The increasing popularity of non-dealer security markets that offer automated, computer-based, continuous trading reflects the conventional wisdom that such markets are more efficient for all issues, large and small. This article uses a recent testing methodology to estimate the relative...

This study is an analysis of the secondary market liquidity on equity markets around the world. The role of operational design of stock exchanges in enhancing liquidity is assessed. The market structure within which exchanges operate is also shown to affect the optimal operational design and...

The paper proposes a model of multiple dealer forex trade in two variants: for direct and brokered market organization. The equilibrium order flow pattern is derived as a function of shadow prices (marginal valuations) of FX holdings across market participants. The shadow currency values can be...