This paper models price formation and order placement strategies in a dynamic centralized limit order market with designated non monopolist market makers. This market design differs from the NYSE and has been adopted by several stock exchanges in Europe and North America mainly for the trading...

Favored by the Security Exchange Commission, Electronics Communication Networks (ECNs) have grown as alternative trading systems that enable to bypass the markets makers on the stock markets and allow investors to directly compensate and execute their orders with more discretion and at a lower...

Favored by the Security Exchange Commission, Electronics Communication Networks (ECNs) have grown as alternative trading systems that enable to bypass the markets makers on the stock markets and allow investors to directly compensate and execute their orders with more discretion and at a lower...

[fre] Lorsque les réseaux d'information deviendront des bourses. . Favorisés parla SEC (Securities Exchange Commission), les réseaux de com­munication électroniques ou ECN (Electronic Communication Networks) sont apparus comme des systèmes alternatifs d'échange, contournant le monopole...

Created by the Securities Exchange Commission ( SEC ), Electronic Communication Networks ( ECN ) were designed as alternative trading systems to bypass the monopoly of the market makers on NASDAQ. ECNS allow investors to execute orders directly, with more discretionary power and...