The Costs Of Trading In European Equity Markets

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The Costs Of Trading In European Equity Markets

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Author : Marco Pagano
language : en
Publisher:
Release Date : 1996

The Costs Of Trading In European Equity Markets written by Marco Pagano and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Capital costs categories.

The Cost Of Trading In European Equity Markets

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Author : Marco PAGANO
language : en
Publisher:
Release Date : 1996

The Cost Of Trading In European Equity Markets written by Marco PAGANO and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.

The European Equity Markets

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Author : Benn Steil
language : en
Publisher: Chatham House (Formerly Riia)
Release Date : 1996

The European Equity Markets written by Benn Steil and has been published by Chatham House (Formerly Riia) this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with Business & Economics categories.

Investigating the barriers to European equity market integration which will remain after 1996, this text examines such areas as equity trading, the single currency, corporate governance, pension funds, capital standards, clearance and settlement, and accounting diversity.

The Mifid Ii Tick Size Regime Impact On European Equities Trading

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Author : Daniel Fritzler
language : en
Publisher: GRIN Verlag
Release Date : 2019-05-13

The Mifid Ii Tick Size Regime Impact On European Equities Trading written by Daniel Fritzler and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-13 with Business & Economics categories.

Bachelor Thesis from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, University of Frankfurt (Main) (Professur für e-Finance), language: English, abstract: Before the Markets in Financial Instruments Directive (MiFID I) was applied in 2007, exchanges were able to implement their own tick size without being concerned about competition, since trading was concentrated to the incumbent exchanges. The increased fragmentation and competition after the introduction of MiFID I in Europe started a race between the incumbent exchanges and alternative venues towards everfiner tick sizes in order to offer better prices and gain market share. Over the past few years, this trend has increased and caused adverse effects on the market quality. On March 3rd, 2018, MiFID II introduced a harmonized tick size regime that takes each stock's price and liquidity into account in order to address the negative impact of the \race to the bottom" that began with MiFID I. The aim of this bachelor thesis is to investigate whether the introduction of the MiFID II tick size regime has achieved its desired effect of positively impacting the European equity market quality. Therefore, I will study and summarize the existing literature about the general effect of tick size changes on security markets, whereby I distinguish between tick size changes that are caused by changes in tick size rules and price movements. Furthermore, I will introduce the main concepts of the new regulatory framework Markets in Financial Instruments Directive II / Markets in Financial Instruments Regulation (MiFID II/MiFIR) with a focus on the new tick size regime and its consequences for the European market. The core of this paper is the empirical study on the effects of tick size changes brought about by MiFID II's tick size regime on market quality, using data from the German home market Xetra. I will first investigate the overall impact of the regime on the most frequently traded stocks listed on Xetra by observing different measures of liquidity, such as transaction costs, market depth, trading volumes and price volatility. In addition, I provide separate results for the different effects of decreases and increases in tick size. Secondly, I examine the impact of the new regulatory framework and its tick size regime on the market share redistribution in Europe. This allows to determine whether the contentious exemption of systematic internalisers from the regime creates an unfair advantage at the expense of regulated markets.

European Equity Markets

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Author : Gabriel A. Hawawini
language : en
Publisher:
Release Date : 1984

European Equity Markets written by Gabriel A. Hawawini and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1984 with Capital investments categories.

The Changing Microstructure Of European Equity Markets

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Author : Marco Pagano
language : en
Publisher:
Release Date : 1998

The Changing Microstructure Of European Equity Markets written by Marco Pagano and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.

In the last decade, the increased competition between European stock exchanges has reduced the cost of trading and increased the variety of trading mechanisms. The London Stock Exchange, which initiated the competition in 1986 by setting up the SEAQ-I market, attracted considerable trading volume in Continental equities in the late 1980s. Later, however, Continental exchanges recovered most of the trading volume from London upon restructuring their auction systems so as to offer very low trading costs, greater transparency and continuous trading via an automated order book. At the same time, the spreads quoted by SEAQ-I dealers increased considerably. Lately, potential competition by continuous auction systems threatened even the market for British equities, and prompted the London Stock Exchange to replace its former SEAQ system with an automated order book. As in Continental Bourses, this automated auction system is expected to run in parallel with a dealership market for large trades. So trading systems appear to be converging towards a dualistic structure all over Europe. The paper documents these developments, and considers how the competition between European exchanges is likely to evolve and which opportunities and dangers the future may hold for them.

Equity Markets In Transition

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Author : Reto Francioni
language : en
Publisher: Springer
Release Date : 2017-01-17

Equity Markets In Transition written by Reto Francioni and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-01-17 with Business & Economics categories.

This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.

Equity Markets In Action

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Author : Robert A. Schwartz
language : en
Publisher: John Wiley & Sons
Release Date : 2004-10-06

Equity Markets In Action written by Robert A. Schwartz and has been published by John Wiley & Sons this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-10-06 with Business & Economics categories.

An in-depth look at the nature of market making and exchanges From theory to practicalities, this is a comprehensive, up-to-date handbook and reference on how markets work and the nuances of trading. It includes a CD with an interactive trading simulation. Robert A. Schwartz, PhD (New York, NY), is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Reto Francioni, PhD (Zurich, Switzerland), is President and Chairman of the Board of SWX, the Swiss Stock Exchange, and former co-CEO of Consors Discount Broker AG, Nuremberg.

Retail Trading In European Equity Markets

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Author : Fatemeh Aramian
language : en
Publisher:
Release Date : 2023

Retail Trading In European Equity Markets written by Fatemeh Aramian and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with Retail trade categories.

Recent growth in retail trading in global equity markets has drawn considerable attention to the execution of retail flows. European market operators offer diverse retail trading mechanisms: both retail-specific mechanisms and all-to-all trading mechanisms that allow the interaction of all trader types. Retail-specific trading mechanisms are categorized into Single Market Maker and Competing Market Maker mechanisms. Markets also differ on other dimensions such as the way market makers compete, the number of reference markets, order flow segmentation, explicit costs, and Payment for Order Flow (PFOF). Using the findings from the existing literature this paper argues in favor of competition between market makers, the use of a consolidated market view as the reference price and less segmentation. It also raises questions about potential conflicts arising from low or zero explicit costs and PFOF. The paper also recommends that policy makers can improve retail execution quality by requiring additional transparency around retail trades and implementing a consolidated tape.

Trading In European Equity Markets

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Author : Martin Wagener
language : en
Publisher:
Release Date : 2011

Trading In European Equity Markets written by Martin Wagener and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with categories.