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首页> 外文期刊>Journal of banking & finance >Liquidity In Auction And Specialist Market Structures: Evidence From The Italian Bourse
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Liquidity In Auction And Specialist Market Structures: Evidence From The Italian Bourse

机译：拍卖和专业市场结构中的流动性：来自意大利证券交易所的证据

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Several studies find that bid-ask spreads for stocks listed on the NYSE are lower than for stocks listed on NASDAQ, While this suggests that specialist market structures provide greater liquidity than competing dealer markets, the nature of trading on the NYSE, which comprises a specialist competing with limit order flow, obfuscates the comparison. In 2001, a structural change was implemented on the Italian Bourse. Many stocks that traded in an auction market switched to a specialist market, where the specialist controls order flow. Results confirm that liquidity is significantly improved when stocks commence trading in the specialist market. Analysis of the components of the bid-ask spread reveal that the adverse selection component of the spread is significantly reduced. This evidence suggests that specialist market structures provide greater liquidity to market participants.
机译：几项研究发现，在纽约证券交易所上市的股票的买卖差价比在纳斯达克上市的股票低。尽管这表明专业市场结构比竞争的交易商市场提供更大的流动性，但在纽约证券交易所的交易性质包括专家与极限订单流竞争，混淆了比较。 2001年，对意大利证券交易所进行了结构性调整。在拍卖市场上交易的许多股票都转向了专业市场，由专家控制订单流。结果证实，当股票开始在专业市场上交易时，流动性得到了显着改善。对买卖价差成分的分析表明，价差的逆向选择成分已大大减少。这一证据表明，专业市场结构为市场参与者提供了更大的流动性。

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