A critical review to analyse the effect of online and traditional trading on effective market performance on the Nasdaq
by Haroun Alryalat, Yogesh Kumar Dwivedi, Jasna Kuljis, Ray J. Paul
International Journal of Electronic Finance (IJEF), Vol. 1, No. 2, 2006

Abstract: The purpose of this paper is to present a critical analysis on the competition between online (ECN) and traditional (Market Maker (MM)) trading on the Nasdaq stock exchange. Online stock trading mechanisms at the exchanges are often a hybrid of dealer and auction markets. Different aspects of trading execution, which is the most commonly used market centre at present, are analysed. This leads to a discussion on: (1) the bath that executes order is organised and (2) its impact on the effective market performance, trading cost and investor behaviour.

Online publication date: Fri, 14-Jul-2006

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