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We show that filling an order with a large number of distinct counterpartsincurs additional market impact, as opposed to filling the order with a smallnumber of counterparts. For best execution, therefore, it may be beneficial toopportunistically fill orders with as few counterparts as possible inLarge-in-scale (LIS) venues.  This article introduces the concept of concentrated trading, a situation thatoccurs when a large fraction of buying or selling in a given time period isdone by one or a few traders, for example when executing a large order. UsingLondon Stock Exchange data, we show that concentrated trading suffers priceimpact in addition to impact caused by (smart) order routing. However, whenmatched with similarly concentrated counterparts on the other side of themarket, the impact is greatly reduced. This suggests that exposing an order onLIS venues is expected to result in execution performance improvement.

Matching in size: How market impact depends on the concentration of trading