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choice in the context of the fragmented equity markets. We provide a brief background on the history of trading fragmentation … in the equity market and its determinants. We discuss the direct and indirect impacts of the market fragmentation on …
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fragmentation, as well as the resulting implications for investors' welfare. We start with the literature that views exchanges as …
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This paper examines unique data on dark pool activity for a large cross-section of US stocks in 2009. Dark pool activity is concentrated in liquid stocks. Nasdaq (AMEX) stocks have significantly higher (lower) dark pool activity than NYSE stocks controlling for liquidity. For a given stock, dark...
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of all investors. Fragmentation of the marketplace can be seen as a direct outcome of this heterogeneity. In this article … fragmentation, the resulting implications for liquidity and price efficiency, and the role for public policy. Beyond the concerns …
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