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Dynamic order submission strategies with competition between a dealer market and a crossing network
Degryse, Hans; Achter, Mark Van; Wuyts, Gunther - Nationale Bank van België/Banque national de Belqique (BNB) - 2007
: transparency, "complete" opaqueness of all order flow, and "partial" opaqueness (with observable DM trades). A key result is that … the interaction of trading systems generates systematic patterns in order flow for the transparency and partial opaqueness … settings. The precise nature of these patterns depends on the degree of transparency at the CN. While unambiguous with a …
Persistent link: https://www.econbiz.de/10005060035
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Dynamic limit order market with diversity in trading horizons
van Achter, Mark - Center for Financial Studies - 2008
This paper considers a trading game in which sequentially arriving liquidity traders either opt for a market order or for a limit order. One class of traders is considered to have an extended trading horizon, implying their impatience is linked to their trading orientation. More specifically,...
Persistent link: https://www.econbiz.de/10010958569
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Crossing Network versus Dealer Market: Unique Equilibrium in the Allocation of Order Flow
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...
Persistent link: https://www.econbiz.de/10010603886
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Crossing network versus dealer market: Unique equilibrium in the allocation of order flow
Daniëls, Tijmen R.; Dönges, Jutta; Heinemann, Frank - In: European Economic Review 62 (2013) C, pp. 41-57
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...
Persistent link: https://www.econbiz.de/10011048635
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Basic trends in the market for markets for financial instruments
Prigge, Stefan - In: Journal of Financial Transformation 3 (2001), pp. 35-44
In recent years, a large number of IPOs of public exchanges have been announced. These were mainly in response to growing pressure from the institutional investor community and intense competition from Alternative Trading Systems, such as ECNs. When these announcements were initially made, most...
Persistent link: https://www.econbiz.de/10008459586
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Cégek kapcsolati hálózatainak gazdasági szerepe
Kondor, Péter; Koren, Miklós; Pál, Jenő; Szeidl, Ádám - In: Közgazdasági Szemle (Economic Review - monthly of the … LXI (2014) 11, pp. 1341-1360
A közgazdaságtanban általában a cégekre olyan szereplőkként gondolunk, amelyek csak anonim piaci mechanizmuson keresztül érintkeznek egymással. Ezzel szemben a valóságban a cégek életében fontos szerepet játszanak a gazdaság más, konkrét szereplőivel meglévő kapcsolataik....
Persistent link: https://www.econbiz.de/10010963387
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Financial Development in 205 Economies, 1960 to 2010
Demirguc-Kunt, Asli; Levine, Ross; Čihák, Martin; … - National Bureau of Economic Research (NBER) - 2013
This paper describes our construction of the Global Financial Development Database and uses the data to compare financial systems around the world. The database provides information on financial systems in 205 economies over the period from 1960 to 2010 and includes measures of (1) size of...
Persistent link: https://www.econbiz.de/10010969344
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Deepening Association of Southeast Asian Nations’ Financial Markets
Lee, Choong Lyol; Takagi, Shinji - Asian Development Bank Institute, Asian Development Bank - 2013
The paper discusses the financial landscape of the Association of Southeast Asian Nations (ASEAN), a region engaged in building an economic community (a “single market and production base”) by 2015. In particular, it reviews where ASEAN’s financial markets and institutions now stand and...
Persistent link: https://www.econbiz.de/10010991117
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Strengthening the Financial System and Mobilizing Savings to Support More Balanced Growth in ASEAN+3
Siackhachanh, A. Noy - Office of Regional Economic Integration, Asian … - 2012
As witnessed during the 1997/98 Asian financial crisis, the dependency on short-term foreign capital for long-term investment made the region vulnerable to the sudden reversal of capital inflows. Rapid capital outflows not only caused the collapse of the financial system but also a sharp...
Persistent link: https://www.econbiz.de/10010992322
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Measuring return and volatility spillovers in euro area financial markets
Louzis, Dimitrios P. - Bank of Greece - 2013
This study examines the return (price) and volatility spillovers among the money, stock, foreign exchange and bond markets of the euro area, utilizing the forecast-error variance decomposition framework of a generalized VAR model proposed by Diebold and Yilmaz (2012) [Better to give than to...
Persistent link: https://www.econbiz.de/10010855050