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- W2046703175 abstract "This paper studies the impact of market consolidation or fragmentation on its performance, examining four alternative models of exchange: a consolidated clearing house, fragmented clearing houses, a monopoly dealer market, and an interdealer market. The effects of the market mechanism on the expected quantity traded, the price variance faced by individual traders, the quality of market price signals, the expected gains from trade, and the exchange implementation costs are studied." @default.
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- W2046703175 date "1987-06-01" @default.
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- W2046703175 title "Consolidation, Fragmentation, and Market Performance" @default.
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- W2046703175 doi "https://doi.org/10.2307/2330712" @default.
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