Recent regulatory changes have fragmented trading of financial securities, giving rise to the emergence of "global" dealers, that is, intermediaries making the market simultaneously across more than one trading venue. We develop an inventory model in which two risk-averse global dealers compete to absorb part or the totality of an order flow that fragments between two venues.
LESCOURRET, L. and MOINAS, S. (2013). Liquidity Supply Across Multiple Trading Venues. In: 2013 FMA European Conference.