Not Available for Download
Add Paper to My Library
Permalink
Using these links will ensure access to this page indefinitely
Copy URL

Anonymous Electronic Trading Versus Floor Trading

Journal of Empirical Finance, Vol. 7, No. 5, 2000

Posted: 5 Dec 1998 Last revised: 17 Dec 2008

See all articles by Dieter Hess

Dieter Hess

University of Cologne - Department of Corporate Finance; University of Cologne - Centre for Financial Research (CFR)

Guenter Franke

University of Konstanz - Department of Economics

Abstract

This paper compares the attractiveness of floor trading and anonymous electronic trading systems. It is argued that in times of low information intensity, the insight into the order books of the electronic trading system provides more valuable information than floor trading; but in times of high information intensity, the reverse is true. Thus, the electronic system's market share in trading activity should decline in times of high information intensity. This hypothesis is tested by data on BUND-future trading. This future is traded on the German and on the British futures exchanges. The empirical results support the hypothesis.

JEL Classification: G13, G12, G15

Suggested Citation

Hess, Dieter and Franke, Guenter, Anonymous Electronic Trading Versus Floor Trading. Journal of Empirical Finance, Vol. 7, No. 5, 2000, Available at SSRN: https://ssrn.com/abstract=1317055

Dieter Hess

University of Cologne - Department of Corporate Finance ( email )

Corporate Finance Seminar
Albertus-Magnus-Platz
D-50923 Cologne
Germany
+49 221 470 7876 (Phone)
+49 221 470 7466 (Fax)

HOME PAGE: http://cf.uni-koeln.de/

University of Cologne - Centre for Financial Research (CFR)

Germany

Guenter Franke (Contact Author)

University of Konstanz - Department of Economics ( email )

Fach 147
Konstanz, 78457
Germany
+49 7531 88 2545 (Phone)
+49 7531 88 3559 (Fax)

Not Available for Download

Do you have a job opening that you would like to promote on SSRN?

Place Job Opening

Paper statistics

Abstract Views
1,810
PlumX Metrics