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dc.creatorBellia, Mario
dc.creatorPelizzon, Loriana
dc.creatorSubrahmanyam, Marti G.
dc.creatorYuferova, Darya
dc.date.accessioned2021-09-28T09:37:19Z
dc.date.available2021-09-28T09:37:19Z
dc.date.issued2020-03-30
dc.identifier.urihttps://fif.hebis.de/xmlui/handle/123456789/2352
dc.description.abstractDo competition and incentives offered to designated market makers (DMMs) improve market liquidity? Using data from NYSE Euronext Paris, we show that an exogenous increase in competition among DMMs leads to a significant decrease in quoted and effective spreads, mainly through a reduction in the realized spread. In contrast, changes in incentives, through small changes in rebates and requirements for DMMs, do not have any tangible effect on market liquidity. Our results are of relevance for designing optimal contracts between exchanges and DMMs, as well as for regulatory market oversight.
dc.relation.isversionofhttps://fif.hebis.de/xmlui/handle/123456789/2351?247
dc.rightsAttribution-ShareAlike 4.0 International
dc.rights.urihttp://creativecommons.org/licenses/by-sa/4.0/
dc.subjectFinancial Markets
dc.subjectSystemic Risk Lab
dc.titleDesignated Market Makers: Competition and Incentives
dc.typeWorking Paper
dcterms.referenceshttps://fif.hebis.de/xmlui/handle/123456789/1351?BEDOFIH
dc.source.filename247_rev_SSRN-id3354400
dc.identifier.safeno247_rev
dc.subject.keywordsdesignated market makers (dmms)
dc.subject.keywordsliquidity provision
dc.subject.jelG12
dc.subject.jelG14
dc.subject.topic1order
dc.subject.topic1establish
dc.subject.topic1ective
dc.subject.topic2panel
dc.subject.topic2consecutive
dc.subject.topic2basis
dc.subject.topic3spread
dc.subject.topic3cac
dc.subject.topic3euronext
dc.subject.topic1nameFinancial Markets
dc.subject.topic2nameSaving and Borrowing
dc.subject.topic3nameTrading and Pricing
dc.identifier.doi10.2139/ssrn.3354400


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