We study the rivalry between Euronext and the London Stock Exchange (LSE) in the Dutch
stock market to test hypotheses about the effect of market fragmentation. As predicted by our …

Technological advances and regulatory initiatives have led to the emergence of a
competitive, but fragmented, equity trading landscape in several markets around the world …

Since Toronto became the first stock exchange to computerize its execution system in 1977,
electronic trading has been instituted in Tokyo (1982), Paris (1986), Australia (1990) …

SCHOLARS have long debated the nature of markets, firms, and other forms of economic
organization. Issues include the definitions, internal relationships, and distinguishing …

This paper considers whether all trading in a listed security should be required to go through
an exchange. To this end, the incentives for a brokerage firm to offer in-house execution …

A call auction is a form of trading that died out in the pre-computer age but has made its
reentrance in electronic markets and is currently a significant component of major stock …

THE extent to which all orders for common stocks should be consolidated (that is, sent to a
single marketplace) and the effect of consolidation on competition in the securities markets …

This chapter will focus on the investigation of challenges underlined by the Markets in
Financial Instruments Directive (MiFID) in view of the financial market efficiency. This chapter …

In just the past few years, the US equity markets have experienced, among other things, the
growth of electronic communications networks (ECNs), the breathtaking expansion of …

The New York Stock Exchange repealed its Rule 390 on May 8, 2000. The rule disallowed
exchange members from trading stocks listed prior to April 26, 1979 outside of an exchange …