TY  - UNPD
A1  - Lausen, Jens
A1  - Clapham, Benjamin
A1  - Gomber, Peter
A1  - Bender, Micha
T1  - Drivers and effects of stock market fragmentation – insights on SME stocks
T2  - SAFE working paper ; No. 367
N2  - We analyze how market fragmentation affects market quality of SME and other less actively traded stocks. Compared to large stocks, they are less likely to be traded on multiple venues and show, if at all, low levels of fragmentation. Concerning the impact of fragmentation on market quality, we find evidence for a hockey stick effect: Fragmentation has no effect for infrequently traded stocks, a negative effect on liquidity of slightly more active stocks, and increasing benefits for liquidity of large and actively traded stocks. Consequently, being traded on multiple venues is not necessarily harmful for SME stock market quality.
T3  - SAFE working paper - 367 
KW  - Market Microstructure
KW  - Market Fragmentation
KW  - Securities Market Regulation
KW  - Market Quality
KW  - SME Trading
Y1  - 2022
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/69109
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-691091
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4042916
VL  - September 17, 2021
PB  - SAFE
CY  - Frankfurt am Main
ER  -