{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T21:28:38Z","timestamp":1786742918419,"version":"build-2736575974"},"posted":{"date-parts":[[2026]]},"group-title":"SSRN","reference-count":0,"publisher":"Elsevier BV","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":[],"abstract":"<jats:p>Purpose-This paper studies how limit order book dynamics respond across multiple trading venues following a major policy shock. It focuses on the April 2, 2025 \"Liberation Day\" tariff announcement and compares microstructure changes across four major US equity exchanges: Nasdaq, Nasdaq BX, Nasdaq PSX, and NYSE Arca. Design\/methodology\/approach-Using nanosecond-level order data from Databento, the analysis covers 20 stocks across all four venues within the same event window and using consistent measurement definitions. To ensure robustness, five additional checks are implemented: a trimmed sample, an alternative event window, bootstrap confidence intervals, a stock fixed-effects regression, and a matching engine saturation diagnostic. Findings-All venues experience a sharp decline in order lifetime and a shift toward short-lived liquidity. Median lifetimes fall by between 58% and 92%, with smaller venues showing stronger effects. However, responses differ across exchange groups. Nasdaq venues show increased cancellation intensity, while NYSE Arca shows the opposite pattern, with relatively more executions. Bootstrap confidence intervals confirm that these differences are statistically meaningful. Research limitations\/implications-The analysis focuses on a single event, which limits generalisability. Per-stock variation is high on thinner venues, although robustness checks confirm the main results. Future work should extend the framework to multiple events and incorporate consolidated market data. Originality\/value-The results show that market fragmentation affects not only baseline liquidity but also how markets respond under stress. Single-venue studies may therefore overlook important dynamics. To my knowledge, this is the first nanosecond-resolution comparison of cross-venue microstructure responses to a clearly identified policy shock.<\/jats:p>","DOI":"10.2139\/ssrn.6603899","type":"posted-content","created":{"date-parts":[[2026,4,20]],"date-time":"2026-04-20T16:35:40Z","timestamp":1776702940000},"source":"Crossref","is-referenced-by-count":0,"title":["Cross-Venue Microstructure Response to the April 2025 Liberation Day Tariff Shock Boon Chuan Lim"],"prefix":"10.2139","author":[{"ORCID":"https:\/\/orcid.org\/0009-0005-8477-9393","authenticated-orcid":true,"given":"Boon Chuan","family":"Lim","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"78","container-title":[],"original-title":[],"deposited":{"date-parts":[[2026,8,14]],"date-time":"2026-08-14T20:35:20Z","timestamp":1786739720000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.ssrn.com\/abstract=6603899"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026]]},"references-count":0,"URL":"https:\/\/doi.org\/10.2139\/ssrn.6603899","relation":{},"subject":[],"published":{"date-parts":[[2026]]},"subtype":"preprint"}}