The study looked at how different levels of transparency in trading affect market behavior. It found that both regular traders and those with inside information use hidden orders to compete for trades. In markets with less transparency, traders become more aggressive to increase their chances of making a trade. When there is no information barrier, less transparency can actually improve market liquidity, especially towards the end of trading. However, when there is insider trading, hidden orders can be used to take advantage of other traders, particularly large ones. Overall, less transparency doesn't impact how well information is used in trading, but it does speed up the process of discovering the true value of assets.