Abstract This study investigates the impact of MiFID II on London Stock Exchange. We find that a tick‐size reduction leads to lower bid–ask spreads, trade values, reduced cost trading at and beyond best bid‐offer, an acceleration quote updates, increase in aggressive trades price impact. Increased tick size widens spreads increases costs. Step functions reveal liquidity adjusts opposite change....

The last decade has witnessed a dramatic increase in both the number and the market share of screen-based trading systems. Electronic trading systems do offer lower operating costs and the possibility of remote access to the market. On the other hand, arguments based on the anonymity of electronic trading systems suggest that adverse selection may be a more severe problem and that, therefore, b...

With the emergence of new technologies such as hydraulic fracturing and horizontal drilling, large new deposits of oil and gas are poised to become economically viable. As this happens, substantially increased deliveries will make their way into the market, benefiting both producers and consumers. However, these potential benefits cannot be fully realized with the existing transmission capacity...

Abstract. The advent of e-business heralds new opportunities and challenges for buyers and sellers in business-to-business commerce. The electronic trading reduces transaction and search costs and reduces other market inefficiencies. The electronic trading also shortens supply chains and lowers inventory carrying costs. On the other hand e-business increases supplier competition, reduces prices...

| The advent of e-business heralds new opportunities and challenges for buyers and sellers in business-to-business commerce. The electronic trading reduces transaction and search costs and reduces other market ineeciencies. The electronic trading also shortens supply chains and lowers inventory carrying costs. On the other hand e-business increases supplier competition, reduces prices, and lowe...

This paper provides a formal framework to analyse informational and commitment requirements of several intertemporal price and quantity instruments for mitigating global warming. We ask under what conditions and to what extend the regulator can shift the complex and daunting intertemporal optimization of fossil resource use to markets. Mitigation always generates an intertemporal climate rent w...

Thermal water quality trading markets give point source thermal polluters the option to comply with effluent restrictions by paying nearby landowners to plant shade trees. The shade trees cool the water, offsetting thermal pollution emitted by the point source. Thermal trading has the potential to create greater environmental benefits at a lower cost than traditional regulation, however; only o...