We analyze the dynamics of liquidity in Xetra, an electronic open limit order book. We use the Exchange Liquidity Measure (XLM), a measure of the cost of a roundtrip trade of given size V. This measure captures the price and the quantity dimension of liquidity. We present descriptive statistics,...

Latency is one of the major issues in today's electronic securities trading. The demand for low latency services has increased tremendously since the advent of algorithmic trading. Milliseconds are a competitive edge, both for the demand and the provision of electronic execution services. Speed...

This paper describes cash equity markets in Germany and their evolution against the background of technological and regulatory transformation. The development of these secondary markets in the largest economy in Europe is first briefly outlined from a historical perspective. This serves as the...