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Goethe-Universität Frankfurt am Main >
Center for Financial Studies (CFS), Universität Frankfurt a. M. >
CFS Working Paper Series, Universität Frankfurt a. M. >
Please use this identifier to cite or link to this item:
http://hdl.handle.net/10419/25382
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| Title: | | Internalisierung und Marktqualität: Was bringt Xetra Best?  |
| 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. |
| Subjects: | | Internalisierung Payment for order flow best execution |
| JEL: | | G10 G14 |
| Document Type: | | Working Paper |
| Appears in Collections: | | CFS Working Paper Series, Universität Frankfurt a. M.
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