We examine whether the forex market quality, measured by the speed of price discovery and liquidity recovery after macro statistics announcements, has improved using the EBS high-frequency data for 20 years. Considering the recent rise of computer-based trading, a popular conjecture is that the...

We examine whether the forex market quality, measured by the speed of price discovery and liquidity recovery after macro statistics announcements, has improved using the EBS high-frequency data for 20 years. Considering the recent rise of computer-based trading, a popular conjecture is that the...

The 18 members of the Asia-Pacific Economic Cooperation Council (APEC) encompass not only a wide geographic area but also broad differences in stages of economic development, including among them some of the fastest- growing economies in the world. Such rapid growth has been ficilitated by high...