The Europlace Institute of Finance (Louis Bachelier Institute), based in Paris, fosters synergies between academia in finance and financial industry professionals in France and in Europe. Following its 2015 call for research projects (where 15 research projects receive an amount of €10,000 each), the Institute has decided to grant funding for a research project on liquidity and high-frequency trading submitted by Prof. Carole Gresse (Paris Dauphine), Prof. Paolo Mazza (IESEG), and Prof. Mikael PETITJEAN (LSM).