RT Journal Article
SR Electronic
T1 Equity Market Microstructure: <em>Taking Stock of What We Know</em>
JF The Journal of Portfolio Management
FD Institutional Investor Journals
SP 57
OP 71
DO 10.3905/JPM.2008.35.1.57
VO 35
IS 1
A1 Reto Francioni
A1 Sonali Hazarika
A1 Martin Reck
A1 Robert A. Schwartz
YR 2008
UL https://pm-research.com/content/35/1/57.abstract
AB For over three decades, the microstructure literature has grown and trading systems around the world have been reengineered into modern electronic platforms. In this article, the authors consider these developments, concentrating on microstructure issues that are germane to equity market architecture, and focus on the design of one trading facility, Deutsche Börse’s Xetra. Important insights were gained from the microstructure literature during Xetra’s planning period (1994–1997), and Xetra’s implementation has marked a huge step forward for Germany’s equity markets. Nevertheless, academic research and the design of a real-world marketplace remain works in progress.TOPICS: Equity portfolio management, portfolio theory, in markets