Larry Tabb

Larry Tabb founded TABB Group, a financial markets research and advisory firm focused on market structure, before joining Bloomberg Intelligence as head of market structure research. He is one of the most frequently quoted analysts by regulators, exchanges, and brokers on topics including payment for order flow, the competitive dynamics of US equity exchanges, dark pools, and institutional trading costs. His research has influenced SEC policy discussions on market structure reforms and provides institutional context for policy debates that often lack data-driven grounding. Tabb's quantitative assessments of the fragmentation of US equity order flow — including his work measuring the fraction of retail orders internalized by wholesalers versus routed to exchanges — have been cited directly in SEC rulemaking proceedings. His expertise spans equity, fixed income, and derivatives market structure, giving him a comprehensive view of how market microstructure changes ripple across asset classes.