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Winner Takes All

In: The Telegraph and Stock Exchanges

Author

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  • Sonali Garg

Abstract

Falling average costs for stock markets are discussed. Four costs are considered and explained (i) Commissions, (ii) Bid Ask Spreads, (iii) The time needed to find a matching trade, and (iv) The potential movement of price against the entity initiating a trade. All four costs decline as a specific security’s volume traded at a particular venue increases. When stock exchanges compete, eventually a single stock exchange emerges as the winner, i.e., as the natural monopolist.

Suggested Citation

  • Sonali Garg, 2024. "Winner Takes All," Palgrave Studies in Economic History, in: The Telegraph and Stock Exchanges, chapter 0, pages 9-14, Palgrave Macmillan.
    • Handle: RePEc:pal:palscp:978-3-031-40407-8_3
    DOI: 10.1007/978-3-031-40407-8_3
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