Where do electronic markets come from? Regulation and the transformation of financial exchanges
Author
Abstract
Suggested Citation
Download full text from publisher
References listed on IDEAS
- Donald Walker, 2001. "A factual account of the functioning of the nineteenth-century Paris Bourse," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(2), pages 186-207.
- repec:bla:revinw:v:46:y:2000:i:3:p:369-87 is not listed on IDEAS
- James J. Angel & Lawrence E. Harris & Chester S. Spatt, 2011. "Equity Trading in the 21stCentury," Quarterly Journal of Finance (QJF), World Scientific Publishing Co. Pte. Ltd., vol. 1(01), pages 1-53.
- Hasbrouck, Joel, 2007. "Empirical Market Microstructure: The Institutions, Economics, and Econometrics of Securities Trading," OUP Catalogue, Oxford University Press, number 9780195301649.
- Tanja Boskovic & Caroline Cerruti & Michel Noel, 2010. "Comparing European and U.S. Securities Regulations : MiFID versus Corresponding U.S. Regulations," World Bank Publications - Books, The World Bank Group, number 13528.
- Andrew H. Van de Ven & Marshall Scott Poole, 1990. "Methods for Studying Innovation Development in the Minnesota Innovation Research Program," Organization Science, INFORMS, vol. 1(3), pages 313-335, August.
- MacKenzie, Donald & Pardo-Guerra, Juan Pablo, 2014. "Insurgent capitalism: Island, bricolage and the re-making of finance," LSE Research Online Documents on Economics 57549, London School of Economics and Political Science, LSE Library.
- Jean Gadrey, 2000. "The Characterization Of Goods And Services: An Alternative Approach," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 46(3), pages 369-387, September.
- Harold Demsetz, 1968. "The Cost of Transacting," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 82(1), pages 33-53.
- Patrik Aspers, 2007. "Theory, Reality, and Performativity in Markets," American Journal of Economics and Sociology, Wiley Blackwell, vol. 66(2), pages 379-398, April.
- Madhavan, Ananth, 2000. "Market microstructure: A survey," Journal of Financial Markets, Elsevier, vol. 3(3), pages 205-258, August.
- T. P. Hill, 1977. "On Goods And Services," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 23(4), pages 315-338, December.
- Jean‐Charles Rochet & Jean Tirole, 2006.
"Two‐sided markets: a progress report,"
RAND Journal of Economics, RAND Corporation, vol. 37(3), pages 645-667, September.
- Rochet, Jean-Charles & Tirole, Jean, 2005. "Two-Sided Markets : A Progress Report," IDEI Working Papers 275, Institut d'Économie Industrielle (IDEI), Toulouse.
- Jean Tirole & Jean-Charles Rochet, 2006. "Two-Sided Markets : A Progress Report," Post-Print hal-00173715, HAL.
- R. Schmalensee & R. Willig (ed.), 1989. "Handbook of Industrial Organization," Handbook of Industrial Organization, Elsevier, edition 1, volume 1, number 1.
- Domowitz, Ian, 1995. "Electronic derivatives exchanges: Implicit mergers, network externalities, and standardization," The Quarterly Review of Economics and Finance, Elsevier, vol. 35(2), pages 163-175.
- Cantillon, Estelle & Yin, Pai-Ling, 2011.
"Competition between exchanges: A research agenda,"
International Journal of Industrial Organization, Elsevier, vol. 29(3), pages 329-336, May.
- Estelle Cantillon & Pai-Ling Yin, 2011. "Competition between Exchanges: A research Agenda," ULB Institutional Repository 2013/99386, ULB -- Universite Libre de Bruxelles.
- Christie, William G & Schultz, Paul H, 1994. "Why Do NASDAQ Market Makers Avoid Odd-Eighth Quotes?," Journal of Finance, American Finance Association, vol. 49(5), pages 1813-1840, December.
- Beunza, Daniel & Stark, David, 2012. "From dissonance to resonance: cognitive interdependence in quantitative finance," LSE Research Online Documents on Economics 45604, London School of Economics and Political Science, LSE Library.
- repec:dau:papers:123456789/11664 is not listed on IDEAS
- repec:bla:revinw:v:23:y:1977:i:4:p:315-38 is not listed on IDEAS
- Benn Steil, "undated". "Changes in the Ownership and Governance of Securities Exchanges: Causes and Consequences," Center for Financial Institutions Working Papers 02-15, Wharton School Center for Financial Institutions, University of Pennsylvania.
