PT - JOURNAL ARTICLE AU - Harald Carlens AU - Duncan Higgins TI - MiFID II and Equity Market Liquidity, or There and Back Again AID - 10.3905/jot.2018.13.3.005 DP - 2018 Jul 31 TA - The Journal of Trading PG - 5--12 VI - 13 IP - 3 4099 - https://pm-research.com/content/13/3/5.short 4100 - https://pm-research.com/content/13/3/5.full AB - This article examines the impact of MiFID II on European equity market liquidity. MiFID II eliminated broker crossing networks, introduced caps on dark trading, and brought about new types of venues. The authors investigate the changes in the market in the lead-up to the January 3, 2018, implementation date and the early evidence supporting the expected liquidity shift toward block networks, periodic auctions, and systematic internalizers. Although all signs indicate limited change for end-investors, the delay in implementation of the double-volume caps means it is too early to fully assess the impact on trading costs.TOPICS: Exchanges/markets/clearinghouses, developed