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Registered trader participation during the Toronto Stock Exchange’s pre-opening session

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  • Davies, Ryan

Abstract

This paper documents order submission strategies during the Toronto Stock Exchange's pre-opening session. I find that the registered trader (RT) actively participates in the market opening despite not being able to set the opening price directly and not having an apparent informational advantage. I find that RT opening trades are profitable, are able to moderate overnight price changes, and may be motivated, in part, by inventory adjustment concerns. I focus on interlisted stocks that simultaneously open for trading under two different mechanisms and show how the comparative levels of pre-trade market transparency of each exchange impacts RT profits and participation.
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Suggested Citation

  • Davies, Ryan, 2000. "Registered trader participation during the Toronto Stock Exchange’s pre-opening session," Queen's Economics Department Working Papers 273423, Queen's University - Department of Economics.
    • Handle: RePEc:ags:quedwp:273423
    DOI: 10.22004/ag.econ.273423
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    Cited by:

    1. is not listed on IDEAS
    2. Theresa Libby & Robert Mathieu & Sean W. G. Robb, 2002. "Earnings Announcements and Information Asymmetry: An Intra†Day Analysis," Contemporary Accounting Research, John Wiley & Sons, vol. 19(3), pages 449-472, September.

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    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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