Download or read book The Costs of Trading in European Equity Markets written by Marco Pagano and published by . This book was released on 1996 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book THE COST OF TRADING IN EUROPEAN EQUITY MARKETS written by Marco PAGANO and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equity Markets in Action written by Robert A. Schwartz and published by John Wiley & Sons. This book was released on 2004-10-06 with total page 482 pages. Available in PDF, EPUB and Kindle. Book excerpt: An in-depth look at the nature of market making and exchanges From theory to practicalities, this is a comprehensive, up-to-date handbook and reference on how markets work and the nuances of trading. It includes a CD with an interactive trading simulation. Robert A. Schwartz, PhD (New York, NY), is Marvin M. Speiser Professor of Finance and University Distinguished Professor in the Zicklin School of Business, Baruch College, CUNY. Reto Francioni, PhD (Zurich, Switzerland), is President and Chairman of the Board of SWX, the Swiss Stock Exchange, and former co-CEO of Consors Discount Broker AG, Nuremberg.
Download or read book European Equity Markets written by Gabriel A. Hawawini and published by . This book was released on 1984 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The European Equity Markets written by Benn Steil and published by Chatham House (Formerly Riia). This book was released on 1996 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: Investigating the barriers to European equity market integration which will remain after 1996, this text examines such areas as equity trading, the single currency, corporate governance, pension funds, capital standards, clearance and settlement, and accounting diversity.
Download or read book The Changing Microstructure of European Equity Markets written by Marco Pagano and published by . This book was released on 1998 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last decade, the increased competition between European stock exchanges has reduced the cost of trading and increased the variety of trading mechanisms. The London Stock Exchange, which initiated the competition in 1986 by setting up the SEAQ-I market, attracted considerable trading volume in Continental equities in the late 1980s. Later, however, Continental exchanges recovered most of the trading volume from London upon restructuring their auction systems so as to offer very low trading costs, greater transparency and continuous trading via an automated order book. At the same time, the spreads quoted by SEAQ-I dealers increased considerably. Lately, potential competition by continuous auction systems threatened even the market for British equities, and prompted the London Stock Exchange to replace its former SEAQ system with an automated order book. As in Continental Bourses, this automated auction system is expected to run in parallel with a dealership market for large trades. So trading systems appear to be converging towards a dualistic structure all over Europe. The paper documents these developments, and considers how the competition between European exchanges is likely to evolve and which opportunities and dangers the future may hold for them.
Download or read book The MiFID II Tick Size Regime Impact on European Equities Trading written by Daniel Fritzler and published by GRIN Verlag. This book was released on 2019-05-13 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Bachelor Thesis from the year 2018 in the subject Business economics - Investment and Finance, grade: 1,3, University of Frankfurt (Main) (Professur für e-Finance), language: English, abstract: Before the Markets in Financial Instruments Directive (MiFID I) was applied in 2007, exchanges were able to implement their own tick size without being concerned about competition, since trading was concentrated to the incumbent exchanges. The increased fragmentation and competition after the introduction of MiFID I in Europe started a race between the incumbent exchanges and alternative venues towards everfiner tick sizes in order to offer better prices and gain market share. Over the past few years, this trend has increased and caused adverse effects on the market quality. On March 3rd, 2018, MiFID II introduced a harmonized tick size regime that takes each stock's price and liquidity into account in order to address the negative impact of the \race to the bottom" that began with MiFID I. The aim of this bachelor thesis is to investigate whether the introduction of the MiFID II tick size regime has achieved its desired effect of positively impacting the European equity market quality. Therefore, I will study and summarize the existing literature about the general effect of tick size changes on security markets, whereby I distinguish between tick size changes that are caused by changes in tick size rules and price movements. Furthermore, I will introduce the main concepts of the new regulatory framework Markets in Financial Instruments Directive II / Markets in Financial Instruments Regulation (MiFID II/MiFIR) with a focus on the new tick size regime and its consequences for the European market. The core of this paper is the empirical study on the effects of tick size changes brought about by MiFID II's tick size regime on market quality, using data from the German home market Xetra. I will first investigate the overall impact of the regime on the most frequently traded stocks listed on Xetra by observing different measures of liquidity, such as transaction costs, market depth, trading volumes and price volatility. In addition, I provide separate results for the different effects of decreases and increases in tick size. Secondly, I examine the impact of the new regulatory framework and its tick size regime on the market share redistribution in Europe. This allows to determine whether the contentious exemption of systematic internalisers from the regime creates an unfair advantage at the expense of regulated markets.
Download or read book European Securities Markets The Investment Services Directive and Beyond written by Guido Ferrarini and published by Kluwer Law International B.V.. This book was released on 1998-03-04 with total page 428 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union is moving towards the full implementation of the Investment Services Directive (ISD). Indeed, in some Member States, further changes to the domestic legal framework to increase competition among financial institutions and markets will complete or complement its implementation. This book includes updated papers written by academics and practitioners from Europe and the United States and presented at the Genoa Seminar on European Investment Markets, held in November 1996. Several papers examine critical aspects of the ISD from a comparative viewpoint, in particular considering the appropriateness of further harmonisation. The regulation of financial exchanges in the new competitive arena and the need for cooperation between supervisors receive special attention. Its evaluation of the economic impact of ISD implementation and consideration of further perspectives makes European Securities Markets one of the first and most comprehensive publications on the ISD implementation. The volume will interest and educate all those involved in European securities and derivatives markets in either a legal or economic capacity, including banking and financial lawyers, financial economists, regulators, exchanges and intermediaries.
