market than in the upstairs market. Such result is the opposite of what can be found in previous studies. Moreover, trading …

evidence that an upstairs market may be required in order to provide liquidity for large block trades on the LSE. Originality …/value – This is the first study to directly test if the LSE requires an upstairs market to provide liquidity for large trade …

) than in the upstairs market and that less informed institutional trades are routed to the upstairs market. It also finds … that a well functioning upstairs market often results in lower transaction cost, higher volatility and larger trade size on … upstairs market to be weaker after removing fleeting orders, which subsequently leads to the conclusion that recently …