Competition for Order Flow and the Theory of Global Games - Couverture souple

Dönges, Jutta

Couverture souple

ISBN 10 : 3824474263 ISBN 13 : 9783824474264

Editeur : Deutscher Universitätsverlag, 2001

Synopsis

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.

A propos du livre

À propos de l'auteur

Dr. Jutta A. Dönges promovierte am Fachbereich Wirtschaftswissenschaften der Universität Frankfurt am Main. Sie ist seit mehreren Jahren in der Investment Banking Division einer amerikanischen Investment Bank tätig.

Détails de l'édition

• Éditeur: Deutscher Universitätsverlag
• Date d'édition: 2001
• Langue: allemand
• ISBN 10: 3824474263
• ISBN 13: 9783824474264
• Reliure: Broché
• Nombre de pages: 308
• Coordonnées du fabricant: non disponible
• Personne responsable: non disponible