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| Author: | Huang, R.D. |
| Title: | The quality of ECN and Nasdaq market maker quotes |
| Journal: | Journal of Finance
2002 : JUN, VOL. 57:3, p. 1285-1319 |
| Index terms: | COMMUNICATION ELECTRONIC DATA INTERCHANGE NETWORKS QUALITY STOCK MARKETS |
| Language: | eng |
| Abstract: | This paper compares the quality of quotes submitted by electronic communication networks (ECNs) and by traditional market makers to the Nasdaq quote montage. An analysis of the most active Nasdaq stocks shows that ECNs not only post informative quotes, but also, compared to market makers, ECNs post quotes rapidly and more often at the inside. |
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