Arnold, Tom; Hersch, Philip; Mulherin, J. Harold; … - In: Journal of Finance 54 (1999) 3, pp. 1083-1107
We study the causes and effects of the competition for order flow by U.S. regional stock exchanges. We trace the origins of competition for order flow to a change in the role of regional exchanges from being venues for listing local securities to being more direct competitors for the order flow...