market transparency, can make liquidity demand upward sloping, inducing strategic complementarities: traders demand more … liquidity when the market becomes less liquid, fostering market illiquidity. This can generate instability with an initial … dearth of liquidity degenerating into a liquidity rout (as in a ash crash). In a fully transparent market, liquidity is …

market transparency, can make liquidity demand upward sloping, inducing strategic complementarities: traders demand more … liquidity when the market becomes less liquid, fostering market illiquidity. This can generate instability with an initial … dearth of liquidity degenerating into a liquidity rout (as in a flash crash). In a fully transparent market, liquidity is …

frequency trading, can induce demand for liquidity to be upward sloping and strategic complementarities in traders' liquidity … consumption decisions: traders demand more liquidity when the market becomes less liquid, which in turn makes the market more … illiquid, fostering the initial demand hike. This can generate market instability, where an initial dearth of liquidity …

frequency trading, can induce demand for liquidity to be upward sloping and strategic complementarities in traders’ liquidity … consumption decisions: traders demand more liquidity when the market becomes less liquid, which in turn makes the market more … illiquid, fostering the initial demand hike. This can generate market instability, where an initial dearth of liquidity …