Would order-by-order auctions be competitive?

Would order-by-order auctions be competitive?

We model two different methods of executing segregated retail orders: broker's routing, whereby brokers allocate orders using market maker's overall performance, and order-by-order auctions, where market makers bid on individual orders, a recent SEC proposal. Order-by-order auctions improv...

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Bibliographic Details
Main Authors: ERNST, Thomas, SPATT, Chester, SUN, Jian
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2023
Subjects:
Order By Order Competition
Auctions
Retail Trading
Routing
Brokers
PFOF
Finance and Financial Management
Portfolio and Security Analysis
Online Access:https://ink.library.smu.edu.sg/lkcsb_research/7358
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8357/viewcontent/SSRN_id4300505_Jun_2023.pdf
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Institution: Singapore Management University
Language: English

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https://ink.library.smu.edu.sg/lkcsb_research/7358
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8357/viewcontent/SSRN_id4300505_Jun_2023.pdf

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