The change in the market mechanism on the Helsinki Stock Exchange was examined in order to study the impact of order book visibility and continuity on the liquidity distribution. The hypothesis was that the change in continuity and order book visibility resulted in a shift in liquidity from...

Dealers are suppliers of liquidity; in this respect their role is similar to that played by speculators in auction markets. However, dealers are a special kind of speculator, because of the many obligations and privileges conferred upon them. The most obvious constraint on dealers' behaviour is...