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Title:Internalisierung und Marktqualität: Was bringt Xetra Best? PDF Logo
Authors:Theissen, Erik
Issue Date:2002
Series/Report no.:CFS Working Paper 2002/06
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.
Payment for order flow
best execution
Persistent Identifier of the first edition:urn:nbn:de:hebis:30-9963
Document Type:Working Paper
Appears in Collections:CFS Working Paper Series, Universität Frankfurt a. M.

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