second	ADV
cblr-8632	625	2	,	,	PUNCT
cblr-8632	625	3	the	the	DET
cblr-8632	625	4	broker	broker	NOUN
cblr-8632	625	5	could	could	AUX
cblr-8632	625	6	provide	provide	VERB
cblr-8632	625	7	an	an	DET
cblr-8632	625	8	execution	execution	NOUN
cblr-8632	625	9	quality	quality	NOUN
cblr-8632	625	10	statistic	statistic	NOUN
cblr-8632	625	11	based	base	VERB
cblr-8632	625	12	on	on	ADP
cblr-8632	625	13	this	this	DET
cblr-8632	625	14	weighted	weight	VERB
cblr-8632	625	15	-	-	PUNCT
cblr-8632	625	16	average	average	NOUN
cblr-8632	625	17	price	price	NOUN
cblr-8632	625	18	for	for	ADP
cblr-8632	625	19	a	a	DET
cblr-8632	625	20	500	500	NUM
cblr-8632	625	21	-	-	PUNCT
cblr-8632	625	22	share	share	NOUN
cblr-8632	625	23	trade	trade	NOUN
cblr-8632	625	24	.	.	PUNCT
cblr-8632	626	1	for	for	ADP
cblr-8632	626	2	instance	instance	NOUN
cblr-8632	626	3	,	,	PUNCT
cblr-8632	626	4	if	if	SCONJ
cblr-8632	626	5	the	the	DET
cblr-8632	626	6	broker	broker	NOUN
cblr-8632	626	7	internalized	internalize	VERB
cblr-8632	626	8	the	the	DET
cblr-8632	626	9	trade	trade	NOUN
cblr-8632	626	10	at	at	ADP
cblr-8632	626	11	a	a	DET
cblr-8632	626	12	price	price	NOUN
cblr-8632	626	13	of	of	ADP
cblr-8632	626	14	$	$	SYM
cblr-8632	626	15	99.99	99.99	NUM
cblr-8632	626	16	,	,	PUNCT
cblr-8632	626	17	it	it	PRON
cblr-8632	626	18	could	could	AUX
cblr-8632	626	19	report	report	VERB
cblr-8632	626	20	price	price	NOUN
cblr-8632	626	21	improvement	improvement	NOUN
cblr-8632	626	22	of	of	ADP
cblr-8632	626	23	$	$	SYM
cblr-8632	626	24	0.0054	0.0054	NUM
cblr-8632	626	25	per	per	ADP
cblr-8632	626	26	share	share	NOUN
cblr-8632	626	27	.	.	PUNCT
cblr-8632	627	1	102	102	NUM
cblr-8632	627	2	market	market	NOUN
cblr-8632	627	3	data	datum	NOUN
cblr-8632	627	4	infrastructure	infrastructure	NOUN
cblr-8632	627	5	,	,	PUNCT
cblr-8632	627	6	86	86	NUM
cblr-8632	627	7	fed	fed	PROPN
cblr-8632	627	8	.	.	PUNCT
cblr-8632	628	1	reg	reg	PROPN
cblr-8632	628	2	.	.	PROPN
cblr-8632	629	1	18,596	18,596	NUM
cblr-8632	629	2	,	,	PUNCT
cblr-8632	629	3	18,602	18,602	NUM
cblr-8632	629	4	(	(	PUNCT
cblr-8632	629	5	apr	apr	NOUN
cblr-8632	629	6	.	.	PROPN
cblr-8632	629	7	9	9	NUM
cblr-8632	629	8	,	,	PUNCT
cblr-8632	629	9	2021	2021	NUM
cblr-8632	629	10	)	)	PUNCT
cblr-8632	629	11	(	(	PUNCT
cblr-8632	629	12	to	to	PART
cblr-8632	629	13	be	be	AUX
cblr-8632	629	14	codified	codify	VERB
cblr-8632	629	15	at	at	ADP
cblr-8632	629	16	17	17	NUM
cblr-8632	629	17	c.f.r	c.f.r	NOUN
cblr-8632	629	18	.	.	PUNCT
cblr-8632	630	1	pts	pts	PROPN
cblr-8632	630	2	.	.	PROPN
cblr-8632	630	3	240	240	NUM
cblr-8632	630	4	,	,	PUNCT
cblr-8632	630	5	242	242	NUM
cblr-8632	630	6	,	,	PUNCT
cblr-8632	630	7	249	249	NUM
cblr-8632	630	8	)	)	PUNCT
cblr-8632	630	9	.	.	PUNCT
cblr-8632	631	1	bartlett	bartlett	PROPN
cblr-8632	631	2	8/20/2021	8/20/2021	NUM
