Over The Counter Markets Vs Double Auctions

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Over-the-Counter Markets Vs. Double Auctions

Author : Giuseppe Attanasi
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Over-the-Counter Markets Vs. Double Auctions by : Giuseppe Attanasi

Download or read book Over-the-Counter Markets Vs. Double Auctions written by Giuseppe Attanasi and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study an electronic over-the-counter (OTC) market, in which each agent looks for the best counterpart through bilateral negotiations. We compare its performance with the standard electronic double-auction (DA) market, in which traders post their quotes publicly. We show that the lack of information in the OTC market induces an efficiency loss, characterized by an average closing price below the competitive price and by a traded quantity below the competitive quantity. We further test the robustness of these findings when exogenous shocks modify the competitive equilibrium. Among other things, we show that supply shocks increasing the competitive quantity improve OTC's efficiency.

Click Or Call? Auction Versus Search in the Over-the-Counter Market

Author : Terrence Hendershott
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Click Or Call? Auction Versus Search in the Over-the-Counter Market by : Terrence Hendershott

Download or read book Click Or Call? Auction Versus Search in the Over-the-Counter Market written by Terrence Hendershott and published by . This book was released on 2014 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over-the-counter (OTC) markets dominate trading in many asset classes. Will electronic trading displace traditional OTC “voice” trading? Can electronic and voice systems coexist? What types of securities and trades are best suited for electronic trading? We study these issues by focusing on an innovation in electronic trading technology that enables investors to simultaneously search many bond dealers. We show that periodic one-sided electronic auctions are a viable and important source of liquidity even in inactively traded instruments. These mechanisms are a natural compromise between bilateral search in OTC markets and continuous double auctions in electronic limit order books.

The Double Auction Market

Author : Daniel Friedman
Publisher : Routledge
ISBN 13 : 0429961081
Total Pages : 456 pages
Book Rating : 4.4/5 (299 download)

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Book Synopsis The Double Auction Market by : Daniel Friedman

Download or read book The Double Auction Market written by Daniel Friedman and published by Routledge. This book was released on 2018-05-04 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book focuses on markets organized as double auctions in which both buyers and sellers can submit bids and asks for standardized units of well-defined commodities and securities. It examines evidence from the laboratory and computer simulations.

The Double Auction Market

Author : Daniel Friedman
Publisher : Westview Press
ISBN 13 : 9780201624595
Total Pages : 464 pages
Book Rating : 4.6/5 (245 download)

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Book Synopsis The Double Auction Market by : Daniel Friedman

Download or read book The Double Auction Market written by Daniel Friedman and published by Westview Press. This book was released on 1993-03-21 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection of papers focuses on markets organized as double auctions (DA). In a double auction, both buyers and sellers can actively present bids (offers to buy) and asks (offers to sell) for standardized units of well-defined commodities and securities. A classic example of a DA market (known by practitioners as an open outcry market) is the commodity trading pit at the Chicago Board of Trade. A related process is a call market, which is used to determine opening prices on the New York Stock Exchange. Already the predominant trading institution for financial and commodities markets, the double auction has many variants and is evolving rapidly in the present era of advancing computer technology and regulatory reform. DA markets are of theoretical as well as practical interest in view of the central role these institutions play in allocating resources. Although the DA has been studied intensively in the laboratory, and practitioners have considerable experience in the field, only recently have tools started to become available to provide the underpinning of a behavioral theory of DA markets.

The Alternating Double Auction Market

Author : Abdolkarim Sadrieh
Publisher : Springer Science & Business Media
ISBN 13 : 3642589537
Total Pages : 359 pages
Book Rating : 4.6/5 (425 download)

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Book Synopsis The Alternating Double Auction Market by : Abdolkarim Sadrieh

Download or read book The Alternating Double Auction Market written by Abdolkarim Sadrieh and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 359 pages. Available in PDF, EPUB and Kindle. Book excerpt: The alternating double auction market institution is presented as a discrete time version of the open outcry market. The game in extensive form is analyzed in an almost perfect information setting, using the concept of subgame perfectness. By applying two new equilibrium selection criteria, a general existence result is obtained for "impatience equilibria" of the game. All such equilibria are shown to have unique properties concerning the traded quantities and prices. The most important results are that the equilibrium prices are independent of the number of traders and are always very close to - if not inside - the range of competitive prices. The latter can be evaluated as game theoretic support for the convergence of prices to the competitive price. The process of price formation is traced by applying the learning direction theory and introducing the "anchor price hypothesis".

Dark Markets

Author : Darrell Duffie
Publisher : Princeton University Press
ISBN 13 : 0691138966
Total Pages : 115 pages
Book Rating : 4.6/5 (911 download)

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Book Synopsis Dark Markets by : Darrell Duffie

Download or read book Dark Markets written by Darrell Duffie and published by Princeton University Press. This book was released on 2012-01-08 with total page 115 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers a concise introduction to OTC markets by explaining key conceptual issues and modeling techniques, and by providing readers with a foundation for more advanced subjects in this field.

Zero-intelligence Vs. Human Agents

Author : Giuseppe Attanasi
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (122 download)

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Book Synopsis Zero-intelligence Vs. Human Agents by : Giuseppe Attanasi

Download or read book Zero-intelligence Vs. Human Agents written by Giuseppe Attanasi and published by . This book was released on 2020 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Electronic bulls and bears : U.S. securities markets and information technology.

