Given recent advancements in algorithmic trading execution and order routing technologies, combined with changes to market structure (such as increased fragmentation and periodic intense volatility events), how should retail traders using platforms like NAB Trade effectively evaluate and mitigate slippage and hidden transaction costs? Beyond simply comparing explicit brokerage fees, what advanced metrics or data sources-possibly including order book depth analytics, effective spread, realized versus quoted prices, or venue-specific fill analysis-are recommended for a more holistic and quantitative assessment when choosing between Australian retail brokers? Are there specific limitations or unique characteristics of the NAB Trade platform (e.g., its access to dark pools, queue priority, or smart order routers) that might meaningfully affect execution quality for high-frequency or larger volume users, compared to its competitors? I’m interested in both empirical analyses and practical workflow suggestions for monitoring and optimizing execution quality on NAB Trade in the current market environment.