Financial Markets have undoubtedly played a crucial role in the economic development and technological growth the world has experienced over the last century. The availability of liquid markets greatly facilitates the opportunities of raising capital and risk sharing, allowing the financing of...

This paper evaluates the effect of the introduction of the ITF on Spanish shares in secondary markets, focusing on the potential costs. For this purpose, it considers several dimensions of liquidity (measured through the bid-ask spread and the Amihud ratio), volatility (both intraday and...