cblr-8632	631	3	6:20	6:20	NUM
cblr-8632	631	4	pm	pm	NOUN
cblr-8632	631	5	no	no	INTJ
cblr-8632	631	6	.	.	PUNCT
cblr-8632	632	1	2:520	2:520	NUM
cblr-8632	632	2	]	]	X
cblr-8632	632	3	modernizing	modernize	VERB
cblr-8632	632	4	odd	odd	ADJ
cblr-8632	632	5	lot	lot	NOUN
cblr-8632	632	6	trading	trade	VERB
cblr-8632	632	7	567	567	NUM
cblr-8632	632	8	table	table	NOUN
cblr-8632	632	9	4	4	NUM
cblr-8632	632	10	.	.	PUNCT
cblr-8632	633	1	hypothetical	hypothetical	ADJ
cblr-8632	633	2	order	order	NOUN
cblr-8632	633	3	book	book	NOUN
cblr-8632	633	4	hypothetical	hypothetical	ADJ
cblr-8632	633	5	order	order	NOUN
cblr-8632	633	6	book	book	NOUN
cblr-8632	633	7	shares	share	NOUN
cblr-8632	633	8	to	to	PART
cblr-8632	633	9	buy	buy	VERB
cblr-8632	633	10	price	price	NOUN
cblr-8632	633	11	shares	share	NOUN
cblr-8632	633	12	to	to	PART
cblr-8632	633	13	sell	sell	VERB
cblr-8632	633	14	$	$	SYM
cblr-8632	633	15	101.06	101.06	NUM
cblr-8632	633	16	110	110	NUM
cblr-8632	633	17	$	$	SYM
cblr-8632	633	18	101.05	101.05	NUM
cblr-8632	633	19	80	80	NUM
cblr-8632	633	20	$	$	SYM
cblr-8632	633	21	100.04	100.04	NUM
cblr-8632	633	22	2	2	NUM
cblr-8632	633	23	15	15	NUM
cblr-8632	633	24	$	$	SYM
cblr-8632	633	25	100.00	100.00	NUM
cblr-8632	633	26	200	200	NUM
cblr-8632	633	27	$	$	SYM
cblr-8632	633	28	99.99	99.99	NUM
cblr-8632	633	29	300	300	NUM
cblr-8632	633	30	$	$	SYM
cblr-8632	633	31	99.98	99.98	NUM
cblr-8632	633	32	in	in	ADP
cblr-8632	633	33	this	this	DET
cblr-8632	633	34	fashion	fashion	NOUN
cblr-8632	633	35	,	,	PUNCT
cblr-8632	633	36	the	the	DET
cblr-8632	633	37	availability	availability	NOUN
cblr-8632	633	38	of	of	ADP
cblr-8632	633	39	depth	depth	NOUN
cblr-8632	633	40	-	-	PUNCT
cblr-8632	633	41	of	of	ADP
cblr-8632	633	42	-	-	PUNCT
cblr-8632	633	43	book	book	NOUN
cblr-8632	633	44	data	datum	NOUN
cblr-8632	633	45	should	should	AUX
cblr-8632	633	46	greatly	greatly	ADV
cblr-8632	633	47	reduce	reduce	VERB
cblr-8632	633	48	concerns	concern	NOUN
cblr-8632	633	49	with	with	ADP
cblr-8632	633	50	eliminating	eliminate	VERB
cblr-8632	633	51	the	the	DET
cblr-8632	633	52	disparate	disparate	ADJ
cblr-8632	633	53	regulatory	regulatory	ADJ
cblr-8632	633	54	treatment	treatment	NOUN
cblr-8632	633	55	of	of	ADP
cblr-8632	633	56	odd	odd	ADJ
cblr-8632	633	57	lot	lot	NOUN
cblr-8632	633	58	quotes	quote	NOUN
cblr-8632	633	59	.	.	PUNCT
cblr-8632	634	1	moreover	moreover	ADV
cblr-8632	634	2	,	,	PUNCT
cblr-8632	634	3	for	for	ADP
cblr-8632	634	4	purposes	purpose	NOUN
cblr-8632	634	5	of	of	ADP
cblr-8632	634	6	reforming	reform	VERB
cblr-8632	634	7	rule	rule	NOUN
cblr-8632	634	8	605	605	NUM
cblr-8632	634	9	,	,	PUNCT
cblr-8632	634	10	they	they	PRON
cblr-8632	634	11	can	can	AUX
cblr-8632	634	12	also	also	ADV
cblr-8632	634	13	be	be	AUX
cblr-8632	634	14	used	use	VERB
cblr-8632	634	15	to	to	PART
