, both intraday and in the closing auction. An increase (decrease) in tick size is associated with a decrease (increase) in … intraday liquidity, but a more (less) stable market. In the closing auction an increase in tick size has a positive effect on … auction. Finally, closing auction volumes increased heavily since MiFID II and price formation in closing auctions became more …

scarce transmission capacity at cross-border level: the 'implicit auction', already used in some countries, and the … 'coordinated explicit auction', proposed by the European Transmission System Operators (ETSO) but not implemented yet. The main … advantage of the explicit auction is that it allows each country to keep its own power exchange running. In the European …

in 2013, to be increased to 100 % by 2020. In this paper, we emphasize the importance of a properly chosen auction design … as the significantly higher auction share, compared to the past and current trading phase, is expected to yield a thin … secondary market for CO2 allowances. We elaborate main criteria that a viable auction design is supposed to fulfil and propose a …

the literature in the framework of the SEAMO (simultaneous English auction for multiple objects) don't have a counterpart … in the JAMO (Japanese auction for multiple objects). We show however that certain retaliatory equilibria do exist in both …