RT Journal Article SR Electronic T1 Anonymity, Frontrunning and Market Integrity JF The Journal of Trading FD Institutional Investor Journals SP 101 OP 118 DO 10.3905/jot.2007.694833 VO 2 IS 4 A1 Carole Comerton-Forde A1 Kar Mei Tang YR 2007 UL https://pm-research.com/content/2/4/101.abstract AB This article investigates the existence of systematic frontrunning on the Toronto Stock Exchange and the role of anonymous orders in concealing frontrunning. There is no evidence of widespread frontrunning activity, with this activity confined to a small number of brokers. In the instances where trading ahead of clients does occur, we find a positive association between the magnitude and frequency of frontrunning with broker activity levels, order size, sell-side orders and informed (profitable) client orders. Although anonymous orders are used more frequently by proprietary traders than their clients, their overall use is low and, contrary to investor perceptions, there is no evidence that they are commonly used to conceal frontrunning.TOPICS: Exchanges/markets/clearinghouses, risk management, developed