cblr-8632	634	16	calculate	calculate	VERB
cblr-8632	634	17	sizeweighted	sizeweighte	VERB
cblr-8632	634	18	bid	bid	NOUN
cblr-8632	634	19	or	or	CCONJ
cblr-8632	634	20	offer	offer	VERB
cblr-8632	634	21	prices	price	NOUN
cblr-8632	634	22	that	that	PRON
cblr-8632	634	23	provide	provide	VERB
cblr-8632	634	24	a	a	DET
cblr-8632	634	25	more	more	ADV
cblr-8632	634	26	informative	informative	ADJ
cblr-8632	634	27	trade	trade	NOUN
cblr-8632	634	28	execution	execution	NOUN
cblr-8632	634	29	metric	metric	ADJ
cblr-8632	634	30	than	than	ADP
cblr-8632	634	31	the	the	DET
cblr-8632	634	32	nbbo	nbbo	NOUN
cblr-8632	634	33	.	.	PUNCT
cblr-8632	635	1	v.	v.	ADP
cblr-8632	635	2	conclusion	conclusion	NOUN
cblr-8632	635	3	traditional	traditional	ADJ
cblr-8632	635	4	odd	odd	ADJ
cblr-8632	635	5	lots	lot	NOUN
cblr-8632	635	6	now	now	ADV
cblr-8632	635	7	constitute	constitute	VERB
cblr-8632	635	8	a	a	DET
cblr-8632	635	9	majority	majority	NOUN
cblr-8632	635	10	of	of	ADP
cblr-8632	635	11	all	all	DET
cblr-8632	635	12	trades	trade	NOUN
cblr-8632	635	13	,	,	PUNCT
cblr-8632	635	14	but	but	CCONJ
cblr-8632	635	15	their	their	PRON
cblr-8632	635	16	exclusion	exclusion	NOUN
cblr-8632	635	17	from	from	ADP
cblr-8632	635	18	rule	rule	NOUN
cblr-8632	635	19	605	605	NUM
cblr-8632	635	20	and	and	CCONJ
cblr-8632	635	21	the	the	DET
cblr-8632	635	22	definition	definition	NOUN
cblr-8632	635	23	of	of	ADP
cblr-8632	635	24	a	a	DET
cblr-8632	635	25	“	"	PUNCT
cblr-8632	635	26	bid	bid	NOUN
cblr-8632	635	27	”	"	PUNCT
cblr-8632	635	28	or	or	CCONJ
cblr-8632	635	29	“	"	PUNCT
cblr-8632	635	30	offer	offer	VERB
cblr-8632	635	31	”	"	PUNCT
cblr-8632	635	32	places	place	VERB
cblr-8632	635	33	them	they	PRON
cblr-8632	635	34	at	at	ADP
cblr-8632	635	35	a	a	DET
cblr-8632	635	36	heightened	heightened	ADJ
cblr-8632	635	37	risk	risk	NOUN
cblr-8632	635	38	for	for	ADP
cblr-8632	635	39	inferior	inferior	ADJ
cblr-8632	635	40	trade	trade	NOUN
cblr-8632	635	41	execution	execution	NOUN
cblr-8632	635	42	.	.	PUNCT
cblr-8632	636	1	this	this	DET
cblr-8632	636	2	risk	risk	NOUN
cblr-8632	636	3	is	be	AUX
cblr-8632	636	4	especially	especially	ADV
cblr-8632	636	5	high	high	ADJ
cblr-8632	636	6	for	for	ADP
cblr-8632	636	7	odd	odd	ADJ
cblr-8632	636	8	lot	lot	NOUN
cblr-8632	636	9	trades	trade	NOUN
cblr-8632	636	10	filled	fill	VERB
cblr-8632	636	11	by	by	ADP
cblr-8632	636	12	wholesale	wholesale	ADJ
cblr-8632	636	13	market	market	NOUN
cblr-8632	636	14	makers	maker	NOUN
cblr-8632	636	15	given	give	VERB
cblr-8632	636	16	the	the	DET
cblr-8632	636	17	difficulty	difficulty	NOUN
cblr-8632	636	18	customers	customer	NOUN
cblr-8632	636	19	face	face	VERB
cblr-8632	636	20	in	in	ADP
cblr-8632	636	21	monitoring	monitor	VERB
cblr-8632	636	22	trade	trade	NOUN
cblr-8632	636	23	execution	execution	NOUN
cblr-8632	636	24	quality	quality	NOUN
