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Authordc.contributor.authorBernales, Alejandro 
Admission datedc.date.accessioned2019-10-11T17:30:06Z
Available datedc.date.available2019-10-11T17:30:06Z
Publication datedc.date.issued2019
Cita de ítemdc.identifier.citationJournal of Financial Markets, Volumen 45,
Identifierdc.identifier.issn13864181
Identifierdc.identifier.other10.1016/j.finmar.2019.05.001
Identifierdc.identifier.urihttp://repositorio.uchile.cl/handle/2250/171251
Abstractdc.description.abstract© 2019 Elsevier B.V.The make-take preferences of investors depend on high-frequency trading (HFT) competition, under which HFT firms endogenously acquire speed and informational advantages. In the case where there are many HFT firms in the market, they compete more through limit orders; meanwhile, in the case with few HFT firms, they compete more through market orders that “pick-off" limit orders coming from the big crowd of slow traders. In the former (latter) case, additional HFT competition improves (damage) liquidity. In both cases, HFT competition improves informational efficiency and reduces microstructure noise. Finally, I use the model to analyze potential regulations under HFT competition.
Lenguagedc.language.isoen
Publisherdc.publisherElsevier B.V.
Type of licensedc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile
Link to Licensedc.rights.urihttp://creativecommons.org/licenses/by-nc-nd/3.0/cl/
Sourcedc.sourceJournal of Financial Markets
Keywordsdc.subjectHigh-frequency trading competition
Keywordsdc.subjectLimit order market
Keywordsdc.subjectMake-take decisions
Keywordsdc.subjectMarket quality
Keywordsdc.subjectWelfare
Títulodc.titleMake-take decisions under high-frequency trading competition
Document typedc.typeArtículo de revista
Catalogueruchile.catalogadorSCOPUS
Indexationuchile.indexArtículo de publicación SCOPUS
uchile.cosechauchile.cosechaSI


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Attribution-NonCommercial-NoDerivs 3.0 Chile
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivs 3.0 Chile