market fragmentation and internalization. Market fragmentation is found to improve global and local liquidity, with spreads … other factors than market fragmentation. The only harmful effect is that fragmentation may reduce market depth for small …

-quote depth relate to market fragmentation and internalization after MiFID. Market fragmentation is found to improve global and … post-MiFID period is driven by other factors than market fragmentation. The only harmful effect is that fragmentation may …

spreads are negatively related to CN executions. Risk-sharing benefits from CN trading dominate fragmentation and cream …