fragmentation, the resulting implications for liquidity and price efficiency, and the role for public policy. Beyond the concerns … of all investors. Fragmentation of the marketplace can be seen as a direct outcome of this heterogeneity. In this article …

Market fragmentation and technological advances increasing the speed of trading altered the functioning and stability … that when liquidity becomes scarce Chi-X is a less resilient venue than LSE with variations existing across stocks and time …. In comparison with LSE, Chi-X has more, longer, and severer liquidity shocks. Whereas the vast majority of liquidity …

of fragmentation on liquidity and welfare differs with asset volatility: when volatility is high (low), liquidity and …By employing a dynamic model with two limit order books, we show that fragmentation is associated with reduced … competition among liquidity suppliers and lower picking-off risk of limit orders. Due to these countervailing channels, the impact …

design features, such as minimum tick size, immediacy and anonymity; market conditions, such as liquidity and volatility; and …

design features, such as minimum tick size, immediacy and anonymity; market conditions, such as liquidity and volatility; and …

others, suggesting that there is no speed advantage. HFTs lead price discovery, and neither harm nor improve liquidity. They …

policy and therefore ultimately the real economy. In particular, it facilitates banks' liquidity management. This paper aims … at extending the literature which views interbank markets as mutual liquidity insurance mechanism by taking into account … persistence of liquidity shocks. Following a theory of long-term interbank funding a financial system which is modeled as a micro …

schemes affect liquidity provision and asset prices. Investors face a trade-off between risk and return. At the benefit of a … liquidity provision to force traders to trade at a lower price. By contrast, bonus caps make traders value the asset less than … investors. This should encourage liquidity provision and decrease prices. In contrast to these predictions, we find that under …

, concerns about the market liquidity of the Eurozone sovereign debt markets have been raised. We aim to quantify illiquidity … risks, especially such related to liquidity dry-ups, and illiquidity spillover across maturities by examining the reaction … processes. We find that: a) market liquidity is more fragile and less predictable when an asset is very illiquid and, b) the …

schemes affect liquidity provision and asset prices. Investors face a trade-off between risk and return. At the benefit of a … liquidity provision to force traders to trade at a lower price. By contrast, bonus caps make traders value the asset less than … investors. This should encourage liquidity provision and decrease prices. In contrast to these predictions, we find that under …