TY  - UNPD
A1  - Heinemann, Frank
A1  - Dönges, Jutta
T1  - Competition for order flow as a coordination game
T2  - Universität Frankfurt am Main. Fachbereich Wirtschaftswissenschaften: [Working paper series / Finance and accounting] Working paper series, Finance & Accounting ; No. 64
N2  - Competition for order flow can be characterized as a coordination game with multiple equilibria. Analyzing competition between dealer markets and a crossing network, we show that the crossing network is more stable for lower traders’ disutilities from unexecuted orders. By introducing private information, we prove existence of a unique equilibrium with market consolidation. Assets with low volatility and large volumes are traded on crossing networks, others on dealer markets. Efficiency requires more assets to be traded on crossing networks. If traders’ disutilities differ sufficiently, a unique equilibrium with market fragmentation exists. Low disutility traders use the crossing network while high disutility traders use the dealer market. The crossing network’s market share is inefficiently small.
T3  - Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting - 064 
KW  - Wertpapierhandel
KW  - Wertpapiermarkt
KW  - Auftrag
KW  - Börse
KW  - Börsenhandel
KW  - Wertpapierbörse
KW  - Xetra-Handelssystem
KW  - Börseninformationssystem
KW  - Electronic Commerce
KW  - Wettbewerb
KW  - Wettbewerbsfreiheit
KW  - Wettbewerbsfähigkeit
KW  - Spieltheorie
Y1  - 2001
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/3619
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30-18471
IS  - January 25, 2001
PB  - Univ., Fachbereich Wirtschaftswiss.
CY  - Frankfurt am Main
ER  -