Competition for order flow has been widely documented for US markets, but it seems to be a relatively new phenomenon in … analyzes the potentially positive liquidity implications of a new trading venue. To this end, we examine the impact of the Chi …-X market entry in French blue chip equities on the liquidity of their home market. Our findings suggest that in consequence of …

depth, and improved price efficiency.Moreover, slow traders become more competitive in liquidity provision and price …

fragmentation, the resulting implications for liquidity and price efficiency, and the role for public policy. Beyond the concerns … competition between trading venues. …

We model endogenous technology adoption and competition among liquidity providers with access to High-Frequency Trading … excessively toxic markets. Speed technology may reduce resource costs for liquidity provision. Both effects increase liquidity and … reducing liquidity and welfare. This result also holds when HFT dominates traditional technology in terms of costs and …

competition among liquidity suppliers and lower picking-o↵ risk of limit orders. Due to these countervailing channels, the impact … of fragmentation on liquidity and welfare di↵ers with asset volatility: when volatility is high (low), liquidity and …'s predictions about liquidity. Our model reconciles the mixed results in the empirical literature. …

competition among market makers. I show that higher competition is beneficial for the market. Liquidity provision increases and … the role of designated liquidity providers played by high-frequency traders (HFTs) as introduced by the forthcoming MiFID … II regulation. I find that HFTs do provide liquidity to the market, but strategically so, to avoid being adversely …

Do competition and incentives offered to designated market makers (DMMs) improve market liquidity? Using data from the … NYSE Euronext Paris, we show that an exogenous increase in competition among DMMs leads to a significant decrease in quoted … small changes in rebates and requirements for DMMs, do not have any tangible effect on market liquidity. Our analysis shows …

Do competition and incentives offered to designated market makers (DMMs) improve market liquidity? We employ data from … spreads. In particular, market liquidity increases the most for stocks with the largest increase in competition among DMMs …. Our analysis shows that competition among DMMs is an important aspect of contract design, along with elements such as …

The rise of computerized trading strategies in equity markets has spurred competition between trading venues. This … cancellations of limit orders on competing venues. These cancellations are explained in a simple model of competition between two … limit order markets with fast and slow traders. Only the fast traders can access the liquidity of both venues simultaneously …