The Quality of ECN And Nasdaq Market Maker Quotes  

Oleh:

Huang, Roger D.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 57 no. 3 (2002), page 1285-1320.
Topik: MARKETS; studies; NASDAQ trading; online securities trading; stock prices; securities trading volume; statistical analysis
Fulltext: p 1285.pdf (157.66KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.6 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

This paper compares the quality of quotes submitted by electronic communication networks (ECNs( and by traditional market makers to the nasdaq quote montage. An analysis of th emost active nasdaq stocks shows that ECNs not onlu post informative quotes, but also compared to market makers, ECNs post quotes rapidlyy and are more often at the inside. Additionally, ECN quoted spreads are smaller than dealer quoted spreads. The evidence suggests that the proliferation of alternative trading venues, such as ECNs, may promote quote quality rather than fragmenting markets. Moreover, the results suggest that a more open book contributes to quote quality.

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