Competition in the Market for Nasdaq Securities

@article{Goldstein2008CompetitionIT,
  title={Competition in the Market for Nasdaq Securities},
  author={M. Goldstein and Andriy Shkilko and Bonnie F. Van Ness and Robert A. Van Ness},
  journal={Journal of Financial Markets},
  year={2008},
  volume={11},
  pages={113-143}
}
The study investigates competition in the market for NASDAQ stocks during a recent period in US equity markets history when three major Electronic Communication Networks (ECNs)--Archipelago, Island, and Instinet--are identifiable in the Trade and Quote (TAQ) database. We show that the ECNs compete with NASDAQ's SuperMontage on the basis of quotes, execution times, and costs. The three ECNs differ due to uniqueness of their limit order books, cost schedules, and heterogeneity of trading… Expand
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