positive liquidity implications of a new trading venue. To this end, we examine the impact of the Chi-X market entry in French … blue-chip equities on the liquidity of their home market. Our findings suggest that in consequence of the new competitor …'s market entry, liquidity in the most actively traded stocks was enhanced on the home market during the observation period …

This paper studies the impact of contracted market makers by investigating the liquidity provider scheme in Sweden. The … results show that the stocks become more liquid after the introduction of the contracted market makers. The liquidity … scheme and function as contracted market makers, whose trading behavior contribute to documented liquidity improvement. After …

consume liquidity when it is most needed, even when they are rewarded by the exchange to provide immediacy. The behavior of … traders provide liquidity instead of HFTs, taking advantage of the discounted price. We thus uncover a trade-o. between the … greater liquidity and efficiency provided by HFTs in normal times, and the disruptive consequences of their trading activity …

We analyse liquidity dynamics in the UK long gilt futures market. We use a novel order book dataset to assess liquidity … favour of resilience. We further show that this resilience does not come at the expense of a negative liquidity trend. These … liquidity in the UK long gilt futures market …

crashes. They actually consume liquidity when it is most needed, even if they are rewarded by the exchange to provide … crash. In their place, slow traders provide liquidity, taking advantage of the discounted price. We thus uncover a trade …-off between the greater liquidity and efficiency provided by designated market makers in normal times, and the disruptive …

We examine the role of algorithmic traders (AT) in liquidity supply and demand in the 30 DAX stocks on the Deutsche … monitor market liquidity than human traders. AT consume liquidity when it is cheap, i.e., when the bid-ask quotes are narrow …, and supply liquidity when it is expensive. When spreads are narrow AT are less likely to submit new orders, less likely to …

changes carries important information about liquidity demand in the market. From this distribution of trader position …-changes, we construct a marketwide measure for intraday liquidity demand that does not necessarily depend on aggressive trading …. Using a rich regulatory dataset on S&P 500 E-mini futures and 10-year Treasury futures markets, we show that this liquidity …

Designated market makers (DMMs) are contractually obligated to increase liquidity provision when trading volume … highlight the value of obligatory liquidity provision during scheduled corporate events with high fundamental information flows …