Archipelago's move towards exchange status: An analysis of Archipelago trading in NYSE and NASDAQ stocks

Nguyen, Van T.; Ness, Bonnie F. Van; Ness, Robert A. Van

doi:10.1016/j.jeconbus.2005.03.002

Cited by 3 publications

(1 citation statement)

References 18 publications

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“…Harris (2003) suggests that the exchanges operate under ECNs attract more NASDAQ-listed securities. Nguyen et al (2005) examines the launch of the Archipelago Exchange, which was an ECN, and find that it captures fewer NYSE-listed stocks but more NASDAQ-listed stocks. He and Lepone (2014) show that the dark pools trading volume is positively related to trade size and negatively related to price.…”

Section: Market Conditionmentioning

confidence: 99%

Order Routing Decisions for a Fragmented Market: A Review

Mishra

Zhao

2021

JRFM

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This paper reviews the up-to-date theoretical, empirical, and experimental literature related to the trading venue choice in the context of the fragmented equity markets. We provide a brief background on the history of trading fragmentation in the equity market and its determinants. We discuss the direct and indirect impacts of the market fragmentation on market quality in various dimensions, including liquidity, volatility, and price efficiency. Next, we identify possible determinants and channels from theoretical and empirical studies that could explain order routing decisions and present the possible directions for future research. Finally, we discuss the major regulatory reforms in the U.S. equity market on routing venue decisions. This topic is relevant in current times when phenomena such as “GameStop Frenzy” have drawn significant attention to commission-free trading venues.

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Section: Market Conditionmentioning

confidence: 99%

Order Routing Decisions for a Fragmented Market: A Review

Mishra

Zhao

2021

JRFM

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REG NMS and Competition in the Alternative Trading Systems in the US

Gentzoglanis¹

2006

Competition and Regulation in Network Industries

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Recent technological and regulatory changes have brought about dramatic changes in the structure, conduct and performance of the securities industry in the USA and elsewhere. Trading venues such as ECNs, CNs and other ATSs compete head to head with the traditional exchanges. The SEC has recently adopted the so-called Reg NMS regulation whose major thrust is the order-protection rule. The latter makes regulation symmetric and provides a fairer level of competition. In anticipation of this regulation, the US industry has entered into a profound restructuring. The emerging industry structure, although oligopolistic, is more competitive. Reg NMS is thus a Pareto improving policy.

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Quel futur pour l'industrie boursière ? Analyse d'un processus de transformation

Lemettre¹

2009

Innovations

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Distribution électronique Cairn.info pour De Boeck Supérieur. © De Boeck Supérieur. Tous droits réservés pour tous pays.La reproduction ou représentation de cet article, notamment par photocopie, n'est autorisée que dans les limites des conditions générales d'utilisation du site ou, le cas échéant, des conditions générales de la licence souscrite par votre établissement. Toute autre reproduction ou représentation, en tout ou partie, sous quelque forme et de quelque manière que ce soit, est interdite sauf accord préalable et écrit de l'éditeur, en dehors des cas prévus par la législation en vigueur en France. Il est précisé que son stockage dans une base de données est également interdit.

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Archipelago's move towards exchange status: An analysis of Archipelago trading in NYSE and NASDAQ stocks

Cited by 3 publications

References 18 publications

Order Routing Decisions for a Fragmented Market: A Review

Order Routing Decisions for a Fragmented Market: A Review

REG NMS and Competition in the Alternative Trading Systems in the US

Quel futur pour l'industrie boursière ? Analyse d'un processus de transformation

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