Latency arbitrage, market fragmentation, and efficiency

2013 ◽  
Author(s):  
Elaine Wah ◽  
Michael P. Wellman
Keyword(s):  
Market Fragmentation ◽  
Latency Arbitrage

Market Fragmentation and Contagion

2020 ◽  
Author(s):  
Rohit Rahi ◽  
Jean-Pierre Zigrand
Keyword(s):  
Market Fragmentation

Market Fragmentation Metrics

2006 ◽  
Author(s):  
Stewart Mayhew ◽  
Lawrence Harris
Keyword(s):  
Market Fragmentation

Changing Capital Market Structure and Regulatory Challenges

2019 ◽  
Author(s):  
Walter Mattli ◽  
Miles Kellerman
Keyword(s):  
Structural Development ◽  
Industrialized Countries ◽  
Negative Externalities ◽  
Electronic Trading ◽  
Global Capital ◽  
Telecommunication Technology ◽  
Stage Process ◽  
Market Fragmentation ◽  
Exchange Markets ◽  
Asset Classes

Advances in telecommunication technology in the nineteenth century encouraged greater centralization of liquidity on single, dominant exchanges in most major industrialized countries. Electronic trading, in contrast, has precipitated increased market fragmentation, creating a host of new regulatory dilemmas. In an attempt to understand this phenomenon, this chapter proposes a two-stage process of market structural development in response to electronic trading. This process is then examined in equities and foreign exchange markets. Despite significant differences between these two asset classes, they have exhibited a remarkably similar pattern of disintermediation followed by reintermediation. This analysis is followed by a survey of recent regulatory approaches to mitigate the negative externalities associated with electronic trading. It concludes with a brief discussion on the future of market fragmentation and centralization in global capital markets.

40G DWDM: a case study in market fragmentation

2009 ◽  
Author(s):  
Ted Schmidt ◽  
Christian Malouin ◽  
Xing Pan ◽  
Jin Hong
Keyword(s):  
Market Fragmentation
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