haku: @freeterm internalization / yhteensä: 6
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| Tekijä: | Battalio, R. Jennings, R. Selway, J. |
| Otsikko: | The potential for clientele pricing when making markets in financial securities |
| Lehti: | Journal of Financial Markets
2001 : JAN, VOL. 4:1, p. 85-112 |
| Asiasana: | PRICING SECURITIES |
| Vapaa asiasana: | INTERNALIZATION MICROSTRUCTURE PAYMENT FOR ORDER FLOW |
| Kieli: | eng |
| Tiivistelmä: | Benveniste et al. J. Financial Econom. 32 (1992) 61-86 argue that repeatedly dealing with the same brokers allows market makers to know when brokers exploit private information. This suggests that broker identity may allow market makers to differentiate between customers when pricing market-making services even when market makers can provide separate quoted prices for each order size. Estimates of a major Nasdaq dealer's gross trading revenue vary substantively among routing brokers after controlling for order size. |
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