Before revision:  Remarkably, the modification of the microstructure also impacted volatility and transacted volume . Furthermore, it is shown that closing auction volumes increased heavily since MiFID II , leading to higher absolute returns in the auctions.
After revision:  Remarkably, the modification of the microstructure also impacted volatility and transacted volume , in particular in the closing auction. Finally, closing auction volumes increased heavily since MiFID II , leading to higher absolute returns in the auctions.