Internalisierung und Marktqualität: Was bringt Xetra Best?

Erik Theissen

No 2002/06, CFS Working Paper Series from Center for Financial Studies (CFS)

Abstract: Deutsche Börse AG plans to introduce a system (Xetra Best) allowing brokers and brokerdealers to internalize the orders of retail customers. Further, Xetra Best supports payment for order flow arrangements. Both internalization and payment for order flow may be detrimental to market quality. This paper discusses advantages and disadvantages of these arrangements. It draws on experiences made in the US. We derive policy implications that aim at a more stringent interpretation ofbest execution, and at higher transparency.

Keywords: Internalisierung; Payment for order flow; best execution (search for similar items in EconPapers)
JEL-codes: G10 G14 (search for similar items in EconPapers)
Date: 2002
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:cfswop:200206

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