We consider information sharing between traders who process different types of information, namely information on the value of a risky security or information on the volume of liquidity trading in this security. We intercept the traders as dual-capacity brokers on the floor of an Exchange.

We consider information sharing between traders("floor brokers") who possess different types of information, namely information on the payoff of a risky security or information on the volume of liquidity trading in this security. We interpret these traders as dual -capacity brokers on the floor...