Market Liquidity and Competition Among Designated Market Makers
References
- (2017) High frequency market making: Implications for liquidity. Preprint, submitted January 30, https://dx.doi.org/10.2139/ssrn.2908438.Google Scholar
- AMF (2017) Study of the behaviour of high-frequency traders on Euronext Paris: Risks and trends. AMF, Paris.Google Scholar
- (2016) Market conditions, fragility, and the economics of market making. J. Financial Econom. 121(2):327–349.Crossref, Google Scholar
- (2009) Paying for market quality. J. Financial Quant. Anal. 126(6):1427–1457.Crossref, Google Scholar
- (1982) Regulating a monopolist with unknown costs. Econometrica 50(4):911–930.Crossref, Google Scholar
- (2019) Risk and return in high-frequency trading. J. Financial Quant. Anal. 54(3):993–1024.Crossref, Google Scholar
- (1974) Determinants of bid-asked spreads in the over-the-counter market. J. Financial Econom. 4(1):353–364.Crossref, Google Scholar
- (2015) Market making contracts, firm value, and the IPO decision. J. Finance 70(5):1997–2028.Crossref, Google Scholar
- (2020) Liquidity provision contracts and market quality: Evidence from the New York Stock Exchange. Rev. Financial Stud. 33(1):44–74.Crossref, Google Scholar
- (2000) Competing mechanisms in a common value environment. Econometrica 68(4):799–837.Crossref, Google Scholar
- (2022) The impact of make-take fees on market efficiency. Rev. Quant. Finance Accounting 58(3):1015–1035.Google Scholar
- Bongaerts D, Van Achter M (2021) Competition among liquidity providers with access to high-frequency trading technology. J. Financial Econom. 140(1):220–249.Google Scholar
- (2019) High-frequency trading competition. J. Financial Quant. Anal. 54(4):1469–1497.Crossref, Google Scholar
- (2014) High-frequency trading and price discovery. Rev. Financial Stud. 27(8):2267–2306.Crossref, Google Scholar
- (2018) High-frequency trading and extreme price movements. J. Financial Econom. 128(2):253–265.Crossref, Google Scholar
- (2015) The high-frequency trading arms race: Frequent batch auctions as a market design response. Quart. J. Econom. 130(4):1547–1621.Crossref, Google Scholar
- (2016) High-frequency traders in charge at NYSE. Financial Times (January 26), https://www.ft.com/content/5db568aa-c44c-11e5-808f-8231cd71622e.Google Scholar
- (2017) Make and take fees in the US equity market. Working paper, Texas Tech University, Lubbock, TX.Google Scholar
- (2013) Very fast money: High-frequency trading on the NASDAQ. J. Financial Markets 16(4):680–711.Crossref, Google Scholar
- Clapham B, Gomber P, Lausen J, Panz S (2021) Liquidity provider incentives in fragmented securities markets. J. Empirical Finance 60:16–38.Google Scholar
- (2017) Designated market makers still matter: Evidence from two natural experiments. J. Financial Econom. 126(3):652–667.Crossref, Google Scholar
- (2012) Trading fees and efficiency in limit order markets. Rev. Financial Stud. 25(11):3389–3421.Crossref, Google Scholar
- (2018) Optimal make-take fees for market making regulation. Preprint, submitted May 7, https://arxiv.org/abs/1805.02741.Google Scholar
- (1999) Market making and trading in NASDAQ stocks. Financial Rev. 34(1):27–44.Crossref, Google Scholar
- (2011) Euronext launches DMM-style programme in Europe. Financial Times (April 17), https://www.ft.com/content/909bed9e-682f-11e0-81c3-00144feab49a.Google Scholar
- (2013) The diversity of high-frequency traders. J. Financial Markets 16(4):741–770.Crossref, Google Scholar
- (1993) The trades of market makers: An empirical analysis of NYSE specialists. J. Finance 48(5):1565–1593.Crossref, Google Scholar
- (1999) The impact of market maker competition on NASDAQ spreads. Financial Rev. 34(4):55–73.Crossref, Google Scholar
- (2018) Why maker-taker fees improve exchange quality: Theory and natural experimental evidence. Working paper, University of New South Wales, Kensington, Australia.Google Scholar
- (2015) Subsidizing liquidity: The impact of make/take fees on market quality. J. Finance 70(2):509–536.Crossref, Google Scholar
- (2017) The behaviour of high-frequency traders under different market stress scenarios. Market Microstructure Liquidity 3(03n04):1850005.Crossref, Google Scholar
- (2013) High frequency trading and the new market makers. J. Financial Markets 16(4):712–740.Crossref, Google Scholar
- (2013) How do designated market makers create value for small-caps? J. Financial Markets 16(3):571–603.Crossref, Google Scholar
- (2017) Need for speed? Exchange latency and liquidity. Rev. Financial Stud. 30(4):1188–1228.Crossref, Google Scholar
- (1996) The determinants and dynamics of bid-ask spreads on the London Stock Exchange. J. Financial Res. 19(3):377–394.Crossref, Google Scholar
- NYSE Euronext (2011) Launch of a Supplemental Liquidity Provider programme on European blue chips. Euronext Cash Market Info-Flash (January 13). Euronext, Amsterdam.Google Scholar
- NYSE Euronext (2012) Annual renewal of the Supplemental Liquidity Provider programme on European blue chips. Euronext Cash Market Info-Flash (March 26). Euronext, Amsterdam.Google Scholar
- NYSE Euronext (2013a) Supplemental Liquidity Provider programme fee schedule adjustment. Euronext Cash Market Info-Flash (October 1). Euronext, Amsterdam.Google Scholar
- NYSE Euronext (2013b) Tendering for applications for a new Supplemental Liquidity Provider programme on European blue chips. Euronext Cash Market Info-Flash (May 9). Euronext, Amsterdam.Google Scholar
- (2020) Every cloud has a silver lining: Fast trading, microwave connectivity, and trading costs. J. Finance 75(6):2899–2927.Google Scholar
- (2015) When do listed firms pay for market making in their own stock? Financial Management 44(2):241–266.Crossref, Google Scholar
- (1978) The pricing of security dealer services: An empirical study of NASDAQ stocks. J. Finance 33(4):1153–1172.Crossref, Google Scholar
- (2023) One for the money, two for the show? The number of designated market makers and liquidity. Econom. Lett. 224:110992.Crossref, Google Scholar
- (1972) Competition and the pricing of dealer service in the over-the-counter stock market. J. Financial Quant. Anal. 7(3):1707–1727.Crossref, Google Scholar
- (2007) The value of the designated market maker. J. Financial Quant. Anal. 42(3):735–758.Crossref, Google Scholar
- (2017) Market maker competition and price efficiency: Evidence from China. Econom. Model. 66:121–131.Crossref, Google Scholar

