Does order preferencing matter?
通过实验室金融市场实验，研究订单优先权如何影响市场竞争力与效率，发现优先权安排可能扩大买卖价差、降低价格信息效率，并损害流动性交易者利益。
This study examines how order preferencing affects the competitiveness and efficiency of laboratory financial markets. We operationalize preferencing by allowing some dealers to execute a portion of the order flow by matching the most favorable quotes available. Increasing the proportion of order flow that is preferenced can increase bid–ask spreads, reduce the informational efficiency of prices, and benefit dealers at the expense of liquidity traders. Preferencing has none of these effects, however, when two or more dealers are not receiving preferencing orders. Preferencing may significantly degrade market performance if preferencing arrangements affect all, or virtually all, dealers.