Is liquidity better when a trade counterparty's brokerage firm is unknown (anonymous) or
known (transparent)? We examine a quasinatural experiment where some firms switched …

This survey summarizes and analyzes theoretical, empirical and experimental research that
addresses limit order book transparency in securities markets. We conclude that changes in …

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 …