Market Maker Quotation Behaviour And Pretrade Transparency  

Oleh:

Weaver, Daniel G. ; Simaan, Yusif ; Whitcomb, David K.

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 58 no. 3 (2003), page 1247-1268.
Topik: MARKETS; studies; impact analysis; securities trading; spread; NASDAQ trading
Fulltext: p 1247.pdf (158.27KB)

Ketersediaan

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

Lihat Detail Induk

Isi artikel

We examine the impact of differing levels of pretrade transparency on the quotation behaviour of Nasdaq market makers. We find that market makers are more likely to quote on odd ticks, and to actively narrow the spread, when they can do so anonymously by posting limit orders on Electronic Communication Networks (ECNs). From a public policy perspective, our findings suggest that making the level of pretrade transparency on Nasdaq more opaque by allowing anonymous quotes could improve price competition and narrow spreads further.

Opini Anda

Klik untuk menuliskan opini Anda tentang koleksi ini!

Kembali