in Financial Instruments Directive (MiFID) on 1 November 2007. It makes a brief literature review on the consequences of … lit and dark fragmentation for liquidity. It presents an empirical analysis of the effect of market fragmentation on price … improved with market fragmentation after MiFID; (2) the price quality of large Euronext equities improved with fragmentation in …

increased contribution to price discovery by the smaller exchange. Liquidity worsens for large caps due to increased sniping but … improves for mid caps due to fast liquidity provision. Trading volume on the smaller exchange declines across all stocks. We …

increased contribution to price discovery by the smaller exchange. Liquidity worsens for large caps due to increased sniping but … improves for mid caps due to fast liquidity provision. Trading volume on the smaller exchange declines across all stocks. We …

This paper presents the most extensive analysis of liquidity in the German equity market so far. We examine the … evolution of liquidity over time, the determinants of liquidity, and commonality across liquidity measures and countries. We … make use of a new publicly available dataset, the Market Microstructure Database Xetra (MMDB-Xetra). We find that liquidity …

This paper presents the most extensive analysis of liquidity in the German equity market so far. We examine the … evolution of liquidity over time, the determinants of liquidity, and commonality across liquidity measures and countries. We … make use of a new publicly available dataset, the Market Microstructure Database Xetra (MMDB-Xetra). We find that liquidity …

paper evaluates the impact of dark trading and fragmentation in visible order books on liquidity. We consider global … liquidity by consolidating the limit order books of all visible trading venues, and local liquidity by considering the … traditional market only. We find that fragmentation in visible order books improves global liquidity, whereas dark trading has a …

specific focus on the European experience. Since the implementation of MiFID1 on 1 November 2007, market fragmentation has … liquidity with greater benefits for global traders who connect to several platforms and greater liquidity gains on large … improve liquidity, the impact of OTC trading is mixed and the lack of strong conclusion on this issue leaves room for further …

for infrequently traded stocks, a negative effect on liquidity of slightly more active stocks, and increasing benefits for … liquidity of large and actively traded stocks. Consequently, being traded on multiple venues is not necessarily harmful for SME …

for infrequently traded stocks, a negative effect on liquidity of slightly more active stocks, and increasing benefits for … liquidity of large and actively traded stocks. Consequently, being traded on multiple venues is not necessarily harmful for SME …