fragmentation, the resulting implications for liquidity and price efficiency, and the role for public policy. Beyond the concerns … of all investors. Fragmentation of the marketplace can be seen as a direct outcome of this heterogeneity. In this article …

We study price and liquidity spillovers in U.S. stock markets around mutual fund fire sales. We find that the well … liquidity and are not explained by common funding shocks or the hedging activity of liquidity providers. We conclude that they … the commonality in returns and liquidity …

of fragmentation on liquidity and welfare di↵ers with asset volatility: when volatility is high (low), liquidity and …By employing a dynamic model with two limit order books, we show that fragmentation is associated with reduced … competition among liquidity suppliers and lower picking-o↵ risk of limit orders. Due to these countervailing channels, the impact …

. We study the effects of such fragmentation on market performance using a dynamic model where agents trade strategically … intermediaries at the expense of investors with intrinsic trading motives, and lower liquidity than consolidated markets. Consistent … with our theory, we document improvements in liquidity and lower profits for liquidity providers when Euronext, in 2009 …