How and When Do Markets Tip ? Lessons from the Battle of the Bund

  title={How and When Do Markets Tip ? Lessons from the Battle of the Bund},
  author={Estelle Cantillon and Pai-Ling Yin},
In a famous episode of …nancial history which lasted over eight years, the market for the future on the Bund moved entirely from LIFFE, a London-based derivatives exchange, to DTB, a Frankfurt-based exchange. This paper studies the causes of the observed dynamics, using a novel panel dataset that contains individual trading …rms’membership status at each exchange together with other …rms characteristics and pricing, marketing and product portfolio strategies by each exchange. In particular, we… CONTINUE READING

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