This is a survey of progress with the postcrisis global (G20) reform of the financial system, in
five key areas of new regulation:(1) making financial institutions more resilient;(2) ending …

A faster exchange does not necessarily improve liquidity. On the one hand, speed enables a
high-frequency market maker (HFM) to update quotes faster on incoming news. This …

Purpose The purpose of this paper is to determine the optimal profit-and-loss sharing (PLS)-
based contract when market frictions occur. Design/methodology/approach This paper opts …

Competition between electronic limit order books improves the overall liquidity of equity
markets in most studies. However, my model shows that liquidity offered on the limit order …

Speeding up the exchange does not necessarily improve market quality. The price quotes of
high frequency market makers are more likely to meet speculative high frequency …

This paper examines the effects of Chi-X, a pan-European multilateral trading facility, on
intraday liquidity co-movements within European equity markets. Chi-X enables …

Unlike the US's Regulation National Market System (RNMS), the EU's Markets in Financial
Instruments Directive (MiFID) does not impose a formal exchange trading linkage or …

This paper investigates the impact of market-wide low latency trading technologies on
informational asymmetries between traders. It develops a model with two types of high …

The history of online trading began in the 1960s with the emergence of electronic
communication networks, which allowed the electronic execution of trades outside …

We use the introduction of two multilateral trading facilities (MTFs) to examine the impact of
market fragmentation on commonality in liquidity. We find that the introduction of MTFs …