cblr-8632	636	25	in	in	ADP
cblr-8632	636	26	this	this	DET
cblr-8632	636	27	context	context	NOUN
cblr-8632	636	28	.	.	PUNCT
cblr-8632	637	1	using	use	VERB
cblr-8632	637	2	recent	recent	ADJ
cblr-8632	637	3	trading	trading	NOUN
cblr-8632	637	4	data	datum	NOUN
cblr-8632	637	5	,	,	PUNCT
cblr-8632	637	6	the	the	DET
cblr-8632	637	7	foregoing	forego	VERB
cblr-8632	637	8	analyses	analysis	NOUN
cblr-8632	637	9	illustrate	illustrate	VERB
cblr-8632	637	10	why	why	SCONJ
cblr-8632	637	11	this	this	DET
cblr-8632	637	12	risk	risk	NOUN
cblr-8632	637	13	is	be	AUX
cblr-8632	637	14	not	not	PART
cblr-8632	637	15	simply	simply	ADV
cblr-8632	637	16	theoretical	theoretical	ADJ
cblr-8632	637	17	.	.	PUNCT
cblr-8632	638	1	traditional	traditional	ADJ
cblr-8632	638	2	odd	odd	ADJ
cblr-8632	638	3	lot	lot	NOUN
cblr-8632	638	4	trades	trade	NOUN
cblr-8632	638	5	systematically	systematically	ADV
cblr-8632	638	6	receive	receive	VERB
cblr-8632	638	7	less	less	ADJ
cblr-8632	638	8	price	price	NOUN
cblr-8632	638	9	improvement	improvement	NOUN
cblr-8632	638	10	in	in	ADP
cblr-8632	638	11	non	non	ADJ
cblr-8632	638	12	-	-	ADJ
cblr-8632	638	13	exchange	exchange	ADJ
cblr-8632	638	14	venues	venue	NOUN
cblr-8632	638	15	than	than	ADP
cblr-8632	638	16	larger	large	ADJ
cblr-8632	638	17	orders	order	NOUN
cblr-8632	638	18	.	.	PUNCT
cblr-8632	639	1	likewise	likewise	ADV
cblr-8632	639	2	,	,	PUNCT
cblr-8632	639	3	a	a	DET
cblr-8632	639	4	sizeable	sizeable	ADJ
cblr-8632	639	5	fraction	fraction	NOUN
cblr-8632	639	6	of	of	ADP
cblr-8632	639	7	non	non	ADJ
cblr-8632	639	8	-	-	ADJ
cblr-8632	639	9	exchange	exchange	ADJ
cblr-8632	639	10	retail	retail	ADJ
cblr-8632	639	11	trades	trade	NOUN
cblr-8632	639	12	in	in	ADP
cblr-8632	639	13	amazon	amazon	NOUN
cblr-8632	639	14	and	and	CCONJ
cblr-8632	639	15	gamestop	gamestop	NOUN
cblr-8632	639	16	on	on	ADP
cblr-8632	639	17	january	january	PROPN
cblr-8632	639	18	27	27	NUM
cblr-8632	639	19	,	,	PUNCT
cblr-8632	639	20	2021	2021	NUM
cblr-8632	639	21	were	be	AUX
cblr-8632	639	22	filled	fill	VERB
cblr-8632	639	23	at	at	ADP
cblr-8632	639	24	prices	price	NOUN
cblr-8632	639	25	that	that	PRON
cblr-8632	639	26	were	be	AUX
cblr-8632	639	27	inferior	inferior	ADJ
cblr-8632	639	28	to	to	ADP
cblr-8632	639	29	the	the	DET
cblr-8632	639	30	odd	odd	ADJ
cblr-8632	639	31	lot	lot	NOUN
cblr-8632	639	32	quotes	quote	NOUN
cblr-8632	639	33	prevailing	prevail	VERB
cblr-8632	639	34	on	on	ADP
cblr-8632	639	35	nasdaq	nasdaq	PROPN
cblr-8632	639	36	.	.	PUNCT
cblr-8632	640	1	moreover	moreover	ADV
cblr-8632	640	2	,	,	PUNCT
cblr-8632	640	3	because	because	SCONJ
cblr-8632	640	4	nasdaq	nasdaq	PROPN
cblr-8632	640	5	is	be	AUX
cblr-8632	640	6	but	but	CCONJ
cblr-8632	640	7	one	one	NUM
cblr-8632	640	8	of	of	ADP
cblr-8632	640	9	sixteen	sixteen	NUM
