Crossing Networks And Dealer Markets : Competition And Performance  

Oleh:

Mendelson, Haim ; Hendershott, Terrence

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 5 (2000), page 2071-2116.
Topik: networks; studies; competition; stock exchanges; securities trading; changes; impact analysis; models
Fulltext: p 2071.pdf (264.44KB)

Ketersediaan

Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.3 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper studies the interaction between dealer markets and a relatively new form of exchange, passive crossing networks, where buyers and sellers trade directly with one another. We find that the crossing network is characterized by both positive ("liquidity") and negative ("crowding") externalities, and we analyze the effects of its introcution on the dealer market. Traders who use the dealer market as a "market of last resort" can induce dealers to widen their spread and can lead to more efficient subsequent prices, but traders who only use the crossing network can provide a counterbalancing effect by reducing adverse selection and inventory holding costs.

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