systems in Europe. It investigates the relationship between the trading activity of a crossing network (CN) and the liquidity … spreads are negatively related to CN executions. Risk-sharing benefits from CN trading dominate fragmentation and cream …

-listed equities, this article compares the consolidated liquidity of competing markets, also called global liquidity, and the local … liquidity of the primary exchang, before and after MiFID. It then investigates how liquidity measured by spreads and best …-quote depth relate to market fragmentation and internalization after MiFID. Market fragmentation is found to improve global and …

. We study the effects of such fragmentation on market performance using a dynamic model where agents trade strategically … intermediaries at the expense of investors with intrinsic trading motives, and lower liquidity than consolidated markets. Consistent … with our theory, we document improvements in liquidity and lower profits for liquidity providers when Euronext, in 2009 …

differences in market design and liquidity, can be exploited to estimate unique information shares. The empirical application of …

liquidity, especially for stocks with small market capitalization,high volatility and no listed options; (ii) slowed down price …

liquidity and volatility. We extend the empirical research by the identification of FTT announcement and short-run treatment …

break local price trends, make liquidity suppliers revise positions, and enhance price discovery. In contrast, pauses do not …