We research the properties of implicit transaction costs function for general-shaped limit order book. Equivalent conditions for linearity of the function are presented in terms of market liquidity. We also present a suitable functional form of implicit costs for order-driven market on the...

Last several decades have shown a steady broadening of national security issues’ spectrum along with an increase in the strictness of international competition driven by advances in high technologies and other factors. National security agenda is nowadays comprised not only of defense issues...