Access the full text.
Sign up today, get DeepDyve free for 14 days.
Jeffry Davis, Lois Lightfoot (1998)
Fragmentation Versus Consolidation of Securities Trading: Evidence From the Operation of Rule 19C‐31The Journal of Law and Economics, 41
M. Blume, M. Goldstein (1997)
Quotes, Order Flow, and Price DiscoveryJournal of Finance, 52
D. Easley, Maureen O'Hara (1987)
PRICE, TRADE SIZE, AND INFORMATION IN SECURITIES MARKETS*Journal of Financial Economics, 19
(1995)
Merrill Shifts on Small Investors' Orders
Tarun Chordia, A. Subrahmanyam (1995)
Market Making, the Tick Size, and Payment-for-Order Flow: Theory and EvidenceThe Journal of Business, 68
(1994)
Market 2000 Report: Study III, Market Fragmentation, Competition, and Regulation
(1992)
The Effect of NYSE Rule 390 on Spreads, Premiums and Volatility, working paper, University of Memphis
S. Tiniç (1972)
The Economics of Liquidity ServicesQuarterly Journal of Economics, 86
Robert Battalio (1997)
Third Market Broker-Dealers: Cost Competitors or Cream Skimmers?Journal of Finance, 52
J. Affleck-Graves, S. Hegde, Robert Miller (1994)
Trading Mechanisms and the Components of the Bid‐Ask SpreadJournal of Finance, 49
(1996)
Price Improvement of SuperDot Market Orders on the NYSE, " working paper
(1994)
Order Granting Temporary Approval for One Year to Proposed Rule Change Permitting Competing Specialists on the Floor of the Exchange
S. Tiniç, R. West (1972)
Competition and the Pricing of Dealer Service in the Over-the-Counter Stock MarketJournal of Financial and Quantitative Analysis, 7
M. Blume, M. Goldstein (1991)
Differences in Execution Prices Among the NYSE, the Regionals, and the NASDCapital Markets: Market Microstructure
R. Neal, D. Reiffen (1996)
The Effect of Integration between Broker-Dealers and Specialists
(1996)
Quotations and Trading Costs on the Domestic Equity Exchanges
William Christie, R. Huang (1994)
Market Structures and Liquidity: A Transactions Data Study of Exchange ListingsJournal of Financial Intermediation, 3
(1993)
Bilateral Search on the Quality of a Dealer Market),” working paper, University of Arizona
P. Dutta, Ananth Madhavan (1997)
Competition and Collusion in Dealer MarketsJournal of Finance, 52
(1996)
Why Doesn't Decimal Trading Eliminate Payment for Order Flow and Internalization?, " working paper
(1996)
Regional Stock Exchanges,
Charles Lee (1993)
Market Integration and Price Execution for NYSE-Listed SecuritiesJournal of Finance, 48
K. Cohen, R. Conroy (1990)
An Empirical Study of the Effect of Rule 19c-3The Journal of Law and Economics, 33
M. Petersen, David Fialkowski (1994)
Posted versus effective spreads: Good prices or bad quotes?Journal of Financial Economics, 35
H. Demsetz (1968)
The Cost of TransactingQuarterly Journal of Economics, 82
Ji-Chai Lin, Gary Sanger, G. Booth (1995)
Trade Size and Components of the Bid-Ask SpreadReview of Financial Studies, 8
D. Easley, N. Kiefer, Maureen O'Hara (1996)
Cream-Skimming or Profit-Sharing? The Curious Role of Purchased Order FlowJournal of Finance, 51
(1997)
The Review of Financial Studies
C. Lamoureux, Charles Schnitzlein (1997)
When It's Not The Only Game in Town: The Effect of Bilateral Search on the Quality of a Dealer MarketJournal of Finance, 52
Self - Regulatory Organizations ; The Cincinnati Stock Exchange ; Order Granting Approval to Proposed Rule Change to Adopt Permanently Rules Regarding the Preferencing of Public Agency Orders
(1996)
The Impact of Limit Order Executions on Trading Costs on the New York Stock Exchange, " working paper
(1997)
Merging Markets
(1992)
Price Discovery, Volume and Regional/Third Market Trading
We empirically demonstrate that the opportunities the Boston Stock Exchange and the Cincinnati Stock Exchange offer members to take the other side of their customers’ orders through affiliated market makers (to internalize orders) have little short-run effect on posted or effective bid-ask spreads. This is true despite substantial movement of order flow away from the New York Stock Exchange when trading under one of these regional stock exchange programs begins. These results contrast with the adverse effects of market fragmentation and internalization predicted by some theoretical market microstructure analyses and the popular financial press.
The Review of Financial Studies – Oxford University Press
Published: Oct 4, 1997
Read and print from thousands of top scholarly journals.
Already have an account? Log in
Bookmark this article. You can see your Bookmarks on your DeepDyve Library.
To save an article, log in first, or sign up for a DeepDyve account if you don’t already have one.
Copy and paste the desired citation format or use the link below to download a file formatted for EndNote
Access the full text.
Sign up today, get DeepDyve free for 14 days.
All DeepDyve websites use cookies to improve your online experience. They were placed on your computer when you launched this website. You can change your cookie settings through your browser.