Upstairs Downstairs Electronic Vs Open Outcry Exchanges Free Related PDF's

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Upstairs, Downstairs: Electronic vs. Open Outcry Exchanges
Feb 19, 2003 ... the relative liquidity of computerized and open outcry markets: the sizes of upstairs and downstairs liquidity pools, the magnitude of the risk that.
upstairs1.pdf

Bund for Glory, or It's a Long Way to Tip a Market - University of
Feb 27, 2003 ... open outcry exchange) to Eurex (an electronic market). Measures of ...... [19] Pirrong, C. \Upstairs, Downstairs: Electronic vs. Open Outcry Ex-.
dtbtip1.pdf

Liquidity and the Evolution of Price Discovery on Floor versus Screen
Mar 5, 2004 ... discovery in the Euro foreign exchange futures market during the .... trading systems (i.e. electronic vs. open-outcry) in futures markets is ...... Pirrong, C. ( 2003) “Upstairs, Downstairs: Electronic vs Open Outcry Exchanges”.
pricediscovery1.ates.wang.pdf

The Floor Trader vs. Automation - CiteSeerX
Sep 20, 2010 ... He shows that the electronic open limit order book is competition proof ... upstairs (i.e., fragmented) markets based on the assumption that upstairs (and not downstairs) ... and cons of automated/electronic markets vs. human- intermediated ...... they show that trades in the open outcry market have higher ...
00b495187e47061efb000000.pdf

Trading and Pricing in Upstairs and Downstairs Stock Markets
upstairs and downstairs markets, however, are virtually nonexistent, with ... downstairs market is electronic and trade information is reported in real time. ...... M., 1998, “Price Discovery in High and Low Volatility Periods: Open Outcry versus.
download?doi=10.1.1.200.8983&rep=rep1&type=pdf

Does the Upstairs Market Harm the Downstairs? - CiteSeerX
“upstairs” market that occurs in the broker's office off-exchange where large ... This can occur via a consolidated electronic order book. ... open-outcry systems.
download?doi=10.1.1.195.9078&rep=rep1&type=pdf

Upstairs, Downstairs - Affi
This can occur via a consolidated electronic order book. Typically in most markets in ... open-outcry systems. Aitken et al. (1995) provide .... First, we show that the upstairs and downstairs markets embody such similar liquidity and informational ...
CTR_FICHIER_110_1226315327.pdf

Declaration of Dr. Craig Pirrong - Amaranth Natural Gas
See, e.g., Dr. Craig Pirrong, Detecting Manipulation in Futures Markets; The Ferruzzi Soybean ..... “Upstairs, Downstairs: Electronic vs. Open Outcry Markets.”.
12-05-21 Pirrong Declaration--With Ex. A.pdf

Everything you wanted to know about double auctions, but were
Aug 18, 2006 ... electronic markets starting up, computer scientists are increasingly .... The continuous or open-outcry double auction, in contrast, does not have a ...... Physically the nyse is split into the upstairs and downstairs markets, where.
cda.pdf

Futures Market Depth: Revealed vs. Perceived Price Order
Evaluating different (competing) futures contracts and futures exchanges using these dimensions ..... perceive electronic trading versus open outcry were asked. ..... Grossmann S.J. “The Informational Role of Upstairs and Downstairs Trading.
confp15-03.pdf

The Effect of Pit Closure on Futures Trading - US Commodity
Jul 6, 2015 ... that some futures pit traders are still active in options pit markets. .... Were changes significantly different for outright vs. strategy trades? .... CTI 4: Electronic Trading Open Outcry and Privately Negotiated – Applies to all orders ..... In search of liquidity: block trades in the upstairs and downstairs markets, The.
oce_effectofpitclosure.pdf

Floor versus Screen Trading: Evidence from the - HEC Paris
An analysis of the bid-ask spreads reveals that the electronic trading system is relatively ... (1990) in his model of block trading that the non-anonymous upstairs market ... Exchange and the screen trading system IBIS (which, in November 1997, was ...... Market Liquidity and Depth on Computerized and Open Outcry Trading.
6316d54d3e50197a62665824cad014a6.pdf

Finding Best Execution in the Dark - Scholarly Commons at Hofstra
exchanges and 20 dark pools in the United States today (Avramovic, 2012). ... for example, the uninformed versus informed and institutional versus retail. This paper attempts to ... utilize an open outcry system for trading. With the ..... with the rise of electronic trading and increased market fragmentation but the net result is an.
viewcontent.cgi?article=1216&context=jibl

yiuman tse - College of Business Administration - University of
and Pricing in Upstairs and Downstairs Stock Markets," Review of Financial ... Open Outcry Versus Electronic Trading,” Journal of Futures Markets 21, 713-735.
tse_cv.pdf

On Liquidity around Large-Block Trades: Upstairs - RERO DOC
1.5.4 Intermediated vs nonintermediated block trading . . . . . . . . . . . . 19 .... 1.6 The Italian Exchange: upstairs and downstairs trades. Equity segment. ..... The downstairs market is the exchange floor or its electronic counterpart. 2Total trading ..... Trading can also take place in the open outcry trading system on the floor of the ...
2004ECO008.pdf

Can Island Provide Liquidity and Price Discovery in the Dark
Journal of Financial Markets 5, 309–321 (2002). ... and Y. Tse, "Trading and Pricing in Upstairs and Downstairs Stock Markets. .... Martens, M., "Price Discovery in High and Low Volatility Periods: Open Outcry versus Electronic Trading.
U28U56050R735743.pdf

Do Futures Lead Price Discovery in Electronic Foreign Exchange
Keywords: price discovery, electronic trading, foreign exchange markets, spot and futures, E- mini .... electronic market but also are traded side-by side with the floor trading using the open outcry ..... Information transmission in electronic versus open-outcry ... Trading and pricing in upstairs and downstairs stock markets.
Do_Futures.pdf

Price Discovery in the E-mini Futures - JamesGoulding.com
open outcry to electronic trading in most futures markets is all but inevitable,3 the ... contributions to price discovery of trades initiated by exchange locals versus.
Locals (Price Discovery, Kurov and Lasser).pdf

Do Futures Lead Price Discovery in Electronic Foreign Exchange
Keywords: price discovery, electronic trading, foreign exchange markets, spot and futures, E- mini .... electronic market but also are traded side-by side with the floor trading using the open outcry ..... Information transmission in electronic versus open-outcry ... Trading and pricing in upstairs and downstairs stock markets.
10.1.1.150.1303.pdf

Price Formation in Spot and Futures Markets - Institutional Investor
German blue chip index DAX: exchange traded ...... and Pricing in Upstairs and Downstairs Stock Markets. ... Periods: Open Outcry Versus Electronic Trading.
JOD.2009.17.2.026

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