In this paper we firstly give an introduction to capital market synergetics, a model enabling us to compute transaction costs and investigate the operating efficiency of a stock market's micro structure. Frankfurt's trading system Xetra and NASDAQ are currently implemented at the computer...

In today's financial world, providing high quality of order execution at low transaction costs is vitally important to the competitiveness of trading platforms; thus the stock market's microstructure has become a subject of fierce debate and models for computing transaction costs have been...