haku: @author Theissen, E. / yhteensä: 11
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| Tekijä: | Kasch-Haroutounian, M. Theissen, E. |
| Otsikko: | Competition between exchanges: Euronext versus Xetra |
| Lehti: | European Financial Management
2009 : JAN, VOL. 15:1, p. 181-207 |
| Asiasana: | Europe competition stock exchanges trading |
| Kieli: | eng |
| Tiivistelmä: | European exchanges are in a consolidation process. This study evaluates the attractiveness of the two dominant continental European trading systems. Although they are both anonymous electronic limit order books, there are important differences in the trading protocols. A matched-sample approach is used to compare execution costs in Euronext Paris and Xetra. It is found that both quoted and effective spreads are lower in Xetra. For less liquid stocks, the differences are more pronounced. When decomposing the spread, there is found no systematic differences in the adverse selection component. On the other hand, realized spreads are significantly higher in Euronext etc. It is concluded that Xetra is the more efficient trading system. |
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