The Liquidity of a Hybrid Stock Exchange: The Italian Case of STAR

Fabrizio Palmucci

Zagreb International Review of Economics and Business, 2005, vol. 8, issue 1, 11-34

Abstract: This paper analyses the possible beneficial effects on liquidity of introducing a hybrid trading structure in place of a classic order or ‘quote driven’ markets. The empirical investigation conducted in this study shows that the STAR stocks experienced an improvement in liquidity (measured by trading volumes and spreads) and in the price discovery. To some extent it is possible to argue that the improvements are mainly due to the Specialist’s activity.

Keywords: ask spreads; liquidity; specialist; STAR; hybrid market (search for similar items in EconPapers)
JEL-codes: G14 G15 (search for similar items in EconPapers)
Date: 2005
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