Competition among Trading Venues: Information and Trading on Electronic Communications Networks

By Michael J. Barclay, Terrence Hendershott, D. Mccormick. 2003

309 citations recorded by the source corpus.

Subfields: Accounting, Finance, Management Science and Operations Research

View Paper: https://www.semanticscholar.org/paper/4b408d8dd66fac34e7e3e76725aebc8a76c6cfd1

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Citations in the corpus

Click or Call? Auction versus Search in the Over‐the‐Counter Market (2012, unknown): “Conrad, Johnson, and Wahal (2003) and Barclay, Hendershott, and McCormick (2003) analyze stock trading on electronic markets and traditional exchanges.”
Trading Rules, Competition for Order Flow and Market Fragmentation (2015, background): “Barclay, Hendershott, and McCormick (2003) find that ECNs offer the advantages of anonymity and speed of execution that attract informed traders away from Nasdaq market makers.”
Algorithmic Trading and the Market for Liquidity (2013, unknown): “Following Barclay, Hendershott, and McCormick (2003), we use the liquidity variables summarized in Table 2 along with past return volatility and trading volume.”
Price Discovery and Trading After Hours (2003, unknown): “…is consistent with Huang (2002), who finds that the ECN quote changes are more informative than market-maker quote changes during the trading day,17 and with Barclay, Hendershott, and McCormick (2003), who find that ECN trades are more informative than market-maker trades during the trading day.”
Informed trading and price discovery before corporate events (2015, unknown): “6 Other experimental and empirical papers also suggest that informed traders use limit orders (e.g., Barclay, Hendershott, and McCormick (2003), Bloomfield, O’Hara, and Saar (2005, 2015 ), Anand, Chakravarty, and Martell (2005), Hautsch and Huang (2012) , and Zhang (2013) ).”
Automation versus Intermediation: Evidence from Treasuries Going Off the Run (2006, background): “Barclay, Hendershott, and McCormick (2003) find the reverse, however, when the secondary market is purely electronic.”
Island Goes Dark: Transparency, Fragmentation, and Regulation (2005, background): “The Review of Financial Studies / v 18 n 3 2005 758 and Hasbrouck (2003)], and trading on ECNs is associated with more informed trading [Barclay, Hendershott, and McCormick (2003)].”