We study the introduction of single-market liquidity provider incentives in fragmented securities markets. Specifically, we investigate whether fee rebates for liquidity providers enhance liquidity on the introducing market and thereby increase its competitiveness and market share. Further, we...

The general concept of a Securities Transaction Tax is controversial among academics and politicians. While theoretical research is quite advanced, the empirical guidance in a fragmented market context is still scarce. Possible negative effects for market liquidity and market efficiency are...

MiFID's key objectives are market efficiency, market integrity, and fairness. By defining a new trading venue classification (i.e., Regulated Markets, Multilateral Trading Facilities, and systematic internalisers) and by enabling these venues to compete on a level playing field in terms of fees,...

We analyze how market fragmentation affects market quality of SME and other less actively traded stocks. Compared to large stocks, they are less likely to be traded on multiple venues and show, if at all, low levels of fragmentation. Concerning the impact of fragmentation on market quality, we...

Stock markets in the Gulf Region have experienced a significant growth in the recent past. Market performance, trading activity and market capitalization have increased by nearly triple digits annually.This development implicates two effects: on the one hand financial markets gain more...

The trust-free nature of blockchain-based systems challenges the role of traditional platform providers and enables the creation of new, intermediary-free markets. Despite the growing number of such markets, the impact of the blockchain's configuration on market outcomes remains unclear. In this...