the arrival rates of trades and trade composition on market volatility, liquidity and depth. We find that although … volatility increases with the forecasted arrival rates of total trades, it is relatively independent of the forecasted … composition of the trade. We use the opening bid-ask spread as a measure of market liquidity. We find that as the number of trades …

This paper examines whether the introduction of the Euro in 1999 was associated with lower stock return volatility …, and Japan. We show that though the Euro led to a significant decrease in the volatility of trade-weighted exchange rates …