Abstract: We study the relation between liquidity in financial markets and post-trading fees (i.e. clearing and … 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 …

order books. This paper evaluates the impact on liquidity of fragmentation in visible order books and dark trading for a … sample of 52 Dutch stocks. We consider global liquidity by consolidating the entire limit order books of all visible European … trading venues, and local liquidity by considering the traditional market only. We find that fragmentation in visible order …