IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/21716_10.html
   My bibliography  Save this book chapter

The impact of trading fragmentation in securities markets

In: Handbook of Financial Integration

Author

Listed:
  • Giovanni Cespa

Abstract

Over the past two decades, in several countries around the world technological progress and the actions of governments and regulators have worked to foster competition among trading venues, spurring market fragmentation. As a result, today, large companies’ stocks commonly trade in different venues. This process has likely contributed to reduce the market power wielded by incumbent exchanges, lowering explicit trading costs and favoring some market participants. At the same time, it has, however, generated several side effects that testify to the fact that the transition toward an alternative market structure, in which competition among trading service providers is rampant, is still ongoing. This chapter discusses some of these effects and assesses their impact for standard measures of market liquidity, market stability, and market participants’ welfare.

Suggested Citation

  • Giovanni Cespa, 2024. "The impact of trading fragmentation in securities markets," Chapters, in: Guglielmo M. Caporale (ed.), Handbook of Financial Integration, chapter 10, pages 224-238, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:21716_10
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/doi/10.4337/9781803926377.00017
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Economics and Finance;

    Statistics

    Access and download statistics

    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:elg:eechap:21716_10. 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: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.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.