paper evaluates the impact of dark trading and fragmentation in visible order books on liquidity. We consider global … liquidity by consolidating the limit order books of all visible trading venues, and local liquidity by considering the … traditional market only. We find that fragmentation in visible order books improves global liquidity, whereas dark trading has a …

informativeness. This theory of cross-listings yields a rich set of new predictions. In particular, it implies that the sensitivity of …

We study the relation between liquidity in financial markets and post-trading fees (i.e. clearing and settlement fees … observed liquidity in the market. The second fee structure features a CSD breaking even by charging the internalized and non …-broker counterparties only. This difference in post-trading fees drives traders strategies and thus liquidity. Furthermore, across the two …

We analyse the effect of concealing limit order traders’ identities on market liquidity. We develop a model in which … cost of liquidity provision were large when indeed it is small. This bluffing strategy is less effective when traders … anonymous market. For this reason, concealing limit order traders’ IDs affects market liquidity in our model. We test this …

regulation of competition between liquidity suppliers or exchanges. …

This paper examines the extent to which individual investors provide liquidity to the stock market, and whether they … predict short-term future returns is significantly enhanced during times of market stress, when market liquidity provisions … uncertainty. Despite this high aggregate performance, individual investors do not reap the rewards from liquidity provision …

execution delay in providing liquidity; their proportion in the population, which determines the degree of competition among the …We develop a dynamic model of an order-driven market populated by discretionary liquidity traders. These traders must … patient traders demand liquidity, more patient traders provide it. Three equilibrium patterns are obtained, and these patterns …

We model a trader’s decision to supply liquidity by submitting limit orders or demand liquidity by submitting market … rate of traders and increases the number of value traders arriving — liquidity supply is more competitive after periods of … arriving — liquidity supply is less competitive when the spread widens. …