- Tanja Boskovic & Caroline Cerruti & Michel Noel & Michel Noel, 2010. "Comparing European and U.S. Securities Regulations : MiFID versus Corresponding U.S. Regulations," World Bank Publications - Books, The World Bank Group, number 13527.
- Odders-White, Elizabeth R., 2004. "Third Market Reforms: The Overlooked Goal of the SEC's Order Handling Rules," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 39(2), pages 277-304, June.
- Fabian Muniesa, 2000. "Un robot walrasien : cotation électronique et justesse de la découverte des prix," Post-Print halshs-00087467, HAL.
- Macey, Jonathan R. & O'Hara, Maureen, 1997. "The Law and Economics of Best Execution," Journal of Financial Intermediation, Elsevier, vol. 6(3), pages 188-223, July.
- Michel Callon & Fabian Muniesa, 2005. "Economic markets as calculative collective devices," Post-Print halshs-00087477, HAL.
- Wells, Wyatt, 2000. "Certificates and Computers: The Remaking of Wall Street, 1967 to 1971," Business History Review, Cambridge University Press, vol. 74(2), pages 193-235, July.
- R. Schmalensee & R. Willig (ed.), 1989. "Handbook of Industrial Organization," Handbook of Industrial Organization, Elsevier, edition 1, volume 2, number 2.
- Aspers, Patrik, 2009. "How are markets made?," MPIfG Working Paper 09/2, Max Planck Institute for the Study of Societies.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Joanne P. Baron, 2018. "Making money in Mesoamerica: Currency production and procurement in the Classic Maya financial system," Economic Anthropology, Wiley Blackwell, vol. 5(2), pages 210-223, June.
- Castelle, Michael, 2016. "Marketplace platforms or exchanges? Financial metaphors for regulating the collaborative economy," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(3), pages 14-26.
- Roscoe, Philip & Willman, Paul, 2021. "Flaunt the imperfections: information, entanglements and the regulation of London’s Alternative Investment Market," LSE Research Online Documents on Economics 114480, London School of Economics and Political Science, LSE Library.
- Grahame F. Thompson, 2020. "Deal or no deal? Some reflections on the ‘Baker-Thompson rule,’ ‘matching,’ and ‘market design’," Journal of Cultural Economy, Taylor & Francis Journals, vol. 13(5), pages 652-662, September.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Castelle, Michael, 2016. "Marketplace platforms or exchanges? Financial metaphors for regulating the collaborative economy," economic sociology. perspectives and conversations, Max Planck Institute for the Study of Societies, vol. 17(3), pages 14-26.
- Oriol, Nathalie & Rufini, Alexandra & Torre, Dominique, 2018.
"Fifty-shades of grey: Competition between dark and lit pools in stock exchanges,"
Information Economics and Policy, Elsevier, vol. 45(C), pages 68-85.
- Nathalie Oriol & Alexandra Rufini & Dominique Torre, 2018. "Fifty-shades of grey: competition between dark and lit pools in stock exchanges," Post-Print halshs-01860709, HAL.
- Michel Callon & Fabian Muniesa, 2005. "Economic markets as calculative collective devices," Post-Print halshs-00087477, HAL.
- Cantillon, Estelle & Yin, Pai-Ling, 2011.
"Competition between exchanges: A research agenda,"
International Journal of Industrial Organization, Elsevier, vol. 29(3), pages 329-336, May.
- Estelle Cantillon & Pai-Ling Yin, 2011. "Competition between Exchanges: A research Agenda," ULB Institutional Repository 2013/99386, ULB -- Universite Libre de Bruxelles.
- Bruno Tinel, 2004. "Que reste-t-il de la contribution d'Alchian et Demsetz à la théorie de l'entreprise ?," Post-Print halshs-00270895, HAL.
- Jean-Sébastien Lenfant & Jérôme Lallement, 2004.
"L'équilibre général comme savoir : de Walras à nos jours,"
Working Papers
hal-01765036, HAL.
- Jean-Sébastien Lenfant & Jérôme Lallement, 2004. "L'équilibre général comme savoir : de Walras à nos jours," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) hal-01765036, HAL.
