Grammig, Joachim G.; Theissen, Erik - 2011
This paper studies the market quality of an internalization system which is designed as part of an open limit order … book (the Xetra system operated by Deutsche Börse AG). The internalization sys-tem (Xetra BEST) guarantees a price … savings of the internalizer are larger than the mandatory price improvement. This suggests that internalization can be …