Voluntary pre-trade anonymity and market liquidity

Martinez Serrano, Miguel Angel; Tapia, Mikel

Voluntary pre-trade anonymity and market liquidity

Author(s): Martinez Serrano, Miguel Angel; Tapia, Mikel

Publisher: Taylor&Francis

Issued date: 2020-06-16

Citation: Martínez, M. A., & Tapia, M. (2020). Voluntary pre-trade anonymity and market liquidity. Spanish Journal of Finance and Accounting / Revista Española de Financiación y Contabilidad, 50 (2), pp. 143-161.

ISSN: 0210-2412

DOI: https://doi.org/10.1080/02102412.2020.1763052

xmlui.dri2xhtml.METS-1.0.item-contributor-funder: Ministerio de Economía y Competitividad (España)
Ministerio de Ciencia y Tecnología (España)
Fondo Europeo de Desarrollo Regional

Sponsor: This work was supported by the Comunidad de Madrid [S2015/HUM-3353 (EARLYFIN-CM)]; Ministerio de Ciencia y Tecnología [ECO2015-69205-P]; Ministerio de Economía y Competitividad [ECO2014-51914-P]; Fondos FEDER [UNC315-EE-3636]; Basque Government [IT1336-19].

Project: Comunidad de Madrid. S2015/HUM-3353
Gobierno de España. ECO2015-69205-P
Gobierno de España. UNC315-EE-3636

Keywords: Voluntary trader anonymity , Market liquidity , Pre-trade transparency , Information disclosure , Market quality

JEL Classification: G10

URI: http://hdl.handle.net/10016/34883

Abstract:

This paper analyses the effects on liquidity of voluntary pre-trade anonymity in the trading process. We confirm previous studies showing that market liquidity improves immediately after anonymous trading. Using the daily percentage of effective volume trad [+]

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