A model of broker's trading, with applications to order flow internalization

Review of Financial Economics

Volumn 11, Issue 1, 2002, Pages 19-36

  Chakravarty, Sugato ^a   Sarkar, Asani ^b  

^a PURDUE UNIVERSITY   (United States)

^b FEDERAL RESERVE BANK OF NEW YORK   (United States)

Author keywords

Adverse selection; Dual trading; Informed traders; Internalization; Piggybacking

Indexed keywords

EID: 0036123443     PISSN: 10583300     EISSN: None     Source Type: Journal    
DOI: 10.1016/S1058-3300(01)00031-3     Document Type: Article

References (16)

1. A theory of intraday patterns: Volume and price variability
2. Third market broker-dealers: Cost competitors or cream skinners?
3. Do competing specialists and preferencing dealers affect market quality?
4. Why doesn't decimal trading eliminate payment for order flow and internalization?
5. Does order preferencing matter?
6. Should actively traded futures contracts come under the dual trading ban?
7. Competition and collusion in dealer markets
8. Cream-skimming or profit-sharing? The curious role of purchased order flow
9. Dual trading in futures markets
10. Continuous auctions and insider trading
11. Preferencing and market quality on U.S. equity exchanges
12. The law and economics of best execution
13. Struggle and survival on Wall Street
14. Dual-capacity trading and the quality of the market
15. Dual trading: Winners, losers and market impact
16. Report on the practice of preferencing