Download e-book for iPad: Achieving Market Integration: Best Execution, Fragmentation by Scott McCleskey

By Scott McCleskey

ISBN-10: 0750657456

ISBN-13: 9780750657457

Top execution, industry integration, and different significant monetary industry matters have commonly been handled as separate issues requiring person strategies. In Achieving industry Integration the writer demonstrates the interrelated nature of those and different central difficulties, and sensibly reduces them to their universal basic ideas. starting with an in-depth exam of top execution in latest multiple-market surroundings, the ebook strikes logically into an exam of industry constitution and the issues of attaining real integration. The e-book makes the case that order interplay is prime to addressing each one of those matters, and develops a unified regulatory method of in achieving actual marketplace integration in keeping with intermarket linkages and a cross-market top execution coverage. This special approach culminates in a coherent set of coverage options and an leading edge framework for assessing the effectiveness of destiny coverage proposals.

*The first publication in this vital topic for the finance neighborhood
*Explains the goals and proposes ideas to the problems of creating a inventory marketplace that integrates the varied nationwide exchanges round Europe
*Provides a dialogue aspect for these lobbying the ecu fee on formulating legislation for an built-in ecu capital industry

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Additional resources for Achieving Market Integration: Best Execution, Fragmentation and the Free Flow of Capital (Securities Institute Global Capital Markets)

Example text

4 Limit orders Discussion of best execution normally is phrased in terms of ``market'' orders, those for which no specific price is provided by the investor. In placing a market order, the customer implicitly instructs the trader to obtain best execution (however that is defined). Little attention is paid to how best execution should apply to limit orders, or other conditional orders. A simple limit order is one in which the investor specifies the price at which he is willing to buy or sell the securities.

Here, then, we see one reason for distinguishing between retail and institutional best execution. This is that the factors which are relevant to the institutions are drastically more complex than those relevant to retail investors, and that applying institutional factors to retail trades confers an inappropriate degree of discretion which can be abused to the detriment of the retail customer. The second rationale for the retail/institutional distinction is associated with this danger of abuse. It is retail investors who are at the heart of investor protection measures such as best execution.

On the face of it, the answer is no. If the net price is the same to the customer, it seems to make little difference whether his firm routes the order to the venue with the best price, or the firm matches that price itself (or routes it to a third party which will match the best price). There are two potential reservations about the practice of price matching. The first is the question of whether the trade would receive an equivalent level of regulatory protection if executed internally by the firm or with the third party.

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Achieving Market Integration: Best Execution, Fragmentation and the Free Flow of Capital (Securities Institute Global Capital Markets) by Scott McCleskey


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