book. Our results suggest that competition in market design, not fragmentation, drives previously documented improvements … in market quality when new trading venues emerge; in the absence of such competition, market fragmentation is harmful. …. We study the effects of such fragmentation on market performance using a dynamic model where agents trade strategically …

the peace and stability of the Southeast Europe within the realm of organized crime. It contends that Southeast Europe … for illicit purposes. Regarding the context of the Southeast Europe, the study argues, firstly, that serious organized …