MiFid has fostered competition between stock exchanges and alternative trading systems by removing the option for EU Member States to impose that equities must be traded only on regulated markets (so-called concentration rule). The success of alternative trading venues is mainly due to the...

MiFID has fostered competition between stock exchanges and alternative trading systems by removing the possibility for EU Member States to establish that equities must be traded only on regulated markets (so-called concentration rule). This paper empirically measures how market fragmentation is...

The purpose of this study was to analyze the effects that have been caused by changes in pre-trade transparency upon the behavior of stock traders. We used a trade size model and tested it before, during and after the period when the Italian Stock Exchange introduced a 20-level order book with...

This paper investigates the network features of European trading venues by analyzing the behavior of simultaneously quoted stock. Equity trading venues include both regulated Stock Exchanges (SEs) and Alternative Trading Venues (ATVs) and these represent the nodes of our network. The connections...

This paper investigates the Chinese mainland Stock Exchanges and their following interconnecting features: savers' attitude towards stock investments, investors' trading behaviour and stock returns explanations. We evaluate the effectiveness of the recent efforts made by the Chinese authorities...