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How Best to Supply Liquidity to a Small-Capitalization Securities Market


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  • James J. Angel

    (Georgetown University School of Business)


There is a worldwide search for better ways to supply liquidity for small-capitalization stocks. Although Nasdaq provides a liquid market for such stocks by giving broker-dealers financial incentives to generate order flow, recent allegations of dealer collusion have led to calls for reform. It is possible to design a fair, transparent computerized market that also creates incentives for broker-dealers to generate order flow by using secondary priority rules other than time. A nontrivial relative tick size is also important for providing liquidity by enforcing priority rules.

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Paper provided by Georgetown School of Business in its series Working Papers with number _006.

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Handle: RePEc:wop:gesbwp:_006

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