Does SIZE matter? : Liquidity provision by the Nasdaq anonymous trading Facility

Bruce Mizrach

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. -- ECN ; market impact; super montage ; total view

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Year of publication:	Dec. 2005
Other Persons:	Mizrach, Bruce Marshall (contributor)
Publisher:	New Brunswick, NJ : Dep. of Economics, Rutgers, the State Univ. of New Jersey
Subject:	NASDAQ Stock Market <New York, NY> \| Elektronisches Handelssystem \| Electronic trading \| Handelsvolumen der Börse \| Trading volume \| Wertpapierhandel \| Securities trading \| Börsenhandel \| Stock exchange trading \| USA \| United States

Extent:	Online-Ressource, 20 S., Text graph. Darst.
Series:	Working papers / Rutgers University, Department of Economics. - New Brunswick, NJ : [Verlag nicht ermittelbar], ZDB-ID 2172035-6. - Vol. 2006,02
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper
Language:	English
Notes:	Systemvoraussetzungen: Acrobat reader
Other identifiers:	hdl:10419/31264 [Handle]
Classification:	G14 - Information and Market Efficiency; Event Studies
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10003286575