- Viitamo, Esa, 2014. "Service productivity, technology and organization - Converting theory to praxis," ETLA Working Papers 26, The Research Institute of the Finnish Economy.
- Nicholas ECONOMIDES, 2011.
"Broadband Openness Rules Are Fully Justified by Economic Research,"
Communications & Strategies, IDATE, Com&Strat dept., vol. 1(84), pages 127-151, 4th quart.
- Nicholas Economides, 2010. "Broadband Openness Rules Are Fully Justified by Economic Research," Working Papers 10-02, NET Institute, revised Apr 2010.
- Degryse, H.A., 2007. "Competition on financial markets : Does market design matter?," Other publications TiSEM ee5530b2-34f7-4d95-ad62-f, Tilburg University, School of Economics and Management.
- Manuela Geranio, 2016. "Evolution of the Exchange Industry," Springer Books, Springer, number 978-3-319-21027-8, December.
- Belleflamme,Paul & Peitz,Martin, 2015.
"Industrial Organization,"
Cambridge Books,
Cambridge University Press, number 9781107687899, September.
- Belleflamme,Paul & Peitz,Martin, 2015. "Industrial Organization," Cambridge Books, Cambridge University Press, number 9781107069978, January.
- Kobana Abukari & Isaac Otchere, 2020. "Has stock exchange demutualization improved market quality? International evidence," Review of Quantitative Finance and Accounting, Springer, vol. 55(3), pages 901-934, October.
- Ramos, Sofia B. & von Thadden, Ernst-Ludwig, 2008.
"Stock exchange competition in a simple model of capital market equilibrium,"
Journal of Financial Markets, Elsevier, vol. 11(3), pages 284-307, August.
- Sofia B. RAMOS & Ernst-Ludwig VON THADDEN, 2003. "Stock Exchange Competition in a Simple Model of Capital Market Equilibrium," FAME Research Paper Series rp109, International Center for Financial Asset Management and Engineering.
- Kryzanowski, Lawrence & Rubalcava, Arturo, 2005. "International trade-venue clienteles and order-flow competitiveness," Journal of Financial Intermediation, Elsevier, vol. 14(1), pages 86-113, January.
- Li, Jianhua & Xu, Jianxiang, 2023. "Does the introduction of market maker improve market quality? Evidence from China's Sci-Tech innovation board," Finance Research Letters, Elsevier, vol. 55(PA).
- Hamed Tajedin & Hamed Tajedin & Mohammad Keyhani, 2019. "A Theory of Digital Firm-Designed Markets: Defying Knowledge Constraints with Crowds and Marketplaces," Strategy Science, INFORMS, vol. 4(4), pages 323-342, December.
- Kox, Henk L.M. & Rubalcaba, Luis, 2007.
"Business services and the changing structure of European economic growth,"
MPRA Paper
3750, University Library of Munich, Germany.
- Henk Kox & Luis Rubalcaba, 2007. "Business services and the changing structure of European economic growth," CPB Memorandum 183.rdf, CPB Netherlands Bureau for Economic Policy Analysis.
- Richard Schmalensee, 2012. "“On a Level with Dentists?” Reflections on the Evolution of Industrial Organization," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 41(3), pages 157-179, November.
- Hatch, Brian C. & Johnson, Shane A., 2002. "The impact of specialist firm acquisitions on market quality," Journal of Financial Economics, Elsevier, vol. 66(1), pages 139-167, October.
- Marco Botta & Klaus Wiedemann, 2020. "To discriminate or not to discriminate? Personalised pricing in online markets as exploitative abuse of dominance," European Journal of Law and Economics, Springer, vol. 50(3), pages 381-404, December.
More about this item
Keywords
financial markets; production markets; regulation; stock exchanges; technology; marketplace platforms;All these keywords.
JEL classification:
- F3 - International Economics - - International Finance
- G3 - Financial Economics - - Corporate Finance and Governance
NEP fields
This paper has been announced in the following NEP Reports:- NEP-MST-2018-04-16 (Market Microstructure)
- NEP-PAY-2018-04-16 (Payment Systems and Financial Technology)
Statistics
Access and download statisticsCorrections
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:ehl:lserod:68650. 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.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with 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: LSERO Manager (email available below). General contact details of provider: https://edirc.repec.org/data/lsepsuk.html .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.