What happens when a client gives an order to a broker

What happens when a client gives an order to a broker? Every time a client gives an order to a broker, the broker has a choice of venues on which to execute the trade. The venues include their own dark pool, Chi-X, ASX TradeMatch and ASX CentrePoint. The client wants to get the most liquidity at the best price without interacting with predatory counter-parties. But the broker may have different considerations such as cutting costs or supporting venues which they own. There are 3 reasons why brokers route client orders to their dark pools: (1) avoid exchange fees, (2) artificially boost market share and (3) make money from their own HFT operations. If none of these reasons include acting in the best interests of clients, how does it happen? We revisit this issue in our paper on the Barclays dark pool scandal and discuss what clients can do. (VIEW LINK) (VIEW LINK)