Covers ETFs - the hottest investment product of the new century. Explains the nature of this new investment class and all advantages of these instruments. Provides a deep insight into the market and the development of that asset class during the past ten years. Some of the information in this...

Liquidity, the ease of trading an asset, strongly varies between different sizes of stock positions. We analyze this aspect using the Xetra Liquidity Measure (XLM), which calculates daily, weighted spread for impatient traders transacting against the limit order book. For this measure, we have...