| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP564 |
| DP564 Dually-Traded Italian Equities: London vs. Milan | |
| Marco Pagano; Ailsa Roell | |
| 发表日期 | 1991-07-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | Italian blue chip stocks are now actively traded in two markets: the dealers' market of SEAQ International in London and the traditional auction market in Milan. Analysing their interaction, we find that: 1.The London market for Italian equities has grown rapidly relative to the Milan stock exchange, but has not reduced trading volume in Milan; 2.Milan prices are generally - but not always - within London quotes; 3.London market makers appear to use price information from Milan to set their quotes, but this informational spillover is rather weak; 4.the growth of the London market for Italian stocks is probably due less to cost factors than to its other characteristics, such as greater depth and immediacy, location and other features typical of dealership markets. |
| 关键词 | Auction markets Competition among stock exchanges Dealership markets |
| URL | https://cepr.org/publications/dp564 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529721 |
| 推荐引用方式 GB/T 7714 | Marco Pagano,Ailsa Roell. DP564 Dually-Traded Italian Equities: London vs. Milan. 1991. |
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