Off-exchange volume is at record levels and the definition of best execution is being renegotiated in real time. This panel brings together the desks and venues navigating fragmentation at the front line — sharing what the data says and what the data misses.

• How the bilateral vs. lit venue calculus has shifted — and the routing logic that's capturing the difference

• Information leakage in a market where counterparties are increasingly sophisticated about flow identification

• What dark pool liquidity actually looks like in 2027 — which venues are delivering and which are coasting on reputation

• Maintaining best-execution compliance as the definition continues to evolve — and what falls through the gap