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Crossing Networks: Competition and DesignHans DegryseKU Leuven - Faculty of Business and Economics (FBE); Centre for Economic Policy Research (CEPR); CentER, European Banking Center (EBC), TILEC, Tilburg University Mark Van AchterRotterdam School of Management, Erasmus University Gunther WuytsKU Leuven - University of Leuven June 2006 TILEC Discussion Paper 2006-015 Abstract: In the past two decades, alternative trading systems started to compete with traditional exchanges. Our paper focuses on one such system: a Crossing Network (CN). First, we discuss the distinct institutional aspects a CN offers compared to traditional markets. Next, we present an overview of the theoretical and empirical literature analyzing their success in competing with traditional markets. Finally, we offer some prospects on the potential outcome of this competition, taking into account market design issues such as the optimal degree of transparency of CNs. We also provide a market practioner's view on the market design of CNs.
Number of Pages in PDF File: 21 working papers seriesDate posted: July 13, 2006Suggested CitationContact Information
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