Competition between exchanges: A research agenda

被引：22

作者：

Cantillon, Estelle ^{[1
,2
,3
]}

Yin, Pai-Ling ^{[4
]}

机构：

[1] Univ Libre Bruxelles, Solvay Brussels Sch Econ & Management, B-1050 Brussels, Belgium

[2] FNRS, Louvain, Belgium

[3] CEPR, New York, NY USA

[4] MIT, Sloan Sch Management, Cambridge, MA 02139 USA

来源：

INTERNATIONAL JOURNAL OF INDUSTRIAL ORGANIZATION | 2011年 / 29卷 / 03期

关键词：

Network effects; Two-sided markets; Competition; Tipping; Market structure; Market microstructure; 2-SIDED MARKETS; STOCK-EXCHANGE; ORDER FLOW; FRAGMENTATION; INFORMATION; PERFORMANCE; LIQUIDITY; ECONOMICS; NETWORKS;

D O I：

10.1016/j.ijindorg.2010.12.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper describes open research questions related to the competition and market structure of financial exchanges and argues that only a combination of industrial organization and finance can satisfactorily attack these questions. Two examples are discussed to illustrate how the combination of these two approaches can significantly enrich the analysis: the "network externality puzzle", which refers to the question of why trading for the same security is often split across trading venues, and the impact of the multi-sided character of financial exchanges on pricing and profitability. (C) 2010 Elsevier B.V. All rights reserved.

引用

页码：329 / 336

页数：8

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