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This work addresses two questions related to the market fragmentation debate: (i) How does the competition impact on the incumbent market liquidity? And on consolidated liquidity? (ii) Does the competition adversely affect the price discovery? In which market does the price discovery process take place? To this end we study the launch of Chi-x, a Multilateral trading facility, in the Italian market and in the English market.

Produktbeschreibung
This work addresses two questions related to the market fragmentation debate: (i) How does the competition impact on the incumbent market liquidity? And on consolidated liquidity? (ii) Does the competition adversely affect the price discovery? In which market does the price discovery process take place? To this end we study the launch of Chi-x, a Multilateral trading facility, in the Italian market and in the English market.
Autorenporträt
Federica Salvadè is a Phd student in Financial Markets and Intermediaries at Università Cattolica in Milan where she received her Bachelor and Master Degree in Banking and Finance. She also completed a Master in Credit Risk Management and she worked at the Surveillance Office of Borsa Italiana S.p.a (London Stock Exchange Group)