, flight-to-safety or liquidity premiums? Using data on German nominal bonds between 2005 and 2015, we study the differential … pricing and liquidity of short and long maturity bonds. We find statistically significant, but economically negligible … segmentation in yields and some degree of liquidity segmentation of short-term versus long-term bonds. These results have important …

Do competition and incentives offered to designated market makers (DMMs) improve market liquidity? Using data from NYSE … in rebates and requirements for DMMs, do not have any tangible effect on market liquidity. Our results are of relevance …

We study the role of various trader types in providing liquidity in spot and futures markets based on data from the … overnight are the primary liquidity providers in both spot and futures markets. We have two crashes in our sample, both … in both markets. Market stability may require the presence of well-capitalized standby liquidity providers for recovery …

intermediaries at the expense of investors with intrinsic trading motives, and lower liquidity than consolidated markets. Consistent … with our theory, we document improvements in liquidity and lower profits for liquidity providers when Euronext, in 2009 …