ELECTRONIC CALL MARKET TRADING

被引：58

作者：

ECONOMIDES, N

SCHWARTZ, RA

机构：

来源：

JOURNAL OF PORTFOLIO MANAGEMENT | 1995年 / 21卷 / 03期

关键词：

D O I：

10.3905/jpm.1995.409518

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Despite its power as a transactions network, scant attention has been given to incorporating an electronic call market into a major market center such as the NYSE or Nasdaq. An electronic call clears the markets for all assets at predetermined times. By bunching many transactions together, a call market increases liquidity, thereby reducing transaction costs for public participants. This article proposes an open book electronic call be held three times during the trading day: at the open, at 12:00 noon, and at the close. The authors discuss the impact of this innovation on an array of issues, including order now and handling, information revelation, and market transparency.

引用

页码：10 / 18

页数：9

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