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dc.contributor.authorGresse, Carole
dc.date.accessioned2009-12-01T13:13:50Z
dc.date.available2009-12-01T13:13:50Z
dc.date.issued2006
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/2586
dc.language.isoenen
dc.subjectBid-ask spreaden
dc.subjectFragmentationen
dc.subjectLiquidityen
dc.subjectDealer marketsen
dc.subjectCrossing networksen
dc.subjectAlternative trading systems
dc.subjectTransaction costs
dc.subjectRisk sharing
dc.subjectStocks
dc.subject.ddc332en
dc.subject.classificationjelG12en
dc.subject.classificationjelG14
dc.subject.classificationjelG15
dc.subject.classificationjelG19
dc.titleThe Effect of Crossing-Network Trading on Dealer Market's Bid-Ask Spreadsen
dc.typeArticle accepté pour publication ou publié
dc.description.abstractenThis article provides new insights into market competition between traditional exchanges and alternative trading systems in Europe. It investigates the relationship between the trading activity of a crossing network (CN) and the liquidity of a traditional dealer market (DM) by comparing data from the SEAQ quote-driven segment of the London Stock Exchange (LSE) and internal data from the POSIT crossing network. A cross-sectional analysis of bid-ask spreads shows that DM spreads are negatively related to CN executions. Risk-sharing benefits from CN trading dominate fragmentation and cream-skimming costs. Further, risk-sharing gains are found to be related to dealer trading in the CN.en
dc.relation.isversionofjnlnameEuropean Financial Management
dc.relation.isversionofjnlvol12en
dc.relation.isversionofjnlissue2en
dc.relation.isversionofjnldate2006
dc.relation.isversionofjnlpages143-160en
dc.relation.isversionofdoihttp://dx.doi.org/10.1111/j.1354-7798.2006.00314.xen
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherBlackwell Publishingen
dc.subject.ddclabelEconomie financièreen


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