کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
963535 930363 2010 23 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The electronic trading systems and bid-ask spreads in the foreign exchange market
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The electronic trading systems and bid-ask spreads in the foreign exchange market
چکیده انگلیسی
This paper examines the impact of electronic trading systems on the bid-ask spreads in the foreign exchange market. The paper finds: first, the EBS reduces spreads significantly; second, the EBS is more influential than the Reuters system for the currency pair DEM/USD; third, dealers with information advantage tend to quote relatively wider spreads with the new systems; fourth, geographical differences in market liquidity are reduced through the new systems, and finally, the effects occur immediately and persist in the long-term. Thus, both proposed positive and negative impacts of the electronic systems are found to be true in this paper, but our findings also suggest that positive effects dominate and the electronic systems overall increase FX market liquidity.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Financial Markets, Institutions and Money - Volume 20, Issue 4, October 2010, Pages 323-345
نویسندگان
, ,