Internalisierung und Marktqualität : was bringt Xetra Best?

Deutsche Börse AG plans to introduce a system (Xetra Best) allowing brokers and broker-dealers to internalize the orders of retail customers. Further, Xetra Best supports payment for order flow arrangements. Both interna
Deutsche Börse AG plans to introduce a system (Xetra Best) allowing brokers and broker-dealers to internalize the orders of retail customers. Further, Xetra Best supports payment for order flow arrangements. Both internalization and payment for order flow may be detrimental to market quality. This paper discusses advantages and disadvantages of these arrangements. It draws on experiences made in the US. We derive policy implications that aim at a more stringent interpretation of "best execution", and at higher transparency. Klassifikation: G10, G14
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Metadaten
Author:Erik Theissen
URN:urn:nbn:de:hebis:30-9963
Parent Title (German):Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 2002,06
Series (Serial Number):CFS working paper series (2002, 06)
Document Type:Working Paper
Language:German
Year of Completion:2002
Year of first Publication:2002
Publishing Institution:Universitätsbibliothek Johann Christian Senckenberg
Release Date:2005/06/13
SWD-Keyword:Aktienmarkt; Auftragsabwicklung; Außerbörslicher Wertpapierhandel; Deutschland; Geldkurs; USA; Wertpapierhandel; Wertpapiermarkt
HeBIS PPN:202684644
Institutes:Center for Financial Studies (CFS)
Dewey Decimal Classification:330 Wirtschaft
JEL-Classification:G10 General
G14 Information and Market Efficiency; Event Studies
Sammlungen:Universitätspublikationen
Licence (German):License Logo Veröffentlichungsvertrag für Publikationen

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