Wal-Mart Stores, Inc. operates retail stores in various retailing formats in all 50 states in the United States. The Company's mass merchandising operations serve its customers primarily through the operation of three segments. The Wal-Mart Stores segment includes its discount stores, Super centers and Neighborhood Markets in the United States.

The SAM's CLUB segment includes the warehouse membership clubs in the United States. The International segment includes all of its operations in Argentina, Brazil, Canada, China, Japan, Germany, Korea, Mexico, Puerto Rico and the United Kingdom. The Company's subsidiary, McLane Company, Inc. provides products and distribution services to retail industry and institutional foodservice customers The New York Stock Exchange Research staff commissions and authors papers on topics related to equity markets. These papers are written by specialists in economics, finance, accounting, and by leaders in the business and academic communities.

We have made these papers available on our website so a larger audience than usual can access them. Review the list of research papers, and click on the paper's title for an abstract of the article. The Securities and Exchange Commission (SEC) uses public disclosure to achieve policy objectives. Recently, the SEC required market centers to publish reports containing execution-quality statistics in an effort to spur competition for order flow between market centers. Using a sample of actively traded stocks, we investigate whether brokers / traders appear to use these data to route orders. Our evidence suggests that the reports are informative.

Routing decisions depend significantly on execution quality; market centers reporting low execution costs and fast fills subsequently receive more order flow. Our results are consistent with active competition for order flow that can be influenced by public disclosure and contrast to several allegations and admissions of non-competitive behavior in the recent past.