Competition among Trading Venues: Information and Trading on Electronic Communications Networks
نویسندگان
چکیده
منابع مشابه
Information and Trading on Electronic Communications Networks
The differences between ECNs and Nasdaq market makers are used to formulate and test several hypotheses about the choice of trading venue and the importance of ECN trades in the price discovery process. Trades are more likely to occur on ECNs when spreads are narrow and when trading volume and stock-return volatility are high. Medium and large trades on ECNs have lower effective spreads than co...
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The Market in Financial Instruments Directive (MiFID) aims to increase competition and to foster client protection in the European nancial market. Among other provisions, it abolishes the concentration rule and challenges the market power of existing trading venues. The directive introduces venue competition in order to achieve better execution and ultimately lower trading costs. In this paper...
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To place an order under this method, the customer calls a broker, who time-stamps the order and prepares an office order ticket. The broker then sends the order to a booth on the exchange floor. There, a floor order ticket is prepared, and a clerk hand delivers the order to the floor trader for execution. In some cases, the floor clerk may use hand signals to convey the order to floor traders. ...
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ژورنال
عنوان ژورنال: The Journal of Finance
سال: 2003
ISSN: 0022-1082
DOI: 10.1046/j.1540-6261.2003.00618.x