IDEAS home Printed from https://ideas.repec.org/h/spr/ihichp/978-3-540-49487-4_8.html
   My bibliography  Save this book chapter

Competition of Retail Trading Venues − Online-brokerage and Security Markets in Germany

In: Handbook on Information Technology in Finance

Author

Listed:
  • Dennis Kundisch

    (University of Augsburg)

  • Carsten Holtmann

    (Research Unit Information Process Engineering (IPE))

Abstract

German regional stock exchanges rival in the horizontal inter-exchange competition for order flow of investors. Particularly, they are trying to be an attractive option for private retail investors and differentiate against the competition. Differentiation often comes in terms of ‘price quality’ and the attempt to reduce implicit transaction costs for the investors. Therefore, many exchanges have begun to extend their established trading rules. With different labels and – in detail slightly differing – service attributes, e. g. best-execution guarantees have been introduced to most markets. These offerings have in common, that investor gets a guarantee that the price for a transaction will be at least as good as it would be at a predefined – often more liquid – reference market. For retail investors, it is not only the implicit transaction costs but also the explicit ones that are relevant for his orderrouting decision. These are the sum of provisions and fees that are charged by the service providers that participate in routing and matching an order as well as clearing a deal.

Suggested Citation

  • Dennis Kundisch & Carsten Holtmann, 2008. "Competition of Retail Trading Venues − Online-brokerage and Security Markets in Germany," International Handbooks on Information Systems, in: Detlef Seese & Christof Weinhardt & Frank Schlottmann (ed.), Handbook on Information Technology in Finance, chapter 8, pages 171-192, Springer.
    • Handle: RePEc:spr:ihichp:978-3-540-49487-4_8
    DOI: 10.1007/978-3-540-49487-4_8
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:ihichp:978-3-540-49487-4_8. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.