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Evidence on Trading Mechanisms

In: Transparency and Fragmentation

Author

Listed:
  • Owain ap Gwilym

    (University of Southampton)

Abstract

This chapter is divided into three main sections. Section 5.1 addresses the question of whether the FSA should require trading systems to use a particular trading mechanism (e.g. dealer or auction, floor or screen); or ban the use of specified trading mechanisms. In particular, it investigates whether different assets or types of client require different trading mechanisms. If this is the case, the FSA might require that a specified trading mechanism be used (or banned) for trading certain types of asset, or for trading by particular types of client. Apart from some empirical evidence on floor versus screen, this section is largely theoretic. The answers to these questions have implications for the issue of fragmentation because rival systems trading the same security may be using different trading mechanisms. Such differences in trading mechanism may cause variations in the quality of trading services provided in parts of a fragmented market.

Suggested Citation

  • Owain ap Gwilym, 2002. "Evidence on Trading Mechanisms," Palgrave Macmillan Books, in: Transparency and Fragmentation, chapter 5, pages 101-140, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-0707-3_5
    DOI: 10.1057/9781403907073_5
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    Cited by:

    1. Owain ap Gwilym & Evamena Alibo, 2003. "Decreased price clustering in FTSE100 futures contracts following a transfer from floor to electronic trading," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 23(7), pages 647-659, July.

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