TY  - UNPD
A1  - Theissen, Erik
A1  - Westheide, Christian
T1  - Call of duty: designated market maker participation in call auctions
T2  - SAFE working paper ; No. 319
N2  - Many equity markets combine continuous trading and call auctions. Oftentimes designated market makers (DMMs) supply additional liquidity. Whereas prior research has focused on their role in continuous trading, we provide a detailed analysis of their activity in call auctions. Using data from Germany’s Xetra system, we find that DMMs are most active when they can provide the greatest benefits to the market, i.e., in relatively illiquid stocks and at times of elevated volatility. Their trades stabilize prices and they trade profitably.
T3  - SAFE working paper - 319 
KW  - designated market makers
KW  - call auctions
Y1  - 2021
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/61552
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-615520
PB  - SAFE
CY  - Frankfurt am Main
ER  -