search query: @author Clemons, E. K. / total: 8
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| Author: | Clemons, E. K. Weber, B. W. |
| Title: | Alternative securities trading systems: Tests and regulatory implications of the adoption of technology |
| Journal: | Information Systems Research
1996 : JUN, VOL. 7:2, p. 163-188 |
| Index terms: | TRADE ECONOMICS FINANCIAL MARKETS SIMULATION INFORMATION TECHNOLOGY |
| Language: | eng |
| Abstract: | This paper examines reasons for the mixed reactions to today's electronic off-exchange trading systems, and explores regulatory implications. Information technology can provide more automated markets with lower costs. For an electronic trading system to form a widely used and liquid market, a sufficient number of traders would need to make a transition away from established trading venues to alternative way of trading. The paper performs tests of the desirability and feasibility of transitions to new markets. The results indicate that reducing the role of dealer-intermediaries could actually diminish important measures of market quality. The low trading volumes on many off-exchange systems do not result from traders' inability to break away from established trading floors. |
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