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| Author: | Hansch, O. Naik, N. Y. Viswanathan, S. |
| Title: | Preferencing, internalization, best execution, and dealer profits |
| Journal: | Journal of Finance
1999 : OCT, VOL. 54:5, p. 1799-1828 |
| Index terms: | Securities Stock markets Prices Stock exchanges Investments United Kingdom Europe |
| Language: | eng |
| Abstract: | The practices of preferencing and internalization have been alleged to support collusion, cause worse execution, and lead to wider spreads in dealership style markets relative to auction style markets. For a sample of London Stock Exchange (U.K.) stocks, it is found that preferenced trades pay higher spreads, however, they do not generate higher dealer profits. |
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