G18 - Government Policy and Regulation
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Alternative Trading Systems: Does One Shoe Fit All?
This paper examines the factors that lead liquidity-motivated investors to choose the type of market structure they prefer. -
The Microstructure of Multiple-Dealer Equity and Government Securities Markets: How They Differ
Although dealership government and equity securities have, on the surface, similar market structures, the author demonstrates that some subtle differences exist between them that are likely to significantly affect the way market-makers trade, and as such have an impact on the liquidity that they provide.