Anonymous trading is the norm in today's financial markets but there are a few exceptions. We study one such case, the OMX Nordic Exchanges (Stockholm, Helsinki, Copenhagen, and Reykjavik) that have traditionally been more transparent than most other markets. On June 2, 2008 OMX Nordic switched...

Is liquidity better when a trade counterparty's brokerage firm is unknown (anonymous) or known (transparent)? We examine a quasi-natural experiment where some firms switched from transparent to anonymous trading and then, one year later, switched back. Our results for inside spread, price...

Is liquidity better when the trade counterparties are unknown (anonymous) or known (transparent)? We examine how knowledge of the trade counterparties affects the liquidity of markets. Our empirical results are generated in a quasi-natural experimental setting where some firms switched from...

Simulations of agent-based models have shown that the stylized facts (unit-root, fat tails and volatility clustering) of financial markets have a possible explanation in the interactions among agents. However, the complexity, originating from the presence of non-linearity and interactions, often...