Considering the evolving landscape of options markets, what are the critical criteria that should be prioritized when evaluating brokerage platforms for options trading? Specifically, I am interested in a detailed analysis of the following aspects:
- Execution quality and speed under volatile market conditions, including the reliability of order routing and market data feeds.
- Pricing structures with a focus on commission fees, margin requirements, and potential hidden costs, particularly when executing complex multi-leg strategies.
- Platform functionality and risk management tools, including advanced charting, real-time analytics, customizable strategy backtesting features, and integrated risk controls.
- The availability and quality of options-specific research, educational resources, and analytical tools that can support both quantitative analysis and discretionary decision-making.
- The breadth and liquidity of underlying assets available for options trading, and how these factors might affect pricing efficiency and slippage.
Given that platforms such as Interactive Brokers and Thinkorswim by TD Ameritrade have received considerable attention, how do they compare on these dimensions based on both peer-reviewed performance metrics and real-world trading scenarios? Any empirical insights or quantitative data that provide a comparative assessment would be highly valuable.