混合市场中的价格发现:来自伦敦证券交易所的进一步证据

European Financial Management Association Meetings (EFMA) (Archive) Pub Date : 2003-01-12 DOI:10.2139/ssrn.410180

Hung-Neng Lai

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引用次数: 2

摘要

伦敦证券交易所的流动性股票基本上是在一个订单簿和交易商共存的混合市场上交易的。虽然早期的研究表明，交易商在向市场提供流动性方面发挥着重要作用，但本文提供的证据表明，价格发现过程在很大程度上是由订单簿中的交易驱动的。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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Price Discovery in Hybrid Markets: Further Evidence from the London Stock Exchange

Liquid stocks on the London Stock Exchange are essentially traded in a hybrid market where an order book and dealers co-exist. While early studies reveal that dealers play an important role in providing liquidity to the market, this paper provides evidence that the price discovery process is largely driven by the trades from the order book.

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European Financial Management Association Meetings (EFMA) (Archive)

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