market. Eight simple rules of trading are tested in five markets. Only long positions are tracked and reported. When neither …

exchange was deregulated, independent traders finally had access to the biggest trading market of the world; and these forex … traders attempt to make money from the simultaneous buying and selling of foreign currencies. And within the forex market …

trading landscape has become more fragmented. In order to analyze the positive and normative implications of these evolutions …, we study a framework that captures (i) exchanges’ incentives to invest in faster trading technologies and (ii) investors …’ trading and participation decisions. Our model predicts that regulations that protect prices will lead to fragmentation and …

, consisting of trading, clearing and settlement. We thereby focus on firms' decisions but also look on the implications of these …

benefit by splitting orders across markets at the cast of local investors who only trade through one venue. If trading hours … do not perfectly overlap, we can test for order-splitting by studying trading in the overlap vis­a-vis the non …-overlap. We consider trading in NYSE- listed British and Dutch stocks an ideal experiment and tailor the model to this setting. We …

path in the financial security service industry, consisting of trading, clearing and settlement. Using a stylized model of … crucially depend on industry and market characteristics such as the degree of differentiation and integration of trading …

, consisting of trading, clearing and settlement. We thereby focus on firms' decisions but also look on the implications of these …

structure of the market and opened new channels for trading. We study the impact of these systems on dealer behavior, using a …