Author :
Publisher : DIANE Publishing
ISBN 13 : 1428921842
Total Pages : 210 pages
Book Rating : 4.4/5 (289 download)

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Book Synopsis Electronic bulls and bears : U.S. securities markets and information technology. by :

Download or read book Electronic bulls and bears : U.S. securities markets and information technology. written by and published by DIANE Publishing. This book was released on 1990 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Electronic Bulls and Bears

Author :
Publisher :
ISBN 13 :
Total Pages : 224 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Electronic Bulls and Bears by :

Download or read book Electronic Bulls and Bears written by and published by . This book was released on 1990 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Exchange Vs Over-the-counter Markets

Author : Paul Shang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (968 download)

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Book Synopsis Exchange Vs Over-the-counter Markets by : Paul Shang

Download or read book Exchange Vs Over-the-counter Markets written by Paul Shang and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

The Microstructure of Government Securities Markets

Author : Mr.Peter Dattels
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 106 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis The Microstructure of Government Securities Markets by : Mr.Peter Dattels

Download or read book The Microstructure of Government Securities Markets written by Mr.Peter Dattels and published by International Monetary Fund. This book was released on 1995-11 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper applies the “market microstructure” literature to the specific features of government securities markets and draws implications for the strategy to develop government securities markets. It argues for an active role of the authorities in fostering the development of efficient market structures.

Understanding the Over-the-counter Securities Market

Author : Commodity Research Bureau (U.S.)
Publisher :
ISBN 13 :
Total Pages : 42 pages
Book Rating : 4.:/5 (31 download)

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Book Synopsis Understanding the Over-the-counter Securities Market by : Commodity Research Bureau (U.S.)

Download or read book Understanding the Over-the-counter Securities Market written by Commodity Research Bureau (U.S.) and published by . This book was released on 1951 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Over-the-counter Markets Study

Author : Booz, Allen & Hamilton
Publisher :
ISBN 13 :
Total Pages : 104 pages
Book Rating : 4.F/5 ( download)

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Book Synopsis Over-the-counter Markets Study by : Booz, Allen & Hamilton

Download or read book Over-the-counter Markets Study written by Booz, Allen & Hamilton and published by . This book was released on 1966 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Over-the-Counter Vs. Limit-Order Markets

Author : Vincent Glode
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (13 download)

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Book Synopsis Over-the-Counter Vs. Limit-Order Markets by : Vincent Glode

Download or read book Over-the-Counter Vs. Limit-Order Markets written by Vincent Glode and published by . This book was released on 2018 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over-the-counter (OTC) markets attract substantial trading volume despite exhibiting frictions absent in centralized limit-order markets. We compare the efficiency of OTC and limit-order markets when traders' expertise is endogenous. We show that asymmetric access to counterparties in OTC markets yields increased rents to expertise acquisition for a few well-connected core traders. When the existence of gains to trade is uncertain, traders' higher expertise in OTC markets can improve allocative efficiency. In contrast, when expertise primarily causes adverse selection, competitive limit-order markets tend to dominate. Our model provides guidance for policymakers and empiricists evaluating the efficiency of market structures.

Inside the Over-the-Counter Market in the UK

Author : Tom G. Wilmot
Publisher : Praeger
ISBN 13 :
Total Pages : 146 pages
Book Rating : 4.:/5 (43 download)

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Book Synopsis Inside the Over-the-Counter Market in the UK by : Tom G. Wilmot

Download or read book Inside the Over-the-Counter Market in the UK written by Tom G. Wilmot and published by Praeger. This book was released on 1985 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides the first comprehensive treatment of the over-the-counter market in the United Kingdom, beginning with its inception in the early 1970s and tracing its development to the present day. Armed with the full understanding of the market provided by this valuable handbook, investors will find that the OTC offers them tremendous opportunities. Of particular interest to them, therefore, will be the clear and intelligible examination of the workings of the market, which gives information on risk assessment, procedures for dealing, costs of buying and selling shares, regulation, and the influence of the Business Expansion Scheme on the OTC. The dangers for investors on the OTC are not denied, however. The book concludes with a look at the reasons for the phenomenal sucess of the OTC in the United States and predicts a similarly bright future for the OTC in the United Kingdom if it is allowed to develop along similar lines.

Price Formation in Double Auctions

Author : Steven Gjerstad
Publisher :
ISBN 13 :
Total Pages : 156 pages
Book Rating : 4.:/5 (319 download)

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Book Synopsis Price Formation in Double Auctions by : Steven Gjerstad

Download or read book Price Formation in Double Auctions written by Steven Gjerstad and published by . This book was released on 1995 with total page 156 pages. Available in PDF, EPUB and Kindle. Book excerpt:

Pass the 6

Author : Robert Mark Walker
Publisher : First Books
ISBN 13 : 0912301694
Total Pages : 363 pages
Book Rating : 4.9/5 (123 download)

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Book Synopsis Pass the 6 by : Robert Mark Walker

Download or read book Pass the 6 written by Robert Mark Walker and published by First Books. This book was released on 2006 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do the terms collaterized mortgage obligation, subordinated debenture, and pass-through certificate give you a headache? Do you need to take the Series 6 exam? If you can answer yes to both of these questions, then you've come to the right place. Robert Walker, a professional trainer who specializes in the NASD/NASAA Series 6, 63, 65/66, and 7 exams, has written this book for those who are about to brave the Series 6 examination. Armed with an M.F.A. in writing and a B.A. in English, Walker has managed to translate Securities-ese into plain English, with a liberal dash of humor. This must-have book guides you through the intricacies of the Series 6 exam. Walker takes the exam apart piece by piece, and explains terms and concepts with a sense of humor and ease not found in other exam guides. He shows you, step-by-step, how not to be misled by the questions. Pass the 6 includes two complete 100-question practice finals, a handy glossary, a final checklist/studysheet, and even a bonus section on trusts, estates, and gifts, along with its own set of questions. Plus you'll find that Robert directs you to his web site, where he offers updates, downloads, and other helpful information. Once you've finished this book, you will be able to take the test with confidence!