Fourteen at One Blow: The Market Entry of Turquoise
SSRN Electronic Journal
2009
- 11Citations
- 2,944Usage
- 15Captures
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Example: if you select the 1-year option for an article published in 2019 and a metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019. If you select the 3-year option for the same article published in 2019 and the metric category shows 90%, that means that the article or review is performing better than 90% of the other articles/reviews published in that journal in 2019, 2018 and 2017.
Citation Benchmarking is provided by Scopus and SciVal and is different from the metrics context provided by PlumX Metrics.
Article Description
This paper analyzes the market entry of Turquoise in September 2008. Turquoise started trading stocks from 14 European countries at (almost) the same time. We find that Turquoise gained higher market shares in larger and less volatile stocks, and in stocks that had excessively high pre-entry spreads. We find evidence that the entry of Turquoise led to a decrease in spreads. The evidence in favor of an increase in trading volume is weaker. Turquoise does not generally offer lower execution costs than the primary market. Taken together our results are consistent with the view that the new entrant serves as a disciplinary device that reduces rents earned by the suppliers of liquidity in the primary market.
Bibliographic Details
http://www.ssrn.com/abstract=1570646; http://dx.doi.org/10.2139/ssrn.1570646; http://www.ssrn.com/abstract=1743589; http://dx.doi.org/10.2139/ssrn.1743589; https://dx.doi.org/10.2139/ssrn.1743589; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1743589; https://dx.doi.org/10.2139/ssrn.1570646; https://ssrn.com/abstract=1743589; https://ssrn.com/abstract=1570646; https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1570646
Elsevier BV
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