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Theory and Results on Transparency

In: Transparency and Fragmentation

Author

Listed:
  • John Board
  • Charles Sutcliffe
  • Stephen Wells

Abstract

A trading mechanism can be thought of as a set of protocols that translates investors’ latent demands into realised prices and quantities. Market transparency is essentially the ability of market participants to observe the information in the trading process, and transparency can be defined as ‘the degree to which information about trading (both past and prospective) is made publicly available on a real-time basis’ (IOSCO, 1993).This publication of trading information for transparency reasons is distinct from the confidential reporting of trades to the exchange and regulatory authorities for surveillance or settlement purposes.

Suggested Citation

  • John Board & Charles Sutcliffe & Stephen Wells, 2002. "Theory and Results on Transparency," Palgrave Macmillan Books, in: Transparency and Fragmentation, chapter 7, pages 179-206, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-4039-0707-3_7
    DOI: 10.1057/9781403907073_7
    as

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