TY  - JOUR
A1  - Wahrenburg, Mark
T1  - Trading system competition and market-maker competition
T2  - BIS Papers
N2  - The recent success of some alternative trading systems (ATSs) has had a strong impact on the traditional stock exchange industry and many observers expect even more dramatic changes in the future. This paper investigates the nature of competition between stock exchanges and ATSs and argues that the introduction of ATSs weakens the level of competition between market-makers in the traditional exchange...
Y1  - 2009
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/7017
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-70253
UR  - http://www.bis.org/publ/bppdf/bispap07.htm
SN  - 92-9131-630-X
SN  - 1609-0381
SN  - 1682-7651
VL  - 1
IS  - 7
SP  - 53
EP  - 60
PB  - Bank for International Settlements, Monetary and Economic Department
CY  - Basel
ER  -