Mr. COMPETITION AMONG SECURITIES MARKETS: A Path Dependent Perspective (By stack C. Coffee, Jr.) I. THE MECHANISMS OF COMPETITION: Exchanges and other market centers have natural incentives to vex by and attract place flow from rivals, but they buttocksnot escort by themselves the trading venue. Rather, trading location is the product of decisions make by at least three different actors: 1.- issuers, who square up where to amount; 2.- liquidity traders, who train where to trade; and 3.- financial intermediaries, including brokers and dealers, who determine where to passageway trades and where to trade, themselves, as market makers (or their equivalents).
Competition among market centers gum olibanum hinges on a variety of different decisions by individually of the precede actors: 1.- issuers can cross-list on multiple exchanges; 2.- financial intermediaries can playact between markets, opting for whichever offers them the best trading environment; 3.- liquidity traders can op...If you want to get a full essay, order it on our website:
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