cblr-8632	640	10	exchanges	exchange	NOUN
cblr-8632	640	11	where	where	SCONJ
cblr-8632	640	12	superior	superior	ADJ
cblr-8632	640	13	odd	odd	ADJ
cblr-8632	640	14	lot	lot	NOUN
cblr-8632	640	15	quotes	quote	NOUN
cblr-8632	640	16	might	might	AUX
cblr-8632	640	17	be	be	AUX
cblr-8632	640	18	posted	post	VERB
cblr-8632	640	19	,	,	PUNCT
cblr-8632	640	20	one	one	PRON
cblr-8632	640	21	should	should	AUX
cblr-8632	640	22	view	view	VERB
cblr-8632	640	23	these	these	DET
cblr-8632	640	24	findings	finding	NOUN
cblr-8632	640	25	as	as	ADP
cblr-8632	640	26	conservative	conservative	ADJ
cblr-8632	640	27	estimates	estimate	NOUN
cblr-8632	640	28	of	of	ADP
cblr-8632	640	29	the	the	DET
cblr-8632	640	30	extent	extent	NOUN
cblr-8632	640	31	that	that	PRON
cblr-8632	640	32	nonexchange	nonexchange	NOUN
cblr-8632	640	33	venues	venue	NOUN
cblr-8632	640	34	may	may	AUX
cblr-8632	640	35	be	be	AUX
cblr-8632	640	36	trading	trade	VERB
cblr-8632	640	37	through	through	ADP
cblr-8632	640	38	better	well	ADV
cblr-8632	640	39	priced	price	VERB
cblr-8632	640	40	odd	odd	ADJ
cblr-8632	640	41	lot	lot	NOUN
cblr-8632	640	42	quotes	quote	NOUN
cblr-8632	640	43	on	on	ADP
cblr-8632	640	44	display	display	NOUN
cblr-8632	640	45	at	at	ADP
cblr-8632	640	46	exchanges	exchange	NOUN
cblr-8632	640	47	.	.	PUNCT
cblr-8632	641	1	overall	overall	ADV
cblr-8632	641	2	,	,	PUNCT
cblr-8632	641	3	these	these	DET
cblr-8632	641	4	findings	finding	NOUN
cblr-8632	641	5	point	point	VERB
cblr-8632	641	6	to	to	ADP
cblr-8632	641	7	the	the	DET
cblr-8632	641	8	need	need	NOUN
cblr-8632	641	9	to	to	PART
cblr-8632	641	10	reform	reform	VERB
cblr-8632	641	11	rule	rule	VERB
cblr-8632	641	12	605	605	NUM
cblr-8632	641	13	to	to	PART
cblr-8632	641	14	include	include	VERB
cblr-8632	641	15	smaller	small	ADJ
cblr-8632	641	16	orders	order	NOUN
cblr-8632	641	17	and	and	CCONJ
cblr-8632	641	18	bartlett	bartlett	PROPN
cblr-8632	641	19	8/20/2021	8/20/2021	NUM
cblr-8632	641	20	6:20	6:20	NUM
cblr-8632	641	21	pm	pm	NOUN
cblr-8632	641	22	568	568	NUM
cblr-8632	641	23	columbia	columbia	PROPN
cblr-8632	641	24	business	business	NOUN
cblr-8632	641	25	law	law	PROPN
cblr-8632	641	26	review	review	NOUN
cblr-8632	641	27	[	[	X
cblr-8632	641	28	vol	vol	NOUN
cblr-8632	641	29	.	.	NOUN
cblr-8632	641	30	2021	2021	NUM
cblr-8632	641	31	to	to	PART
cblr-8632	641	32	eliminate	eliminate	VERB
cblr-8632	641	33	the	the	DET
cblr-8632	641	34	distinction	distinction	NOUN
cblr-8632	641	35	between	between	ADP
cblr-8632	641	36	odd	odd	ADJ
cblr-8632	641	37	lots	lot	NOUN
cblr-8632	641	38	and	and	CCONJ
cblr-8632	641	39	round	round	VERB
cblr-8632	641	40	lots	lot	NOUN
cblr-8632	641	41	that	that	PRON
cblr-8632	641	42	exists	exist	VERB
cblr-8632	641	43	throughout	throughout	ADP
cblr-8632	641	44	reg	reg	NOUN
cblr-8632	641	45	nms	nms	NOUN
cblr-8632	641	46	.	.	PUNCT