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- W4241056154 abstract "When a security trades in multiple venues, orders submitted to the different venues do not necessarily contribute jointly to price formation. In this case, the market for the security is said to be “fragmented.” Market fragmentation raises several concerns that have been at the forefront of recent regulatory debates, in the United States and in Europe. Market fragmentation may lead to excessive “price dispersion,” meaning that the same security may trade at different prices at the same instant. Another concern is that market fragmentation could raise trading costs for investors compared to centralized trading. This chapter discusses the costs of fragmentation, liquidity externalities, and the benefits of fragmentation. It also describes two recent changes in the United States (RegNMS) and Europe (MiFID) designed precisely to organize competition among trading platforms. The final sections provide suggestions for further reading and exercises." @default.
- W4241056154 created "2022-05-12" @default.
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- W4241056154 date "2013-03-25" @default.
- W4241056154 modified "2023-10-12" @default.
- W4241056154 title "Market Fragmentation" @default.
- W4241056154 doi "https://doi.org/10.1093/acprof:oso/9780199936243.003.0008" @default.
- W4241056154 hasPublicationYear "2013" @default.
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