Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/182444 
Erscheinungsjahr: 
2018
Schriftenreihe/Nr.: 
SAFE Working Paper No. 231
Verlag: 
Goethe University Frankfurt, SAFE - Sustainable Architecture for Finance in Europe, Frankfurt a. M.
Zusammenfassung: 
We study the introduction of single-market liquidity provider incentives in fragmented securities markets. Specifically, we investigate whether fee rebates for liquidity providers enhance liquidity on the introducing market and thereby increase its competitiveness and market share. Further, we analyze whether single-market liquidity provider incentives increase overall market liquidity available for market participants. Therefore, we measure the specific liquidity contribution of individual markets to the aggregate liquidity in the fragmented market environment. While liquidity and market share of the venue introducing incentives increase, we find no significant effect for turnover and liquidity of the whole market.
Schlagwörter: 
Liquidity
Trading Volume
Market Fragmentation
Liquidity Provider Incentives
Transaction Costs
JEL: 
G10
G14
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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