Forced consolidation

Anna Pomeranets () and Daniel G. Weaver ()
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Anna Pomeranets: Florida Atlantic University
Daniel G. Weaver: Rutgers Business School

Review of Quantitative Finance and Accounting, 2024, vol. 62, issue 2, No 6, 579-601

Abstract: Abstract The European Union is moving closer to consolidating their equity markets as the United States did in the 1970s. In February 2023 fourteen European exchanges collaborated on a proposal to create a consolidated tape. This paper provides an empirical examination of the impact of regulator-imposed consolidation on market quality. We find that creating a consolidated system in the EU will likely improve market quality, providing a monetary offset to the cost of creating the system.

Keywords: Consolidation; Fragmentation; Market microstructure; Market quality; Networking (search for similar items in EconPapers)
JEL-codes: G20 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1007/s11156-023-01209-5

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