We investigate competition between traditional stock exchanges and new ‘dark' trading venues using an important difference in regulatory treatment. SEC required minimum pricing increments constrain some stock spreads, causing large limit order queues. Dark pools allow some traders to by-pass...

We investigate the information content of the limit order book (LOB) on the Tokyo Stock Exchange, the world's second largest order-driven exchange1. Microstructure parameters, such as the current cost-to-trade 1% of average daily volume and order book slope, consistently and significantly...