Competing on speed

• المؤلفون الرئيسيون: PAGNOTTA, Emiliano Sebastian, PHILIPPON, Thomas
• التنسيق: text
• اللغة: English
• منشور في: Institutional Knowledge at Singapore Management University 2018
• الموضوعات: Trading speed; exchanges; liquidity; fragmentation; segmentation; vertical differentiation; search; high-frequency trading; regulation; trade-through rule; investor participation; entry; Finance and Financial Management; Portfolio and Security Analysis
• الوصول للمادة أونلاين: https://ink.library.smu.edu.sg/lkcsb_research/7028; https://ink.library.smu.edu.sg/context/lkcsb_research/article/8027/viewcontent/2018_Pagnotta_Competing_on_Speed_pv.pdf

We analyze trading speed and fragmentation in asset markets. In our model, trading venues make technological investments and compete for investors who choose where and how much to trade. Faster venues charge higher fees and attract speed-sensitive investors. Competition among venues increases invest...