fragmentation, the resulting implications for liquidity and price efficiency, and the role for public policy. Beyond the concerns … of all investors. Fragmentation of the marketplace can be seen as a direct outcome of this heterogeneity. In this article …

Market fragmentation and technological advances increasing the speed of trading altered the functioning and stability … that when liquidity becomes scarce Chi-X is a less resilient venue than LSE with variations existing across stocks and time …. In comparison with LSE, Chi-X has more, longer, and severer liquidity shocks. Whereas the vast majority of liquidity …

of fragmentation on liquidity and welfare differs with asset volatility: when volatility is high (low), liquidity and …By employing a dynamic model with two limit order books, we show that fragmentation is associated with reduced … competition among liquidity suppliers and lower picking-off risk of limit orders. Due to these countervailing channels, the impact …

differences in market design and liquidity, can be exploited to estimate unique information shares. The empirical application of …

liquidity, especially for stocks with small market capitalization,high volatility and no listed options; (ii) slowed down price …

liquidity and volatility. We extend the empirical research by the identification of FTT announcement and short-run treatment …

break local price trends, make liquidity suppliers revise positions, and enhance price discovery. In contrast, pauses do not …

We examine price discovery and liquidity provision in the secondary market for bitcoin-an asset with a high level of … volatility environment, aggressive orders seem to be more attractive to informed agents, but market liquidity migrates outward in …

This paper uses two highly liquid S&P 500 and gold exchange-traded funds (ETFs) to evaluate the impact of liquidity and … ability of liquidity variables to predict intraday jumps persists after controlling for news surprises. Results show that …