Big Bang, the deregulation of the London Stock Exchange in October of 1986, was accompanied by changing industry structure, altered regulatory environment, and new trading practices. In particular, trading was automated, and the floor of the Exchange rapidly was abandoned. Such massive discontinuities have produced opportunities in other industries. Although they may prove temporary, opportunit...

This paper examines 472 securities that were listed on Nasdaq and moved to the NYSE or Amex. When Nasdaq market makers avoid odd-eighth quotes, bid-ask spreads are large and decline dramatically with exchange listing. When market makers use both odd and even eighths. spreads are smaller and decline only slightly with exchange listing The large spreads observed when Nasdaq market makers avoid od...

This study provides an intraday analysis of Exchange Traded Fund markets. We investigate trading implications surrounding the open and close, and compare price discovery and liquidity in a multi-market trading framework. In addition, we test whether the difference of ETFs with regard to market maker inventory management causes intraday spread patterns to differ from those of the underlying secu...

The aim of this study is to determine the effect liquidity, leverage, profitability, bond securities, and maturity variables on ratings entities that issue bonds Indonesia Stock Exchange PT Pefindo's rating list for period 2019 - 2021. objects used in are all issuer companies have been recorded Pefindo complete financial reports There 11 as samples with 3 years observation so a sample 33 obtain...

The main business of an investment company is to hold and manage securities for investment purposes. In today competitive market Pricing and its methodology are complicated motions. It is very important to define a price that can prevail the competition in an open and free market. In order to define the price certain circumstances should be considered. In the academic arena there have been seve...

This letter is submitted in response to the request of the Securities and Exchange Commission (the "Commission" or "SEC") for comments on the Concept Release on Equity Market Structure (the "Concept Release,,).l The undersigned firms engage, or have affiliates that engage, in automated trading on a proprietary basis and are interested in the inquiry being conducted by the Commission with respec...

Simulations and games are widely accepted as a powerful mode of teaching and learning. This is especially so in the field of finance in teaching students the intricacies of stock market trading. Stock market simulations complement more traditional methods of teaching finance by encouraging learning by doing, by generating motivation and enjoyment, and by engaging the business student in a simul...

At first sight, the idea of investing internationally seems exciting and full of promise because of the many benefits of international portfolio investment. By investing in foreign securities, investors can participate in the growth of other countries, hedge their consumption basket against exchange rate risk, realize diversification effects and take advantage of market segmentation on a global...

In the last years equity exchanges have diversified their operations into business areas such as derivatives trading, posttrading services, and software sales. Securities trading and post-trading are subject to economies of scale and scope. The integration of these functions into one institution ensures efficiency by economizing on transactions costs. Using balanced panel data from major equity...