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 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
| Author: | Erik TheissenORCiDGND |
|---|---|
| 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 |
| GND Keyword: | Deutschland; USA; Wertpapierhandel; Wertpapiermarkt; Auftragsabwicklung; Außerbörslicher Wertpapierhandel; Aktienmarkt; Geldkurs |
| HeBIS-PPN: | 202684644 |
| Institutes: | Wissenschaftliche Zentren und koordinierte Programme / Center for Financial Studies (CFS) |
| Dewey Decimal Classification: | 3 Sozialwissenschaften / 33 Wirtschaft / 330 Wirtschaft |
| Licence (German): |  Deutsches Urheberrecht |
