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Special Issue on Fragmented Markets

Special issue call for papers from International Journal of Managerial Finance

Guest Editor: Joakim Westerholm, University of Sydney, Australia

Fragmentation of securities markets may reduce liquidity, but also provide opportunities to trade without impacting the price. Internally executed orders predated organized dark pools, both offering lower price impact for liquidity driven trades, while globalization counter-acts this effect through consolidation of the main markets. All market participants are certainly affected and there are important policy implications of the new world of fragmented trading platforms. Some traders may be disadvantaged and market efficiency may suffer if market design and regulation is not tailored to accommodate these changes. This special issue aims to provide policy recommendations in this space.


We welcome submissions on any topic related to market fragmentation, but preference will be given to the papers that focus on the implications for managers’ decision making. We especially encourage studies that examine market fragmentation issues in previously unexplored markets and in an international setting.

Specifically, topics of interest to this special issue include but are not limited to:

  • High frequency trading
  • Algorithmic trading
  • Dark pools
  • Liquidity fragmentation
  • Volatility spillovers across trading venues
  • Market efficiency with fragmented markets
  • Topics on alternative trading venues
  • Exchange competition and mergers

Other current market microstructure topics are also welcome.

Further Information

Deadline for submissions: April 20, 2015

For further queries on the special issue please contact: Joakim Westerholm - [email protected]

Paper Submission Procedure

Please submit via IJMF ScholarOne Manuscripts and choose the Fragmented Trading Special Issue

For author submission guidelines and full editorial team details, please go to: