G2TT
来源类型Discussion paper
规范类型论文
来源IDDP6938
DP6938 Competition and quality in regulated markets with sluggish demand
Roberto Cellini; Kurt Richard Brekke; Luigi Siciliani
发表日期2008-08-15
出版年2008
语种英语
摘要In a famous episode of financial history which lasted over eight years, the market for the future on the Bund moved entirely from LIFFE, the incumbent London-based derivatives exchange, to DTB, the entering Frankfurt-based exchange. This paper studies the determinants of traders' exchange choice, using a novel panel dataset that contains individual trading firms' membership status at each exchange together with other firms characteristics and pricing, marketing and product portfolio strategies by each exchange. Our data allows us to evaluate different sources of heterogeneity among trading firms and thus distinguish between different explanations for the observed phenomenon. The story the data tells is one of horizontal differentiation and vertical differentiation through liquidity. As a result, DTB attracted a different set of traders than LIFFE, and those traders contributed to the market share reversal.
主题Industrial Organization
关键词Tipping Platform competition Network effects Intermediation Multi-homing
URLhttps://cepr.org/publications/dp6938
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/535773
推荐引用方式
GB/T 7714
Roberto Cellini,Kurt Richard Brekke,Luigi Siciliani. DP6938 Competition and quality in regulated markets with sluggish demand. 2008.
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