1.0Economics Observatoryhttps://www.economicsobservatory.comgrizzlyhttps://www.economicsobservatory.com/author/grizzlyrich600338<blockquote class="wp-embedded-content"><a href="https://www.economicsobservatory.com/ongoing-research/grey-rhinos-in-financial-markets-and-venue-selection-the-case-of-covid-19">Grey rhinos in financial markets and venue selection: the case of Covid-19</a></blockquote> <script type='text/javascript'> <!--//--><![CDATA[//><!-- /*! This file is auto-generated */ !function(c,d){"use strict";var e=!1,n=!1;if(d.querySelector)if(c.addEventListener)e=!0;if(c.wp=c.wp||{},!c.wp.receiveEmbedMessage)if(c.wp.receiveEmbedMessage=function(e){var t=e.data;if(t)if(t.secret||t.message||t.value)if(!/[^a-zA-Z0-9]/.test(t.secret)){for(var r,a,i,s=d.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),n=d.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),o=0;o<n.length;o++)n[o].style.display="none";for(o=0;o<s.length;o++)if(r=s[o],e.source===r.contentWindow){if(r.removeAttribute("style"),"height"===t.message){if(1e3<(i=parseInt(t.value,10)))i=1e3;else if(~~i<200)i=200;r.height=i}if("link"===t.message)if(a=d.createElement("a"),i=d.createElement("a"),a.href=r.getAttribute("src"),i.href=t.value,i.host===a.host)if(d.activeElement===r)c.top.location.href=t.value}}},e)c.addEventListener("message",c.wp.receiveEmbedMessage,!1),d.addEventListener("DOMContentLoaded",t,!1),c.addEventListener("load",t,!1);function t(){if(!n){n=!0;for(var e,t,r=-1!==navigator.appVersion.indexOf("MSIE 10"),a=!!navigator.userAgent.match(/Trident.*rv:11\./),i=d.querySelectorAll("iframe.wp-embedded-content"),s=0;s<i.length;s++){if(!(e=i[s]).getAttribute("data-secret"))t=Math.random().toString(36).substr(2,10),e.src+="#?secret="+t,e.setAttribute("data-secret",t);if(r||a)(t=e.cloneNode(!0)).removeAttribute("security"),e.parentNode.replaceChild(t,e)}}}}(window,document); //--><!]]> </script><iframe sandbox="allow-scripts" security="restricted" src="https://www.economicsobservatory.com/ongoing-research/grey-rhinos-in-financial-markets-and-venue-selection-the-case-of-covid-19/embed" width="600" height="338" title="“Grey rhinos in financial markets and venue selection: the case of Covid-19” — Economics Observatory" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe>We investigate the effects of the Covid-19-induced shock in financial markets on aggregate venue selection/market share and market quality. We find that the shock is linked with an economically significant loss of market share by dark pools to lit exchanges. In line with theory, the loss appears linked to an increase in lit market volatility […]