From free-for-all to self-governing monopoly: market organization and price information at the Amsterdam Stock Exchange, 1796–1940

Abe de Jong, Joost Jonker and Johan Poukens

Financial History Review, 2022, vol. 29, issue 3, 376-391

Abstract: For most of its history Amsterdam securities trading was entirely unregulated and spread over various venues frequented by different social groups, handicapping price transparency. A public price current emerged only in 1796 and then with wide bid-ask spreads to protect margins. To combat the confusion a curious pricing method, the mid-price system, emerged during the nineteenth century. Tied to a market microstructure centring on hoekmannen (market makers), this system transited effortlessly from a public market into a monopoly by 1913, self-governing, still without any government regulation, and offering wide rent-seeking opportunities.

Date: 2022
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