Degryse, Hans; van Achter, M.; Wuyts, G. - Tilburg University, Tilburg Law and Economic Center - 2012
Abstract: We study the relation between liquidity in financial markets and post-trading fees (i.e. clearing and settlement fees). The clearing and settlement agent (CSD) faces different marginal costs for different types of transactions. Costs are lower for an internalized transaction, i.e. when...