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Dynamic Competition and Arbitrage in Electricity Markets : The Role of Financial Traders
Mercadal, Ignacia - 2018
traders arbitrage, thus restricting producers' market power. Using detailed individual data, I examine physical and financial …
Persistent link: https://www.econbiz.de/10012908286
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Competition for Order Flow with Fast and Slow Traders
van Kervel, Vincent - 2020
The rise of computerized trading strategies in equity markets has spurred competition between trading venues. This paper shows that cross-venue strategies create highly interlinked markets: trades on one venue are followed by sizeable cancellations of limit orders on competing venues. These...
Persistent link: https://www.econbiz.de/10012857312
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Competition in Securities Markets : The Impact on Liquidity
Chlistalla, Michael - 2017
Competition for order flow is widely documented for U.S. markets, but is a relatively new phenomenon in European equities trading. Only with the Markets in Financial Instruments Directive, which went into effect in November 2007, did new trading venues emerge in Europe that for the first time...
Persistent link: https://www.econbiz.de/10012975961
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Valuation, hedging, and speculation in competitive electricity markets : a fundamental approach
Skantze, Petter L.; Ilic, Marija D. - 2001
Persistent link: https://www.econbiz.de/10001604974
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A method of project selection based on capital asset pricing theories in a framework of mean-semideviation behavior
Jafarizadeh, Babak; Khorshid-Doust, Reza Ramazani - In: International journal of project management : the … 26 (2008) 6, pp. 612-619
Persistent link: https://www.econbiz.de/10003766124
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Intellectual Property Rights, Parallel Imports and Strategic Behavior
Ganslandt, Mattias; Maskus, Keith E. - 2014
subject of this survey article. For example, parallel trade is essentially arbitrage within policy-integrated markets of IPR … rise to such arbitrage. First is simple retail-level trade in horizontal markets because consumer prices may differ. Second … controls for medicines, which are a key component of national health policies but can give rise to arbitrage through PI. We …
Persistent link: https://www.econbiz.de/10014051167
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Do we need a European 'National Market System'? Competition, Arbitrage, and Suboptimal Executions
Storkenmaier, Andreas - 2011
The introduction of the European Markets in Financial Instruments Directive (MiFID) ended the quasi-monopoly of national exchanges in equity trading across Europe and many new trading platforms emerged. European trading venues are neither formally linked by technology nor does regulation enforce...
Persistent link: https://www.econbiz.de/10013130193
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Exchange competition, entry, and welfare
Cespa, Giovanni; Vives, Xavier - 2018
We assess the consequences for market quality and welfare of different entry regimes and exchange pricing policies in a context of limited market participation. To this end we integrate a two-period market microstructure model with an exchange competition model with entry in which exchanges...
Persistent link: https://www.econbiz.de/10011954459
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Trading fees and intermarket competition
Payaides, Marios; Rindi, Barbara; Werner, Ingrid M. - 2018
Regulators, exchanges, and politicians are considering reining in maker-taker pricing, which is used as a competitive tool by trading venues to acquire order flow. Examining the 2013 reduction in trading fees operated by BATS on its European venues, we document significant effects on market...
Persistent link: https://www.econbiz.de/10011963249
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Trading Fees and Intermarket Competition
Panayides, Marios A. - 2020
We model an order book with liquidity rebates (make fees) and trading fees (take fees) that faces intermarket competition, and use the models insights to explain changes in market quality and market shares following changes in make-take fees. As predicted by our model, we document that fee...
Persistent link: https://www.econbiz.de/10012854396