Download or read book The Future of European Stock Markets written by Alasdair Murray and published by . This book was released on 2001 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of a single market in equities remains one of the EU's unfinished projects. But the author argues against a centralised market and instead, suggests establishing a new and flexible regulatory framework, allowing Europe to compete effectively in the global arena.
Download or read book European Equity Markets and Corporate Financial Decisions written by John Doukas and published by Psychology Press. This book was released on 1993 with total page 272 pages. Available in PDF, EPUB and Kindle. Book excerpt: European Equity Markets and Corporate Financial Decisions explores the current nature of corporate decisions faced by European financial managers, the highly interdependent financial and economic environment in which they function, and how that environment seeks complete integration with other financial and economic environments. The contributing authors provide a timely core of theoretical and empirical investigations on a set of European equity markets and corporate financial management decisions to give readers a deeper understanding of equity markets in Europe.
Download or read book Retail Trading in European Equity Markets written by Fatemeh Aramian and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent growth in retail trading in global equity markets has drawn considerable attention to the execution of retail flows. European market operators offer diverse retail trading mechanisms: both retail-specific mechanisms and all-to-all trading mechanisms that allow the interaction of all trader types. Retail-specific trading mechanisms are categorized into Single Market Maker and Competing Market Maker mechanisms. Markets also differ on other dimensions such as the way market makers compete, the number of reference markets, order flow segmentation, explicit costs, and Payment for Order Flow (PFOF). Using the findings from the existing literature this paper argues in favor of competition between market makers, the use of a consolidated market view as the reference price and less segmentation. It also raises questions about potential conflicts arising from low or zero explicit costs and PFOF. The paper also recommends that policy makers can improve retail execution quality by requiring additional transparency around retail trades and implementing a consolidated tape.
Download or read book Trading in European Equity Markets written by Martin Wagener and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Equity Markets in Transition written by Reto Francioni and published by Springer. This book was released on 2017-01-17 with total page 612 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book underscores the complexity of the equity markets, the challenges they face, and the fact that they are still a work in process. Three interacting forces drive market change: competition, technology change, and regulatory change. The markets have one major objective in particular to achieve: the delivery of accurate price discovery for both traders and the broader market. Are we getting it? Are competition, technology, and regulation acting together to improve market quality, or are they adding to the complexity of the markets and making accurate price discovery harder to achieve? The difficulty of addressing these issues and reaching a consensus regarding public policy is reflected in the diverse opinions expressed in this book. From an institutional perspective, the volume’s contributors highlight the interconnectedness of all aspects of the internal and external environment within which exchange organizations act. Equity Markets in Transition underscores how technological evolution and recent regulatory changes have influenced the business, and how these developments have opened new possibilities for exchange organizations and for equity markets as a whole, including such issues as the impact of equity markets on job creation. The book combines both a theoretical and a practical approach. Part I presents a theoretical overview of the international equity market business, including an overall description of the value chain of stock trading that includes deep dives on every decisive step. Part II contains contributions from various business specialists who have specific practical and academic knowledge of the different steps. Equity Markets in Transition represents a unique combination of theoretical and practical analysis that offers first-hand insights on all relevant interactions and interrelations among the various parts of the exchange business, with an emphasis on facilitating analysis of the status quo and of emerging trends regarding business models, regulation, and the development of the competitor, customer and investor sides.
Download or read book Equity Trading Round Up written by Robert A. Schwartz and published by Springer Nature. This book was released on 2020-11-16 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines the complexity of trading and the creation of liquidity. Titled after the Baruch College Financial Markets Conference, Equity Market Round-Up: Proposals for Strengthening the Markets, this book explores how regulation has a clear impact on market structure and, therefore, how market structure impacts efficient trading and capital formation. The following questions are analyzed: What are the liquidity strategies for pricing and interacting? Is liquidity any more available today for an illiquid stock than it was on the floor of the exchange 20 years ago? How do we cope with the dynamics of a continuous market? How can market structure be improved? What are the effects of high frequency trading? The Zicklin School of Business Financial Markets Series presents the insights emerging from a sequence of conferences hosted by the Zicklin School at Baruch College for industry professionals, regulators, and scholars. The transcripts from the conferences are edited for clarity, perspective and context; material and comments from subsequent interviews with the panelists and speakers are included for a complete thematic presentation. Each book is focused on a well delineated topic, but all deliver broad insights into the quality and efficiency of the U.S. equity markets and the dynamic forces that are changing them.
Download or read book European Equity Markets written by Gabriel A. Hawawini and published by Facsimiles-Garl. This book was released on 1984 with total page 496 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Trends in the European Securities Industry written by Valter Lazzari and published by EGEA spa. This book was released on 2011-03-14T00:00:00+01:00 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book presents the results of new research promoted by Emittenti Titoli on the evolutionary trends in the European securities industry, with some special regard to the Italian financial market. The studies collected in the volume deal with the costs and quality of listing, trading, post-trading and regulatory services offered by exchanges, other trading platforms, central depositories, intermediaries and regulatory agencies, from the viewpoint of the issuers. They shed light on some topical problems that issuers must confront when they decide to go and stay public.
Download or read book Europe s Hidden Capital Markets written by Jean-Pierre Casey and published by CEPS. This book was released on 2005 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.
