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