: liquidity traders (LTs), professional traders (PTs), and high frequency traders (HFTs). Our four main findings are: i) The price … impact of liquidity trades is higher in the presence of the HFTs and is increasing with the size of the trade. In particular … PTs lose revenue in every trade intermediated by HFTs, they are compensated with a higher liquidity discount in the market …

: liquidity traders (LTs), professional traders (PTs), and high frequency traders (HFTs). Our four main findings are: i) The price … impact of liquidity trades is higher in the presence of the HFTs and is increasing with the size of the trade. In particular … PTs lose revenue in every trade intermediated by HFTs, they are compensated with a higher liquidity discount in the market …

that algorithmic traders withdrew liquidity and generated uninformative volatility in Swiss franc currency pairs, while …

has generally increased over time, and that in times of crisis liquidity is lower and the volatility of liquidity is …This paper presents the most extensive analysis of liquidity in the German equity market so far. We examine the … evolution of liquidity over time, the determinants of liquidity, and commonality across liquidity measures and countries. We …

market manipulation, the highest volatility and probability of market crashes, yet the highest liquidity. The so … detect spoofing market manipulation, lower volatility and probability of market crashes, but lower liquidity levels. Finally …