Does SIZE matter? Liquidity Provision by the Nasdaq Anonymous Trading Facility

Bruce Mizrach

Competition and Regulation in Network Industries, 2006, vol. 7, issue 4, 471-486

Abstract: I examine the effects of Nasdaq’s introduction of an anonymous trading facility called SIZE. I compare SIZE to competing ECNs in terms of liquidity and market impact. Despite rapid growth, SIZE has not yet attained a significant market share and rarely influences short-run price evolution. I conclude with discussion of the Nasdaq-ECN mergers and speculate about a role for SIZE in trading listed securities.

Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:sen:journl:v:7:i:4:y:2006:p:471-486

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