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Author: | Porter, D.C. (et al.) |
Title: | Dispersed trading and the prevention of market failure: the case of the Copenhagen Stock Exchange |
Journal: | European Financial Management
2008 : MAR, VOL. 14:2, p. 243-267 |
Index terms: | financial markets stock exchanges securities trading Scandinavia Nordic countries Denmark |
Freeterms: | market failures |
Language: | eng |
Abstract: | Trading (henceforth as: trdg.) institutions and policy makers have broadened their search for systems avoiding market failure during disturbing events, e.g. heightened concerns of terrorist attacks. This study provides insight into this issue by exploring trdg. behaviour at the Copenhagen Stock Exchange during a major blackout. It is found that although market quality declined, markets remained functional and some price discovery occurred during the period. This suggests that the NOREX structure of interlinked trdg. systems together with dispersed trdg. locations may be a feasible way for protecting against market failure during massive power disruptions or alike. |
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