NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Market Fragmentation

Daniel Chen, Darrell Duffie

NBER Working Paper No. 26828
Issued in March 2020

---- Acknowledgments ----

We are grateful for research assistance from David Yang and for conversations with Mohammad Akbarpour, Bob Anderson, Anirudha Balusubramanian, Eric Budish, Ananth Madhavan, Albert Menkveld, Michael Ostrovsky, Marcos Salgado, Yuliy Sannikov, Yazid Sharaiha, Andy Skrzypacz, Bob Wilson, Milena Wittwer, and Haoxiang Zhu. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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