paper evaluates the impact of dark trading and fragmentation in visible order books on liquidity. We consider global … liquidity by consolidating the limit order books of all visible trading venues, and local liquidity by considering the … traditional market only. We find that fragmentation in visible order books improves global liquidity, whereas dark trading has a …

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 …

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

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 …

How do banks react to increased interbank competition? Recent banking theory offers conflicting predictions about the …