Investment is no longer a matter of individual savers directly choosing which shares or
bonds to buy. Rather, most of their money flows through a'chain': an often extended …

Early access to stock recommendations provides brokerage firm clients with incremental
investment value. After controlling for transaction costs, purchasing (selling) quickly …

The institutional brokerage industry faces an ever-increasing pressure to lower trading costs,
which has already driven down average commissions and shifted volume toward low-cost …

Full coverage of ETF investments from an expert in the field The initial edition of Gary
Gastineau's The Exchange-Traded Fund Manual was one of the first books to describe and …

This paper shows that the widely documented buy–sell asymmetry in implicit institutional
trading cost is mainly driven by mechanical characteristics of a specific class of measures …

The last years have seen a surge of scandals in financial intermediation. This article argues
that the agency structure inherent to most forms of financial intermediation gives rise to …

'Dark pools' are private, electronic share-trading systems in which participants cannot see
each other's buy and sell orders. This article shows that the development of these material …

I investigate determinants of trading volume for NASDAQ stocks in the two largest “dark
pools” that cater to large institutional trades: Liquidnet and POSIT. I find that these dark pools …

Institutions are always looking for ways to reduce trading costs. In the past, institutional
traders largely relied on one or more intermediaries, including market makers and sell-side …

This paper suggests an explanation for the heavy trading volume observed on the US
capital markets, the world's largest. Heterodox economic theory puts much of this volume …