TY  - UNPD
A1  - Clapham, Benjamin
A1  - Gomber, Peter
A1  - Lausen, Jens
A1  - Panz, Sven
T1  - Liquidity provider incentives in fragmented securities markets
T2  - SAFE working paper series ; No. 231
N2  - 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.
T3  - SAFE working paper - 231 
KW  - Liquidity
KW  - Trading volume
KW  - Market fragmentation
KW  - Liquidity provider incentives
KW  - Transaction costs
Y1  - 2018
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/46925
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-469256
UR  - https://ssrn.com/abstract=2970452
IS  - July 31, 2018
PB  - SAFE
CY  - Frankfurt am Main
ER  -