Dark pools are equity trading systems that do not publicly display orders. Dark pools offer
potential price improvements but do not guarantee execution. Informed traders tend to trade …

We consider a large trader liquidating a portfolio using a transparent trading venue with
price impact and a dark pool with execution uncertainty. The optimal execution strategy uses …

Recent dark pool proliferation has magnified regulatory and academic concerns about equal
access and market quality implications. Some dark pools, hoping to create an environment …

Abstract In November 2007, the Markets in Financial Instruments Directive (MiFID) came into
full effect. MiFID is the most significant European Union legislation for investment …

Over the past three decades, the equities markets all over the world have seen periods of
fragmentation and consolidation as new players enter the industry, or two or more entities …

The minimum price variation, or tick size, is at the center of the current regulatory de& bate
as it affects competition for liquidity provision in limit order books. A reduction in the tick size …

We show that following a tick size reduction in a decimal public limit order book (PLB)
market quality and welfare fall for illiquid but increase for liquid stocks. If a Sub-Penny Venue …

We investigate the impact of legal insider trading on different types of dark and lit trading
venues. We find that the market share of dark pools increases during weeks when insider …

Abstract The United States equity market is made up of both private and public trading
venues, creating a framework dark and light trading liquidity. Private or non-publicly visible …

ESSAYS ON FINANCIAL MARKET STRUCTURE AND DESIGN A DISSERTATION SUBMITTED TO
THE GRADUATE SCHOOL OF BUSINESS AND THE COMMITTEE OF Page 1 ESSAYS ON …