Supplement to 'Competing on Speed': Online Appendices

Emiliano Pagnotta

Imperial College Business School

Thomas Philippon

New York University (NYU) - Department of Finance; National Bureau of Economic Research (NBER)

April 22, 2015

This supplement comprises an appendix on the security exchange industry, proofs of propositions and lemmas in the main paper, and two model extensions: Trading fees and investor multivenue 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: 37

Keywords: liquidity, fragmentation, welfare, regulation, asset prices, trading venues, trading speed, high-frequency-trading, exchanges

JEL Classification: G12, G15, G18, D40, D43, D61

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Date posted: April 30, 2012 ; Last revised: April 23, 2015

Suggested Citation

Pagnotta, Emiliano and Philippon, Thomas, Supplement to 'Competing on Speed': Online Appendices (April 22, 2015). Available at SSRN: http://ssrn.com/abstract=2047536 or http://dx.doi.org/10.2139/ssrn.2047536

Contact Information

Emiliano Pagnotta (Contact Author)
Imperial College Business School ( email )
Imperial College Business School, Tanaka Building
London, SW7 2AZ
Great Britain
+447478734028 (Phone)
Thomas Philippon
New York University (NYU) - Department of Finance ( email )
Stern School of Business
44 West 4th Street
New York, NY 10012-1126
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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