Description
This work addresses two questions related to themarket fragmentationdebate: (i) How does thecompetition impact on the incumbent marketliquidity? And on consolidated liquidity?(ii) Doesthe competition adversely affect the pricediscovery? In which market does the price discoveryprocesstake place?To this end we study the launch of Chi-x, aMultilateral trading facility, in the Italian marketand in the English market.
Reviews
There are no reviews yet.