Supplement to 'Competing on Speed': Online Appendices

37 Pages Posted: 30 Apr 2012 Last revised: 23 Apr 2015

Emiliano Pagnotta

Imperial College Business School

Thomas Philippon

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

Date Written: April 22, 2015

Abstract

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

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

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

Suggested Citation

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

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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