| 书目名称 | Competition for Order Flow and the Theory of Global Games | | 副标题 | The impact of altern | | 编辑 | Jutta A. Dönges | | 视频video | | | 图书封面 |  | | 描述 | 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 that.reduces 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 both.monopolistic and competitive dealer markets and the market participants‘.behavior... | | 出版日期 | Book 2001 | | 关键词 | Aktienmarkt; Crossing Networks; Distribution; Finanzmarkt; Handel; Informationstechnik (IT); Marktwettbewe | | 版次 | 1 | | doi | https://doi.org/10.1007/978-3-663-07734-3 | | isbn_softcover | 978-3-8244-7426-4 | | isbn_ebook | 978-3-663-07734-3 | | copyright | Springer Fachmedien Wiesbaden 2001 |
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发表于 2025-3-21 19:14:19
