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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| Main Authors: | , , |
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| Format: | text |
| Language: | English |
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Institutional Knowledge at Singapore Management University
2023
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| Subjects: | |
| 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 |