Dönges, Jutta; Heinemann, Frank; Daniëls, Tijmen R. - Sonderforschungsbereich 649: Ökonomisches Risiko, … - 2013
The allocation of order flow to alternative trading systems can be understood as a game with strategic substitutes between buyers on the same side of the market, as well as one of positive network externalities. We consider the allocation of order flow between a crossing network and a dealer...