As liquidity fragments across ECNs, bank streams and non-bank market makers, execution outcomes are becoming less predictable- with fill rates, rejects and information leakage varying by venue and LP. This session explores how buy-side desks decide where to send flow, distinguish differentiated from recycled liquidity, and assess when direct streams outperform multi-dealer platforms. Speakers will discuss how last-look behaviour, reject patterns and fill consistency shape decisions, alongside constraints such as credit and connectivity. The session will also examine how data, analytics and smart routing tools support more informed execution and improve consistency across liquidity pools.