Competing on Speed - Online Appendix
New York University (NYU)- Stern School of Business Dept. of Finance
New York University (NYU) - Department of Finance; National Bureau of Economic Research (NBER)
April 28, 2012
This Appendix comprises proofs of propositions and lemmas in the main paper, and two model extensions: Trading fees and investor multi-market affiliation.
The paper "Competing on Speed" to which these Appendices apply is available at the following URL: http://ssrn.com/abstract=1967156
Number of Pages in PDF File: 25
Keywords: liquidity, fragmentation, welfare, regulation, asset prices, high-frequency-trading, exchanges
JEL Classification: G12, G15, G18, D40, D43, D61
Date posted: April 30, 2012
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