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 …

various market outcomes (the price level, volatility, trading activity, market liquidity, and the degree of speculative … ambiguity decreases market prices and trading activity; ambiguity leads to lower market liquidity through wider bid-ask spreads …

We study empirically how competition among high-frequency traders (HFTs) affects their trading behavior and market …-frequency competition, and contains an exogenous event - a tick size reform - which we use to disentangle the effects of the rising share of … high-frequency trading in the market from the effects of high-frequency competition. We find that when HFTs compete, their …

market liquidity and trading of other market participants. IDT contribute 10% to volume while losing 3.2 bp (73% of the half …-spread) on average on trades with others, including proprietary day traders (PDT), the primary intraday-liquidity providers, and … activity. This pattern is consistent with competition among PDT. Our results highlight the importance of IDT's presence in …

others, including proprietary day traders (PDT), the primary intraday-liquidity providers, and longer-term traders … profitability stays unchanged, consistent with competition among PDT …

significant amount of liquidity shocks spill over cross-venue providing supporting evidence for the competition for order flow … that when liquidity becomes scarce Chi-X is a less resilient venue than LSE with variations existing across stocks and time …. In comparison with LSE, Chi-X has more, longer, and severer liquidity shocks. Whereas the vast majority of liquidity …

We revisit and extend the study by Chordia et al. (2014) which documents that, in recent years, increased liquidity has … characterised by positive trends in liquidity, there is no persuasive time-series and cross-sectional evidence for a negative link … between anomalies in market returns and liquidity. Thus, this proxy of arbitrage activity does not appear to be a key factor …

We revisit and extend the study by Chordia et al. (2014) which documents that, in recent years, increased liquidity has … characterised by positive trends in liquidity, there is no persuasive time-series and cross-sectional evidence for a negative link … between anomalies in market returns and liquidity. Thus, this proxy of arbitrage activity does not appear to be a key factor …