The effects of different anonymity regimes on liquidity at Nasdaq Nordic Exchanges
The purpose of this paper is to investigate the effect of various post-trade anonymity regimes on the liquidity of the Stockholm, Helsinki, and Copenhagen exchanges in 2014, 2019, 2020, and 2022. The theoretical perspectives used for this paper include information asymmetry, adverse selection, informational value of broker codes, trader dynamics under anonymity, order anticipation, and market make