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A Trading Desk’s View of Market QualityRecent Evidence on Market Quality

A Trading Desk’s View of Market Quality: Recent Evidence on Market Quality CHAPTER 1: RECENT EVIDENCE ON MARKET QUALITY Moderator – Paul Bennett, Senior Vice President and Chief Economist, New York Stock Exchange Anthony Neuberger, Associate Dean, Full-time Masters in Finance Programme, London Business School Deniz Ozenbas, Assistant Professor of Finance, Montclair State University Robert Schwartz, Speiser Professor of Finance, Zicklin School of Business, Baruch College, CUNY Robert Wood, Distinguished Professor of Finance, The University of Memphis PAUL BENNETT: Like many of you, I have been wrestling with the concept of market quality. It is a complicated and difficult topic. Even if you narrow the perspective to just the trader’s viewpoint, it is hard to assess market quality. Part of the difficulty is that various markets offer different qualities. Some trading systems offer blinding speed. Others offer traders the ability to negotiate anonymously. Some offer face-to-face trading. For different types of transactions and strategies, each of these features can be an important characteristic. You have to figure out what you want. My daughters used to love a kind of toothpaste that tastes like bubble gum. That is quality for them. Now I am trying to figure out whether or not to get the kind that makes your teeth really white - http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

A Trading Desk’s View of Market QualityRecent Evidence on Market Quality

Part of the Zicklin School of Business Financial Markets Conference Series Baruch College Book Series
Editors: Schwartz, Robert A.; Byrne, John Aidan; Colaninno, Antoinette
Bennett, Paul; Neuberger, Anthony; Ozenbas, Deniz; Schwartz, Robert; Wood, Robert
Springer Journals — Jan 1, 2005
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32 pages

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Publisher
Springer US
Copyright
© Kluwer Academic Publishers Boston 2005
ISBN
978-1-4020-7510-0
Pages
1 –33
DOI
10.1007/0-387-23114-5_1
Publisher site
See Chapter on Publisher Site

Abstract

CHAPTER 1: RECENT EVIDENCE ON MARKET QUALITY Moderator – Paul Bennett, Senior Vice President and Chief Economist, New York Stock Exchange Anthony Neuberger, Associate Dean, Full-time Masters in Finance Programme, London Business School Deniz Ozenbas, Assistant Professor of Finance, Montclair State University Robert Schwartz, Speiser Professor of Finance, Zicklin School of Business, Baruch College, CUNY Robert Wood, Distinguished Professor of Finance, The University of Memphis PAUL BENNETT: Like many of you, I have been wrestling with the concept of market quality. It is a complicated and difficult topic. Even if you narrow the perspective to just the trader’s viewpoint, it is hard to assess market quality. Part of the difficulty is that various markets offer different qualities. Some trading systems offer blinding speed. Others offer traders the ability to negotiate anonymously. Some offer face-to-face trading. For different types of transactions and strategies, each of these features can be an important characteristic. You have to figure out what you want. My daughters used to love a kind of toothpaste that tastes like bubble gum. That is quality for them. Now I am trying to figure out whether or not to get the kind that makes your teeth really white -

Published: Jan 1, 2005

Keywords: Transaction Cost; Trading Cost; Fund Manager; Price Discovery; Transaction Price

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