We survey empirical studies on the development and effects of increased computerization across equity, foreign exchange, derivatives, and fixed-income markets. While the changes in the trading process due to computerization in less liquid markets such as the corporate bond market have been...

If changes in make fees have the same effect on exchange volume as changes in take fees, then any split of the total fee to makers and takers will generate the same revenue from these fees to the exchange. We find that both volume and revenue are not equally sensitive to changes in make fees and...

We survey empirical studies on the development and effects of increased computerization across equity, foreign exchange, derivatives, and fixed-income markets. While the changes in the trading process due to computerization in less liquid markets such as the corporate bond market have been...