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Sunshine Trading: Flashes of Trading Intent at the Nasdaq

dc.contributor.authorSkjeltorp, Johannes A.
dc.contributor.authorSojli, Elvira
dc.contributor.authorTham, Wing Wah
dc.date.accessioned2018-05-03T10:55:03Z
dc.date.available2018-05-03T10:55:03Z
dc.date.issued2011
dc.identifier.isbn978-82-7553-633-2
dc.identifier.issn1502-8143
dc.identifier.urihttp://hdl.handle.net/11250/2496942
dc.description.abstractWe use the introduction and the subsequent removal of the flash order facility (an actionable indication of interest, IOI) from Nasdaq as a natural experiment to investigate the impact of voluntary disclosure of trading intent on market quality. We find that flash orders significantly improve liquidity in Nasdaq. In addition overall market quality improves substantially when the flash functionality is introduced and deteriorates when it is removed.nb_NO
dc.language.isoengnb_NO
dc.publisherNorges Banknb_NO
dc.relation.ispartofseriesWorking Papers;17/2011
dc.rightsAttribution-NonCommercial-NoDerivatives 4.0 Internasjonal*
dc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/4.0/deed.no*
dc.subjectJEL: G10nb_NO
dc.subjectJEL: G20nb_NO
dc.subjectJEL: G14nb_NO
dc.subjectIOInb_NO
dc.subjectactionable indication of interestnb_NO
dc.subjectflash ordersnb_NO
dc.subjecthigh frequency tradingnb_NO
dc.subjectmarket qualitynb_NO
dc.subjectmarket transparencynb_NO
dc.subjectsunshine tradingnb_NO
dc.titleSunshine Trading: Flashes of Trading Intent at the Nasdaqnb_NO
dc.typeWorking papernb_NO
dc.description.versionpublishedVersionnb_NO
dc.subject.nsiVDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212nb_NO
dc.source.pagenumber59nb_NO


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