Degryse, Hans; Van Achter, Mark; Wuyts, Gunther - C.E.P.R. Discussion Papers - 2012
We study the relation between liquidity in financial markets and post-trading fees (i.e. clearing and settlement fees …). The clearing and settlement agent (CSD) faces different marginal costs for different types of transactions. Costs are … observed liquidity in the market. The second fee structure features a CSD breaking even by charging the internalized and non …