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Electronic Securities Trading: The options for designing electronic markets and some consequences for investors and intermediaries

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  • Burkhard Varnholt

Abstract

The article analyses the options in designing electronic trading systems and some of their potential effects on Investors and Intermediaries. The fundamental parameters in trading system design are being analysed and some essential concepts are being discussed from an economic perspective. In particular, the arguments regarding the "transparency and liquidity-debate" are critically scrutinized. In addition, the article presents a typology of trading system designs which differentiates according to the systems' inherent price discovery mechanisms and whose international distribution is scrutinized. Finally, some conclusions are drawn with regard to the consequences of electronic securities trading for investors and trading-systems-intermediaries.

Suggested Citation

  • Burkhard Varnholt, 1997. "Electronic Securities Trading: The options for designing electronic markets and some consequences for investors and intermediaries," Swiss Journal of Economics and Statistics (SJES), Swiss Society of Economics and Statistics (SSES), vol. 133(II), pages 165-174, June.
    • Handle: RePEc:ses:arsjes:1997-ii-4
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