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

Dönges, Jutta

 
9783824474264: Competition for Order Flow and the Theory of Global Games: The impact of alternative trading systems on securities markets
Softcover
ISBN 10: 3824474263 ISBN 13: 9783824474264
Verlag: Deutscher Universitätsverlag, 2001

Inhaltsangabe

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.

Die Inhaltsangabe kann sich auf eine andere Ausgabe dieses Titels beziehen.

Über die Autorin bzw. den Autor

Dr. Jutta A. Dönges promovierte am Fachbereich Wirtschaftswissenschaften der Universität Frankfurt am Main. Sie ist seit mehreren Jahren in der Investment Banking Division einer amerikanischen Investment Bank tätig.

Von der hinteren Coverseite

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.

„Über diesen Titel“ kann sich auf eine andere Ausgabe dieses Titels beziehen.

Verlag
Deutscher Universitätsverlag
Erscheinungsdatum
2001
Sprache
Deutsch
ISBN 10 
3824474263
ISBN 13 
9783824474264
Einband
Taschenbuch
Anzahl der Seiten
308
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