(not so) Detailed Analysis of a Trade: lots of detail is lost here, you can see the problems start right at the beginning with this quote: &quot;The 2nd column is the timestamp of the event - this is from CQS&#x2F;CTA, the consolidated quote and trade SIP (Securities Information Processor)&quot;.  Looks like they are determined to show only timestamps from the consolidated tape, which has been pretty much useless as a source of information for about 10 years or more.  They omit the firm&#x27;s receive timestamp for each message and also details of the trade execution reports received from Goldman Sigma X, which they are claiming as the source of information leakage that causes this order to be faded.  Regarding Phantom Liquidity, they ask the pertinent question directly in the article: &quot;what kind of liquidity&quot;? but they get the wrong answer.  The liquidity where you can dump a 20,000 share order directly on a market with tight spreads and not get faded does not exist now and never existed in the past; spreads were wider back in the day where you could have a hope of doing this.  If you want to move large size with low slippage, you need to ship it to someone with good algorithms or spend the money to develop those algorithms yourself (along with the required technical infrastructure such as direct feeds, etc); those are really the only options available.