Pagnotta, Emiliano; Philippon, Thomas - C.E.P.R. Discussion Papers - 2012
faster trading speed. Asset prices decrease when there is intermediation competition and are further depressed by price … protection. Endogenizing speed can also change the slope of asset demand curves. On normative side, we find that for a given … number of exchanges, faster trading is in general socially desirable. Similarly, for a given trading speed, competition among …