The role of traditional exchanges in fragmented markets : an empirical analysis post MiFID

The Markets in Financial Instruments Directive (MiFID) has changed regulated European equity trading significantly after its introduction in November 2007. This dissertation analyses the impact of MiFID on trading intensity and market quality from an intraday and interday perspective by investigating the British equity market. A second focus of this work is the analysis of the influence of high frequency traders in a fragmented market environment. In this context, this dissertation addresses the behavior of market participants and their influence on market quality during particular market scenarios in a fragmented market environment.