-listed equities, this article compares global and local liquidity before and after MiFID and investigates how liquidity relates to … market fragmentation and internalization. Market fragmentation is found to improve global and local liquidity, with spreads … stocks. Further, internalization is not proved to be detrimental for liquidity. …

systems in Europe. It investigates the relationship between the trading activity of a crossing network (CN) and the liquidity …

-listed equities, this article compares the consolidated liquidity of competing markets, also called global liquidity, and the local … liquidity of the primary exchang, before and after MiFID. It then investigates how liquidity measured by spreads and best … local liquidity, with spreads decreasing proportionally to market competition. The decline in depth observed in the early …

lit and dark fragmentation for liquidity. It presents an empirical analysis of the effect of market fragmentation on price …

market liquidity. First, the comparison of national primary market regulations, in spite of the commonly observed …, our study examines the relationship between initial returns and post-listing liquidity in the short and in the long … first year of trading, so that this liquidity effect cannot be put down to ownership structure but is more likely …