Electronic Securities Trading: The options for designing electronic markets and some consequences for investors and intermediaries

Burkhard Varnholt

Swiss Journal of Economics and Statistics (SJES), 1997, vol. 133, issue II, 165-174

Abstract: The article analyses the options in designing electronic trading systems and some of their potential effects on Investors and Intermediaries. The fundamental parameters in trading system design are being analysed and some essential concepts are being discussed from an economic perspective. In particular, the arguments regarding the "transparency and liquidity-debate" are critically scrutinized. In addition, the article presents a typology of trading system designs which differentiates according to the systems' inherent price discovery mechanisms and whose international distribution is scrutinized. Finally, some conclusions are drawn with regard to the consequences of electronic securities trading for investors and trading-systems-intermediaries.

Date: 1997
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Persistent link: https://EconPapers.repec.org/RePEc:ses:arsjes:1997-ii-4

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