Immediacy Provision and Matchmaking

The authors gratefully acknowledge very helpful comments and suggestions from three anonymous reviewers, one anonymous associate editor, and department editor Agostino Capponi. The authors are deeply grateful to Darrell Duffie for his guidance and detailed suggestions. The authors especially thank Anat Admati, Mohammad Akbarpour, Itai Ashlagi, Jonathan Berk, Michael Fleming, Nicolae Gârleanu, Paul Glasserman, Steven Grenadier, Benjamin Hébert, Yesol Huh, Ramesh Johari, Akitada Kasahara, Arvind Krishnamurthy, Yang Song, Chaojun Wang, Yue Wang, Liyan Yang, Xingtan Zhang, and Jeffrey Zwiebel as well as participants at the Stanford finance student seminar, INFORMS, and the Workshop on Marketplace Innovation for helpful discussions. This paper was previously circulated under the title “Conflicted Immediacy Provision.” All errors are our own.