Market fragmentation of securities market: traditional exchanges versus alternate trading venues

Rasmeet Kohli

Macroeconomics and Finance in Emerging Market Economies, 2014, vol. 7, issue 2, 303-314

Abstract: Market fragmentation is one of the policy issues which is being continuously discussed among the regulators in the securities market arena in the United States, Canada and Europe. This paper is an extant literature review paper and endeavours to explain the different forms of alternate trading systems which have caused the securities market to fragment. This paper discusses the rationale behind market fragmentation and facilitators for this kind of change in the securities market microstructure. Through the literature review on the subject, this paper aims at unveiling how some significant aspects related to securities market microstructure such as market quality, liquidity, price discovery, execution costs, fairness and investor confidence are impacted through market fragmentation. The paper further discusses how the exchanges and the regulators have responded to the challenges emerging from market fragmentation.

Date: 2014
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DOI: 10.1080/17520843.2014.880151

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