I analyze the price discovery, liquidity provision, and transaction-cost components driven by the real-time firm …-specific news releases is a magnet for liquidity and trading. This research provides insights into the market quality of limit …-order book markets that are able to provide additional liquidity during information events …

, volume, and selected liquidity measures. We find clear evidence of periodic patterns matching the trading hours of the most …

-available data. Second, we demonstrate that FX liquidity declines with funding constraints and global risk, supporting theoretical … models relating funding and market liquidity. In these distressed circumstances, liquidity tends to evaporate more for …We provide a comprehensive study of the liquidity of spot foreign exchange (FX) rates over more than two decades and a …