کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
10475020 | 928888 | 2005 | 14 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Archipelago's move towards exchange status: An analysis of Archipelago trading in NYSE and NASDAQ stocks
دانلود مقاله + سفارش ترجمه
دانلود مقاله ISI انگلیسی
رایگان برای ایرانیان
موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
استراتژی و مدیریت استراتژیک
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: Archipelago's move towards exchange status: An analysis of Archipelago trading in NYSE and NASDAQ stocks Archipelago's move towards exchange status: An analysis of Archipelago trading in NYSE and NASDAQ stocks](/preview/png/10475020.png)
چکیده انگلیسی
Archipelago began reporting trades and quotes to the Pacific Stock Exchange in 2002 for NYSE-listed securities and in 2003 for NASDAQ-listed securities. These events mark the time that Archipelago began migrating stocks from its ECN platform to the exchange platform, thereby becoming a stand-alone exchange. We examine the impact of becoming a stand-alone exchange on execution quality and market share of Archipelago to gain insight into its ability to compete for order flow in NYSE and NASDAQ stocks. We find that the change has a positive effect on Archipelago's execution quality for NYSE stocks, while it has a negative effect for NASDAQ stocks. A possible explanation is that Archipelago lost the large pool of liquidity that SuperMontage provided when it became a stand-alone exchange, and that loss may offset any gain associated with having exchange status. Overall, exchange status helped Archipelago slowly make headway in the NYSE-listed securities arena.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economics and Business - Volume 57, Issue 6, NovemberâDecember 2005, Pages 541-554
Journal: Journal of Economics and Business - Volume 57, Issue 6, NovemberâDecember 2005, Pages 541-554
نویسندگان
Van T. Nguyen, Bonnie F. Van Ness, Robert A. Van Ness,