# Market Structure Metrics

Market Structure Metrics is an Asset Manager.

## Overview

- **Organization type:** Asset Manager
- **Assets under management:** Undisclosed
- **LinkedIn:** https://www.linkedin.com/company/market-structure-metrics

## Regulatory record

- **Reports private funds:** No

## About

Founded as a boutique advisory, Market Structure Metrics provides expert analysis on the mechanics of modern equity and options markets. The firm dissects order types, exchange fee schedules, rebate tiers, and routing logic to quantify execution quality and potential conflicts of interest. Its work often underpins litigation involving best execution, market manipulation, and securities fraud. The firm's engagements typically involve reconstructing trading sequences to evaluate market impact and rule compliance. It draws on deep historical archives of proprietary exchange data. Analysis spans National Market System plans, Regulation NMS, and alternative trading system disclosures. The firm quantifies how microstructure frictions — from maker-taker pricing to speed-bump latency — affect fill rates and implicit transaction costs. Principals at Market Structure Metrics have contributed to academic research and regulatory comment letters shaping market-structure reform. The firm bridges the gap between quantitative researchers building execution algorithms and attorneys needing granular exhibits for trial. While headcount and office location are not publicly disclosed, the firm's output is highly targeted to a niche of institutional investors and the law firms that represent them. The structural differentiator for Market Structure Metrics is its operational duality: it functions both as an expert witness shop for securities litigation and as a provider of raw analytical firepower for trading firms auditing their own execution stacks. This dual client base — adversarial law firms and cooperative trading desks — requires unusually rigorous data provenance and peer-reviewed methodology.

## Questions

### Does Market Structure Metrics serve as an expert consultant for securities litigation?

Yes, providing expert consulting and witness testimony on market manipulation, best execution, and securities fraud is a core function. The firm translates complex microstructure data into exhibits for trial. Its work in litigation requires a high standard of data provenance and methodological rigor that defines its reputation.

### How does Market Structure Metrics source its trading data?

The firm relies on proprietary historical archives of direct exchange feeds and consolidated tape data. It analyzes raw order-by-order information rather than aggregated summary statistics. This granular approach allows for precise measurement of execution quality, latency effects, and fill rates for specific order types.

### What is Market Structure Metrics' approach to evaluating execution quality?

Execution quality is measured by reconstructing the entire lifecycle of an order across exchanges, dark pools, and internalizers. The firm looks beyond simple metrics like Price Improvement rates to analyze fill probability, adverse selection, and opportunity cost. It quantifies how specific market features — such as speed bumps or complex order types — influence these outcomes.

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Last updated: 2026-06-03T20:00:00.000Z

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