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Brown Hruska And Ellig Market Fragmentation Final Present To Sta 2000

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Mercatus Center
Mercatus Center
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Market Fragmentation: What the Research Shows Sharon Brown-Hruska and Jerry Ellig Mercatus Center George Mason University http://www.mercatus.org/
Fragmentation or Competition? ,[object Object],[object Object],[object Object],[object Object]
Does fragmentation impair quote competition? ,[object Object],[object Object],[object Object],[object Object],[object Object]
Benefits of competition (a.k.a. “fragmentation”) ,[object Object],[object Object],[object Object],[object Object]
SEC’s 1997 Preferencing Study ,[object Object],[object Object],[object Object]
Suspicions… ,[object Object],[object Object],[object Object]
SEC proposals, August 2000 ,[object Object],[object Object],[object Object]
Payment for order flow: ,[object Object]
Does payment for order flow impair market efficiency? ,[object Object],[object Object],[object Object]
“ Best execution” is multi-faceted ,[object Object],[object Object],[object Object],[object Object],[object Object]
Payment for order flow and execution quality Faster Speed of execution Lower Other transaction costs Greater (NBBO) Price certainty Lower (Likely offsets spread) Commissions Higher Spread
Payment for order flow segments the market ,[object Object],[object Object],[object Object],[object Object],[object Object]
Different effects on different traders ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
Conclusions ,[object Object],[object Object],[object Object],[object Object]
For more information… ,[object Object],[object Object],[object Object],[object Object],[object Object]

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Brown Hruska And Ellig Market Fragmentation Final Present To Sta 2000

  • 1. Market Fragmentation: What the Research Shows Sharon Brown-Hruska and Jerry Ellig Mercatus Center George Mason University http://www.mercatus.org/
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  • 11. Payment for order flow and execution quality Faster Speed of execution Lower Other transaction costs Greater (NBBO) Price certainty Lower (Likely offsets spread) Commissions Higher Spread
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