Call of Duty: Designated Market Maker Participation in Call Auctions

نویسندگان

چکیده

Many equity markets combine continuous trading and call auctions. Oftentimes designated market makers (DMMs) supply additional liquidity. Whereas prior research has focused on their role in trading, we provide a detailed analysis of activity Using data from Germany’s Xetra system, find that DMMs are most active when they can the greatest benefits to market, i.e., relatively illiquid stocks at times elevated volatility. Their trades stabilize prices trade profitably.

برای دانلود باید عضویت طلایی داشته باشید

برای دانلود متن کامل این مقاله و بیش از 32 میلیون مقاله دیگر ابتدا ثبت نام کنید

اگر عضو سایت هستید لطفا وارد حساب کاربری خود شوید

منابع مشابه

Above and beyond...the call of duty.

Of course, from childhood to forever, we are always thought to love reading. It is not only reading the lesson book but also reading everything good is the choice of getting new inspirations. Religion, sciences, politics, social, literature, and fictions will enrich you for not only one aspect. Having more aspects to know and understand will lead you become someone more precious. Yea, becoming ...

متن کامل

The Workshop Call for Participation

This paper describes the interactive installation Sissy (Sound-driven, Interactive, Self-conscious SYstem) at the STRP festival. The concept adheres to the design philosophy of slow technology and aims at stimulating relaxation. Sissy is made out of 700 flip dots with a black and white side and it responds to visitors’ movements sensed by a camera. The white dots are coloured through the projec...

متن کامل

A Tactical Role for Reverse Auctions: A Market Maker Perspective

Electronic marketplaces have been used for procurement in various industries by both small and large organisations. However, the role of electronic marketplaces in procurement is still unclear and strategies and organisational implications of trading via an e-marketplace are not well defined. An electronic marketplace facilitates transactions between buyers and sellers and a common transaction ...

متن کامل

Strategic Market Choice: Frequent Call Markets vs. Continuous Double Auctions for Fast and Slow Traders

Frequent call markets have been proposed as a market design solution to the latency arms race perpetuated by high-frequency traders in continuous markets, but the path to widespread adoption of such markets is unclear. If such trading mechanisms were available, would anyone want to use them? This is ultimately a question of market choice, thus we model it as a game of strategic market selection...

متن کامل

ذخیره در منابع من


  با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید

ژورنال

عنوان ژورنال: Social Science Research Network

سال: 2021

ISSN: ['1556-5068']

DOI: https://doi.org/10.2139/ssrn.3908001