Competition between Exchanges: A research Agenda

Preprint
Publisher Website
Google Scholar
  • 1 January 2011
    • preprint
      • Published in RePEc
Abstract
This paper describes open research questions related to the competition and market structure of financial exchanges and argues that only a combination of industrial organization and finance can satisfactorily attack these questions. Two examples are discussed to illustrate how the combination of these two approaches can significantly enrich the analysis: the “network externality puzzle”, which refers to the question of why trading for the same security is often split across trading venues, and the impact of the multi-sided character of financial exchanges on pricing and profitability.
All Related Versions

This publication has 0 references indexed in Scilit: