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Effect Of Network Relations On The Adoption Of Electronic Trading Systems

机译:网络关系对电子交易系统采用的影响

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interaction among the market actors. Our empirical investigation, based on face-to-face interviews with 90 fixed-income senior managers and traders from 25 financial institutions, provides a unique insight into the social capital based on social networks of interpersonal relationships in the fixed-income market. Our research findings show that the market structure of embedded interpersonal ties enables participants to take advantage of information asymmetry for profit taking. As a result, imposition of solely electronic trading systems on the present fixed-income market structure is at odds with the present interfirm market norms and business processes enacted for large transactions among market makers and institutional investors.
机译:市场参与者之间的互动。我们的实证研究基于对来自25个金融机构的90位固定收益高级经理和交易员的面对面访谈,对基于固定收益市场中人际关系社交网络的社会资本提供了独特的见解。我们的研究结果表明,嵌入式人际关系的市场结构使参与者能够利用信息不对称来获利。结果,在目前的固定收益市场结构上强加电子交易系统与为做市商和机构投资者之间的大宗交易制定的现行公司间市场规范和业务流程不符。

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