trade-off between trading fast on a signal (i.e., before processing it), at the risk of trading on a false positive, or … trading after processing the signal, at the risk that prices already reflect their information. The number of speculators who … choose to trade fast increases with news reliability and decreases with the cost of fast trading technologies. The authors …

the formation of art prices, and acknowledge that each artwork gives rise to a market for trading in its private …

High-speed market connections and information processing improve …nancial institutions'ability to seize trading … generates adverse selection. We fi…rst analyze trading equilibria for a given level of investment in fast-trading technology and … can arise, where institutions invest in fast-trading technologies just to keep up with the others. When some traders …

Investment Services Directive and the development of institutional trading have prompted European Stock Exchanges to modify their … trading systems since 1994. We show that these exchanges have converged to a similar market organization. In this organization …, trading takes place in an order-driven market but trading rules can vary according to the type of securities. We also describe …

information on the payoff of a risky security or information on the volume of liquidity trading in this security. We interpret … expected trading costs. Information sharing can improve or impair the depth of the market, depending on the values of the …-based trading systems. …

limit order traders have asymmetric information on the cost of limit order trading (which is determined by the exposure to … informed trading). A thin limit order book signals to uninformed bidders that the profitability of limit orders is small. This …