메뉴 건너뛰기




Volumn 4, Issue 1, 2001, Pages 85-112

The potential for clientele pricing when making markets in financial securities

Author keywords

Decimalization; Internalization; Microstructure; Payment for order flow; Price discrimination

Indexed keywords


EID: 0002638167     PISSN: 13864181     EISSN: None     Source Type: Journal    
DOI: 10.1016/S1386-4181(00)00017-3     Document Type: Article
Times cited : (13)

References (29)
  • 2
    • 84993865816 scopus 로고
    • Trading mechanisms and components of the bid-ask spread
    • Affleck-Graves J., Hedge S., Miller R. Trading mechanisms and components of the bid-ask spread. Journal of Finance. 49:1994;1471-1488.
    • (1994) Journal of Finance , vol.49 , pp. 1471-1488
    • Affleck-Graves, J.1    Hedge, S.2    Miller, R.3
  • 3
    • 0037513696 scopus 로고    scopus 로고
    • A simple model of payment for order flow, internalization, and total trading cost
    • this issue
    • Battalio, R., Holden, C., 2001. A simple model of payment for order flow, internalization, and total trading cost. Journal of Financial Markets 4(1), this issue.
    • (2001) Journal of Financial Markets , vol.4 , Issue.1
    • Battalio, R.1    Holden, C.2
  • 5
    • 0033432162 scopus 로고    scopus 로고
    • Trade execution costs on Nasdaq and the NYSE: A post-reform comparison
    • Bessembinder H. Trade execution costs on Nasdaq and the NYSE. A post-reform comparison Journal of Financial and Quantitative Analysis. 34:1999;387-407.
    • (1999) Journal of Financial and Quantitative Analysis , vol.34 , pp. 387-407
    • Bessembinder, H.1
  • 8
    • 0010940821 scopus 로고
    • Price, trade size and information in security markets
    • Easley D., O’Hara M. Price, trade size and information in security markets. Journal of Financial Economics. 19:1987;69-90.
    • (1987) Journal of Financial Economics , vol.19 , pp. 69-90
    • Easley, D.1    O’Hara, M.2
  • 9
    • 0039120737 scopus 로고    scopus 로고
    • Cream-skimming or profit sharing? The curious role of purchased order flow
    • Easley D., Keifer N., O’Hara M. Cream-skimming or profit sharing? The curious role of purchased order flow. Journal of Finance. 51:1996;811-834.
    • (1996) Journal of Finance , vol.51 , pp. 811-834
    • Easley, D.1    Keifer, N.2    O’Hara, M.3
  • 10
  • 16
    • 0030191637 scopus 로고    scopus 로고
    • Dealer versus auction markets: A paired comparison of execution costs on NASDAQ and the NYSE
    • Huang R., Stoll H. Dealer versus auction markets. A paired comparison of execution costs on NASDAQ and the NYSE Journal of Financial Economics. 41:1996;313-351.
    • (1996) Journal of Financial Economics , vol.41 , pp. 313-351
    • Huang, R.1    Stoll, H.2
  • 18
    • 0041785623 scopus 로고
    • Anatomy of the trading process: Empirical evidence on the behavior of institutional traders
    • Keim D., Madhavan A. Anatomy of the trading process. empirical evidence on the behavior of institutional traders Journal of Financial Economics. 37:1995;371-398.
    • (1995) Journal of Financial Economics , vol.37 , pp. 371-398
    • Keim, D.1    Madhavan, A.2
  • 19
    • 0030488782 scopus 로고    scopus 로고
    • Estimating the profits from trading strategies
    • Knez P., Ready M. Estimating the profits from trading strategies. Review of Financial Studies. 9:1996;1121-1164.
    • (1996) Review of Financial Studies , vol.9 , pp. 1121-1164
    • Knez, P.1    Ready, M.2
  • 20
    • 84993894904 scopus 로고
    • Market integration and price execution for NYSE-listed securities
    • Lee C. Market integration and price execution for NYSE-listed securities. Journal of Finance. 48:1993;1009-1038.
    • (1993) Journal of Finance , vol.48 , pp. 1009-1038
    • Lee, C.1
  • 21
    • 0032325465 scopus 로고    scopus 로고
    • External information costs and the adverse selection problem: A comparison of Nasdaq and NYSE stocks
    • Lin J-C., Sanger G., Booth G. External information costs and the adverse selection problem. A comparison of Nasdaq and NYSE stocks International Review of Financial Analysis. 7:1998;113-136.
    • (1998) International Review of Financial Analysis , vol.7 , pp. 113-136
    • Lin, J.-C.1    Sanger, G.2    Booth, G.3
  • 22
    • 0002421866 scopus 로고
    • Electronic trading, market structure, and liquidity
    • Massimbe M., Phelps B. Electronic trading, market structure, and liquidity. Financial Analysts’ Journal. 50:1994;39-50.
    • (1994) Financial Analysts’ Journal , vol.50 , pp. 39-50
    • Massimbe, M.1    Phelps, B.2
  • 24
    • 0033433481 scopus 로고    scopus 로고
    • The specialist’s discretion: Stopped orders and price improvement
    • Ready M. The specialist’s discretion. stopped orders and price improvement Review of Financial Studies. 12:1999;1075-1112.
    • (1999) Review of Financial Studies , vol.12 , pp. 1075-1112
    • Ready, M.1
  • 25
    • 84960565386 scopus 로고
    • Equilibrium in competitive insurance markets: An essay on the economics of imperfect information
    • Rothschild M., Stiglitz J. Equilibrium in competitive insurance markets. An essay on the economics of imperfect information Quarterly Journal of Economics. 90:1976;629-649.
    • (1976) Quarterly Journal of Economics , vol.90 , pp. 629-649
    • Rothschild, M.1    Stiglitz, J.2
  • 26
    • 0041746527 scopus 로고    scopus 로고
    • Securities and Exchange Commission Order directing exchanges and National Association of Securities Dealer’s, Inc. Release No. 34-42914, June 8
    • Securities and Exchange Commission, 2000. Order directing exchanges and National Association of Securities Dealer’s, Inc. to submit a phase-in plan to implement decimal pricing on equity securities and options. Release No. 34-42914, June 8.
    • (2000) To Submit a Phase-in Plan to Implement Decimal Pricing on Equity Securities and Options
  • 27
    • 0011633637 scopus 로고
    • Specialist gross trading revenues at the New York stock exchange
    • Sofianos, G., 1995. Specialist gross trading revenues at the New York stock exchange. NYSE Working Paper No. 95-01.
    • (1995) NYSE Working Paper , vol.95 , Issue.1
    • Sofianos, G.1
  • 29
    • 85021301656 scopus 로고    scopus 로고
    • Wall street firms in on-line battle. June 2
    • Wall Street Journal, 1998. Wall street firms in on-line battle. June 2, p. C1.
    • (1998) Wall Street Journal , pp. C1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.