This paper provides a survey of recent changes in the market microstructure of the 5 largest European Stock Exchanges. We first provide a brief statistical overview of European equity markets. Then we discuss how the introduction of the Investment Services Directive and the development of...

We consider information sharing between traders("floor brokers") who possess different types of information, namely information on the payoff of a risky security or information on the volume of liquidity trading in this security. We interpret these traders as dual -capacity brokers on the floor...

This paper studies how strategic interaction between players can influence their decisions as to whether to acquire information and whether to reveal their private information to others. We show how a player can increase his utility by disclosing part of his private information, when such...