Hidden Orders, Trading Costs and Information

1 January 2003

preprint
Published by Elsevier in SSRN Electronic Journal

https://doi.org/10.2139/ssrn.676019

Abstract

This paper explores the use of non-displayed (reserve) depth in Nasdaq market-maker quotes in SuperSOES. Non-displayed size represents 25 percent of the dollar

Keywords

TRADING COSTS
HIDDEN ORDERS
MAKER QUOTES
SIZE REPRESENTS
MARKET MAKER
PAPER EXPLORES
NASDAQ MARKET
DISPLAYED SIZE
RESERVE
PERCENT

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