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This paper is being misunderstood. The effect being shown is due to order flow segmentation. I don’t see any evidence for the claim that publicly announcing your order leads to better execution for informed traders. This paper is a comparison of different trader archetypes, it is not a comparison of privacy vs transparency. Think about who actually broadcasts their order to the whole market before executing. Rebalancers, patient accumulators, flow with no view attached. If have an informed view about where price is going, you are obviously not announcing it. So “announced orders did fine” mostly translates to “uninformed orders did fine.” Market makers are gentle with announced flow because they’ve learned that only uninformed traders announce. The experiment that would actually settle this, a whale with real information broadcasting their intentions in advance, never shows up in the data. Nobody’s dumb enough to run it. Sharp traders hide because hiding works. All this really shows is that order flow segmentation is good for retail. Sharp traders need privacy.