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Aggregators - LPs & Gazelles

We believe that aggregators have inherent problems.

They delegate the fill price used to third parties, some of which wouldn’t have filled at those prices anyway.

Aggregators move as fast as the slowest LP in the pack.

Control your own spreads to avoid complaints of filling excessively wide, including wide spread suppression.

Target a more marketable spread distribution to your clients. delegating to aggregator means you can't really market 95% fills at spread X.

Benchmark against "the market" or your own cost of executing these trades externally

Problems with aggregators in more depth

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Don't forget Winner's curse and these well made (clearly incentivised) videos from Deutsche Bank explain further [P1, P2, P3, P4]

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