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Market Fragmentation - Coggle Diagram

- - - - Hinders competition among liquidity providers, decreasing their incentives to offer good quotes and leads to internalization of order execution
    - - Searching for the best trade is both expensive and tedious
    - - Market fragmentation diminishes the opportunities for risk sharing among market participants.
    - - Fragmentation prevents investors from taking full advantage of liquidity externalities
      - Exacerbated agency problems between investors and brokers
      - The search for the best price involves costly technologies