Grammig, Joachim; Theissen, Erik - In: Schmalenbach Business Review (sbr) 64 (2012) 2, pp. 82-100
We study the market quality of the Xetra BEST system operated by Deutsche Börse AG, an internalization system designed as part of an open limit order book, which guarantees a price improvement over the inside spread in the Xetra order book. We develop a structural model of this dual market...