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Competition Between Exchanges: Euronext versus Xetra

Competition Between Exchanges: Euronext versus Xetra
Competition Between Exchanges: Euronext versus Xetra

Exchanges Exchanges in Europe face increasing competition. Smallerexchanges may come under pressure to cooperate with one of the largerexchanges and adopt its trading system. It is, therefore, important to evaluate the attractiveness of the two dominating continental European trading systems,Euronext and Xetra. Though both are anonymous electronic limit order books, there are important differences in […]

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Competition Between Exchanges: Euronext versus Xetra

Exchanges

Exchanges in Europe face increasing competition. Smallerexchanges may come under pressure to cooperate with one of the largerexchanges and adopt its trading system. It is, therefore, important to evaluate the attractiveness of the two dominating continental European trading systems,Euronext and Xetra. Though both are anonymous electronic limit order books, there are important differences in the trading protocols. In this paper we use a matched-sample approach to compare execution costs in Euronext Paris and Xetra. We find that both the effective spreads and its components, the realized spread and the adverse selection component, are lower in Xetra. Differences in market organization - we consider differences in the number of liquidity provision agreements,and differences in the minimum tick size do not explain the spread differences.

   

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  • عنوان مقاله : ...Competition Between Exchanges: Euronext
  • نوع فایل : PDF
  • حجم فایل : 90 کیلوبایت

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