We show that, consistent with empirical evidence, access to order flow information allows
traders to supply liquidity via contrarian marketable orders. An informational friction resulting …

We show that, consistent with empirical evidence, access to order flow information allows
traders to supply liquidity via contrarian marketable orders. Lack of market transparency can …

Exchange ownership in the US is often characterized as excessively concentrated. This
leads to a concern that such concentration may prevent peripheral exchanges from …

Over the past two decades, the world of equity trading has experienced a sequence of
sweeping changes that have drastically modified the way stocks are traded. Up until the end …

We identify queue-jumping as a key mechanism that causes markets to fragment. We use
the introduction (and partial removal) of the Order Protection Rule, which enforces strict inter …