Competition for Order Flow and the Theory of Global Games : The impact of alternative trading systems on securities markets

Language: German

Published by Deutscher Universitätsverlag, 2001

3824474263 / 9783824474264

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Seller: AHA-BUCH GmbH, Einbeck, GermanyAHA-BUCH GmbH

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nach der Bestellung gedruckt Neuware - Printed after ordering - The proliferation of alternative trading systems has increased competition for order flow in financial markets significantly and renewed the debate on fragmentation versus consolidation. Market microstructure models that analyze liquidity-based intermarket competition typically exhibit multiple equilibria, making it difficult to determine whether fragmentation or consolidation of order flow will occur.Jutta A. Dönges applies the recently developed theory of global games thatreduces multiplicity of equilibria in coordination games to a model of intermarket competition and demonstrates the existence of a unique equilibrium under fairly general conditions. The author investigates whether and under which circumstances alternative trading systems, particularly crossing networks, can co-exist with established markets or even replace them and explores how the introduction of a crossing network affects bothmonopolistic and competitive dealer markets and the market participants'behavior.…

Seller Inventory # 9783824474264

Title
Competition for Order Flow and the Theory of Global Games : The impact of alternative trading systems on securities markets
Author
Jutta Dönges
Publisher
Deutscher Universitätsverlag
Publication year
2001
Condition
Neu
Binding
Taschenbuch
Language
German
ISBN 10
3824474263
ISBN 13
9783824474264
Item weight
401 grams
Dimensions
210x148x17 mm

AHA-BUCH GmbH

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