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25 When another competitive trading venue arrives to an existing market with prinary tradine vende the Incumbent exchange's market share is found to be 1

25
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When another competitive trading venue arrives to an existing market with prinary tradine vende the Incumbent exchange's market share is found to be 1 negatively related to trading fees unrelated to depth TIL positively related to latency IV. negative related to spread V. unrelated to order to-trade ratio VI heightened during times of market downturns oil and only OLIV and VI only OLIV Vand VI only On and only When another competitive trading venue arrives to an existing market with prinary tradine vende the Incumbent exchange's market share is found to be 1 negatively related to trading fees unrelated to depth TIL positively related to latency IV. negative related to spread V. unrelated to order to-trade ratio VI heightened during times of market downturns oil and only OLIV and VI only OLIV Vand VI only On and only

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