Id. (listing that training deciding on lighted sites, that are built mostly toward Western european places, “essentially find that the newest obvious fragmentation contributed to markets top quality developments in the form of shorter transaction costs.”); get a hold of along with, age.g., Hans Degryse, Frank de- Jong, and Vincent van Kervel, The impact away from ebony exchange and you can noticeable fragmentation towards )(finding that enhanced fragmentation round the illuminated locations lead to narrower advances and you may enhanced depth), offered at Mahendraraja Nimalendran and you will Ray Sugata, Informative Linkages ranging from black and illuminated trading venues (2012)(finding that brand new regarding dark pools encourages rate knowledge to have h2o carries by allowing told agencies in order to change strategically round the lighted and black sites, but that will not keep true to possess illiquid brings), offered at Maureen O’Hara and you may Mao Ye, Are market fragmentation harming )(discovering that improved from-replace change (i) will not upset exchangeability otherwise field pointers overall performance, (ii) resulted in lower productive develops and performance speeds, and you can (iii) basically gurus short businesses and does not damage highest agencies), offered by Sabrina Buti, Barabara Rindi, and Ingrid M. Continue Reading…
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