Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/101791 
Year of Publication: 
1995
Series/Report no.: 
Diskussionsbeiträge - Serie II No. 285
Publisher: 
Universität Konstanz, Sonderforschungsbereich 178 - Internationalisierung der Wirtschaft, Konstanz
Abstract: 
This paper compares the attractiveness of floor trading and anonymous electronic trading systems. It is argued that in times of low information intensity the insight into the order book of the electronic trading system provides more valuable information than floor trading, but in times of high information intensity the reverse is true. Thus, the electronic system's market share in trading activity should decline in times of high information intensity. This hypothesis is tested by data on BUND-Future trading. This future is traded on the German and on the British futures exchange. The empirical results support the hypothesis.
Document Type: 
Working Paper

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