The impact of market fragmentation on the liquidity of European Stock Exchanges

Simone Francesco Fioravanti and Monica Gentile
Additional contact information
Simone Francesco Fioravanti: Consob
Monica Gentile: Consob

BANCARIA, 2012, vol. 09, 23-40

Abstract: MiFid has fostered competition between stock exchanges and alternative trading systems by removing the option for Eu Member States to impose that equities must be traded only on regulated markets (so-called concentration rule). The success of alternative trading venues is mainly due to the adoption of advanced technologies which attract more sophisticated investors. This paper empirically measures how market fragmentation is affecting the quality of blue chip’s trading on European Stock Exchanges and shows that competition among exchange platforms does not have a negative effect on the level of liquidity of primary regulated markets

JEL-codes: G14 G15 G28 (search for similar items in EconPapers)
Date: 2012
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.bancaria.it/en/the-impact-of-market-fra ... ean-stock-exchanges/ (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ban:bancar:v:09:y:2012:m:september:p:23-40

Access Statistics for this article

BANCARIA is currently edited by Bancaria Editrice - the publisher of the Italian Banking Association

More articles in BANCARIA from Bancaria Editrice
Bibliographic data for series maintained by Francesco Emiliano Tani ().