search query: @author Werner, I.M. / total: 1
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| Author: | Sofianos, G. Werner, I.M. |
| Title: | The trades of NYSE floor brokers |
| Journal: | Journal of Financial Markets
2000 : MAY, VOL. 3:2, p. 139-176 |
| Index terms: | Stock markets Stockbroking USA |
| Freeterms: | Trading |
| Language: | eng |
| Abstract: | This paper studies the contribution of NYSE floor brokers to the Exchange's agency auction market. Floor brokers represent 44 %, specialists 11 %, and system orders 45 % of the value of all executed orders in this paper's sample. It is analyzed how the cross-sectional distribution of floor broker trading depends on liquidity, block volume, on- and off-exchange competition, volatility, and order flow internalization. Floor brokers participate in large trades, primarily in liquid stocks, and they trade more when volatility is high. They provide two-sided liquidity to the market and often provide liquidity that would otherwise have been supplied by NYSE specialists. |
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