Trading venue decision of private online investors

Dennis Kundisch

International Journal of Electronic Finance, 2012, vol. 6, issue 2, 103-120

Abstract: We investigate the drivers behind the use of alternative trading systems for a sample of self-directed online investors. The results show that the factors explicit transaction costs, trading times, awareness of alternative trading systems and degree of personal involvement in the transaction all exert a positive effect on an online investor's preferential use of alternative trading systems, whereas regulatory supervision exerts a negative effect. Additionally, we observe that the effect of trading times is significantly lower for investors with no experience of alternative trading systems and the effect of regulatory supervision is significantly lower for investors who trade leveraged products.

Keywords: trading venue decisions; private investors; alternative trading systems; online brokers; exchange; e-finance; electronic finance; online investors; transaction costs; trading times; regulatory supervision; investment; personal involvement. (search for similar items in EconPapers)
Date: 2012
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