عنوان

Competition for Order Flow and the Theory of Global Games :

(Number (ISBN

3663077349

(Number (ISBN

3824474263

(Number (ISBN

9783663077343

(Number (ISBN

9783824474264

Number

b583885

Title Proper

Competition for Order Flow and the Theory of Global Games :

General Material Designation

[Book]

Other Title Information

the impact of alternative trading systems on securities markets

First Statement of Responsibility

von Jutta A. Dönges.

Edition Statement

Gabler edition Wissenschaft

Place of Publication, Distribution, etc.

Wiesbaden

Name of Publisher, Distributor, etc.

Deutscher Universitätsverlag : Imprint : Deutscher Universitätsverlag

Date of Publication, Distribution, etc.

2001

Text of Note

I Introduction --; 1 Motivation --; 2 Objectives and Structure --; II Alternative Trading Systems --; 1 Impact of Technology on the Trading Industry --; 2 Overview of Alternative Trading Systems --; 3 Alternative Trading Systems in the U.S. --; 4 Alternative Trading Systems in Europe --; 5 Impact of Alternative Trading Systems on Market Participants --; 6 Future Perspectives and Open Questions --; III Competition for Order Flow in Market Microstructure Theory --; 1 Introduction to Market Microstructure Theory --; 2 Fragmentation versus Consolidation of Liquidity --; 3 Models of Competition for Order Flow --; 4 Summary of Results --; IV Theory of Global Games --; 1 Introduction to Game Theory --; 2 Information and Knowledge --; 3 Introduction to the Theory of Global Games --; 4 Applications of the Theory of Global Games --; 5 Summary of Results --; V Competition for Order Flow as a Global Game --; 1 Equilibrium Selection in Games of Competition for Order Flow --; 2 Global Game with Endogenous Dealer Pricing --; VI Summary of Results and Further Research --; Appendix 1 --; Appendix 2 --; Appendix 3.

Text of Note

The proliferation of alternative trading systems has increased competition for order flow in financial markets significantly and renewed the debate on fragmentation versus consolidation. Market microstructure models that analyze liquidity-based intermarket competition typically exhibit multiple equilibria, making it difficult to determine whether fragmentation or consolidation of order flow will occur. Jutta A. Dönges applies the recently developed theory of global games that reduces multiplicity of equilibria in coordination games to a model of intermarket competition and demonstrates the existence of a unique equilibrium under fairly general conditions. The author investigates whether and under which circumstances alternative trading systems, particularly crossing networks, can co-exist with established markets or even replace them and explores how the introduction of a crossing network affects both monopolistic and competitive dealer markets and the market participants' behavior.

Economics.

von Jutta A. Dönges.

Jutta A Dönges

Electronic name

[Book]

Y