论文标题
扫了书后在地板上交易
Trading on the Floor after Sweeping the Book
论文作者
论文摘要
知情的交易者需要快速交易，以便在公开之前从其私人信息中获利。快速电子市场提供了这样的流动性。缓慢的市场在基于拍卖的交易层中提供执行。混合市场结合了两个执行场所。在其主要结果中，该论文表明，要弥补其缓慢和风险的处决，交易地板的深度至少必须是扫地设施的两倍。此外，当增加一家扫地设施而增加独立交易楼时，总体知情交易将下降，因为知情的交易者更容易提取其私人信息的全部价值。
Informed traders need to trade fast in order to profit from their private information before it becomes public. Fast electronic markets provide such liquidity. Slow markets provide execution in an auction based trading floor. Hybrid markets combine both execution venues. In its main result, the paper shows that to compensate for their slow and risky executions, trading floors need to be at least twice as deep as the sweeping facility. Furthermore, when a stand-alone trading floor is enhanced with the addition of a sweeping facility, overall informed trading will decline because it is easier for informed traders to extract the full value of their private info.
