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 Date: 2009-11-03 05:27:26Financial markets Algorithmic trading Market maker Bidask spread Payment for order flow Market liquidity Order Stock market NASDAQ Electronic trading Market timing Electronic communication network |
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Liquidity Cycles and Make/Take Fees in Electronic Markets∗ Ohad Kadan Olin Business School Washington University in St. Louis Campus Box 1133, 1 Brookings Dr.