Market Fragmentation
收藏NBER2020-03-01 更新2025-01-04 收录
下载链接：
https://www.nber.org/papers/w26828
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资源简介：
We model a simple market setting in which fragmentation of trade of the same asset across multiple exchanges improves allocative efficiency. Fragmentation reduces the inhibiting effect of price-impact avoidance on order submission. Although fragmentation reduces market depth on each exchange, it
提供机构：
美国国家经济研究局
创建时间：
2020-03-01
