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Czech experience with market maker trading system
- 1.0102649 - NHU-N 20043104 RIV NL eng J - Journal Article
Hanousek, Jan - Podpiera, R.
Czech experience with market maker trading system.
[Česká zkušenost s "market maker" obchodovacím systémem.]
Economic Systems. Roč. 28, č. 2 (2004), s. 177-191. ISSN 0939-3625. E-ISSN 1878-5433
R&D Projects: GA MŠMT ME 595
Institutional research plan: CEZ:AV0Z7085904
Keywords : trading systems * informed trading * emerging markets
Subject RIV: AH - Economics
We study the evolution of trading in a market maker trading system (SPAD) introduced to the Prague Stock Exchange in 1998. We find that the new system succeeded in increasing the transparency of the market, improved the price discovery function of the exchange, and that investors have benefited from lowered spreads.
Studujeme evoluci systému SPAD, zavedeného na pražské Burze cenných papírů v roce 1998. Zjišťujeme, že nový systém uspěl ve zvyšování transparentnosti trhu, že investoři profitovali z nižších rozdílů mezi nákupní a prodejní cenou.
Permanent Link: http://hdl.handle.net/11104/0009996
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