The Organisation of Trading in the Third and Fourth Markets in the USA

Kregel, Jan Allan (1992) The Organisation of Trading in the Third and Fourth Markets in the USA. Bologna: Dipartimento di Scienze economiche DSE, p. 24. DOI 10.6092/unibo/amsacta/5224. In: Quaderni - Working Paper DSE (136). ISSN 2282-6483.
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Abstract

The main role of financial markets is the determination of prices which represent information about traders interpretations of conditions influencing financial assets. Intermediaries in financial markets exist because they provide concentration and efficient dissemination of information. Technological change has a direct effect on both the ability to concentrate and disseminate information. Just as the introduction of the telegraph and then the telephone changed the nature of market intermediation, the current introduction of computer aided communications technology has brought about changes in the financial markets. In the US these changes represent non-intermediated markets known as the "third" and "fourth" markets. This papers analyses and describes these markets and their implications for the future evolution of price formation in financial markets.

Abstract
Document type
Monograph (Working Paper)
Creators
CreatorsAffiliationORCID
Kregel, Jan Allan
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ISSN
2282-6483
DOI
Deposit date
22 Jun 2016 08:16
Last modified
22 Jun 2016 08:16
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