Market Opacity and Fragility: Why Liquidity Evaporates When It Is Most Needed
研究发现市场不透明会削弱非标准流动性提供者的供给，使流动性需求随流动性枯竭而增加，导致多重均衡和流动性崩溃，增加交易成本，而提高订单流透明度或增加做市商数量可提升社会福利。
Lack of market transparency can impair the liquidity provision of nonstandard liquidity suppliers and make liquidity demand increasing in illiquidity. This can yield strategic complementarities and induce multiple equilibria. Then an initial dearth of liquidity may degenerate into a liquidity rout (as in a “flash crash”), and traders faced with the largest cost of trading are those trading more intensely at equilibrium. An increase in order flow transparency and/or in the mass of dealers who are in the market at all times has a positive impact on total welfare.