A critical review to analyse the effect of online and traditional trading on effective market performance on the Nasdaq

Haroun Alryalat, Yogesh Kumar Dwivedi, Jasna Kuljis and Ray J. Paul

International Journal of Electronic Finance, 2006, vol. 1, issue 2, 151-170

Abstract: The purpose of this paper is to present a critical analysis on the competition between online (ECN) and traditional (Market Maker (MM)) trading on the Nasdaq stock exchange. Online stock trading mechanisms at the exchanges are often a hybrid of dealer and auction markets. Different aspects of trading execution, which is the most commonly used market centre at present, are analysed. This leads to a discussion on: (1) the bath that executes order is organised and (2) its impact on the effective market performance, trading cost and investor behaviour.

Keywords: online trading; traditional trading; market performance; Nasdaq; critical review; stock exchange; trading cost; investor behaviour; electronic finance; e-finance; e-trading; electronic trading; trading execution. (search for similar items in EconPapers)
Date: 2006
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