Nishide, Katsumasa; Tian, Yuan - Institute of Economic Research, Kyoto University - 2015
investors. While the dealer who trades on his own account (with proprietary trading) simultaneously sets both the transaction … fee and the asset price, the broker who brings investors’ orders to the market (with no proprietary trading) sets only the … impact of proprietary trading on the asset price, transaction fee, trading volume, and the welfare of investors. Results show …