Lifting the Veil: An Analysis of Pre-Trade Transparency at the NYSE

This paper investigates an important feature of market design: pre-trade transparency, defined as the availability of information about pending trading interest in the market. We look at how the NYSE´s introduction of OpenBook, which enables traders off the exchange floor to observe depth in the limit order book in real time, affects the trading strategies of investors and specialists, informational efficiency, liquidity, and returns.(...)

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Year of publication:	2003
Authors:	Boehmer, Ekkehart ; Saar, Gideon ; Yu, Lei
Publisher:	Salomon Center <New York, NY>
Subject:	Informationseffizienz \| Transparenz \| New York <NY> / Stock Exchange \| Wertpapierbörse

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Extent:	400384 bytes 41 p. application/pdf
Series:	Arbeitspapier - NYU Salomon Center for the Study of Financial Institutions -Derivatives ; S-DRP-03-06 NYU Salomon Center for the Study of Financial Institutions - Publications
Type of publication:	Book / Working Paper
Language:	English
Classification:	Management of financial services: stock exchange and bank management science (including saving banks) ; Individual Working Papers, Preprints ; USA
Source:	USB Cologne (business full texts)

Persistent link: https://www.econbiz.de/10005847046