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Doctoral Thesis
2015
The role of traditional exchanges in fragmented markets : an empirical analysis post MIFID
The role of traditional exchanges in fragmented markets : an empirical analysis post MIFID
Abstract (English)
The Markets in Financial Instruments Directive (MiFID) has changed regulated European equity trading significantly after its introduction in November 2007. This dissertation analyses the impact of MiFID on trading intensity and market quality from an intraday and interday perspective by investigating the British equity market.
A second focus of this work is the analysis of the influence of high frequency traders in a fragmented market environment. In this context, this dissertation addresses the behavior of market participants and their influence on market quality during particular market scenarios in a fragmented market environment.
Abstract (German)
Die Einführung der Marktregulierungsrichtlinie MiFID im November 2007 hat den regulierten Wertpapierhandel in Europa maßgeblich verändert. Diese Dissertation untersucht die Auswirkungen der MiFID auf Handelsintensität und Marktqualität am Beispiel des britischen Aktienmarktes aus Intraday- und Interdayperspektive.
Ein zweiter Schwerpunkt der Arbeit liegt auf der Analyse des Einflusses von Hochfrequenzhändlern auf die einzelnen Handelsplätze. In diesem Zusammenhang wird das Verhalten der Akteure in unterschiedlichen Marktsituationen beleuchtet und deren Einfluss auf die Marktqualität im Spannungsfeld der Handelsplätze beschrieben.
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Faculty
Faculty of Business, Economics and Social Sciences
Institute
Institute of Financial Management
Examination date
2015-07-06
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Language
English
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Classification (DDC)
330 Economics
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Standardized keywords (GND)
Sustainable Development Goals
BibTeX
@phdthesis{Spankowski2015,
url = {https://hohpublica.uni-hohenheim.de/handle/123456789/5939},
author = {Spankowski, Ulli},
title = {The role of traditional exchanges in fragmented markets : an empirical analysis post MIFID},
year = {2015},
school = {Universität Hohenheim},
}