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为什么离散价格会破坏美国股票交易所并分散其收费结构

Yong Chao,博士 C.姚 M. Ye
金融研究评论。 四月1,2018

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证券交易所运营商通过设定限价订单的“制造”费用和市场订单的“收取”费用来争夺订单流量。 当交易者可以报出连续的价格时,交易所运营商就总费用进行竞争,因为交易者可以选择完全抵消任何费用划分的价格。 然而,1-cent的最小价格规模可以防止交易者中和费用划分。 制造和收费之间的非中立性(1)允许交易所运营商建立不同费用结构的交易所以进行二级价格歧视,并且(2)破坏Bertrand均衡,导致频繁的费用变化,以及鼓励新交流的参赛作品。

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