Dispersed Trading and the Prevention of Market Failure: the Case of the Copenhagen Stock Exchange
研究哥本哈根证券交易所在大停电期间的市场行为，发现尽管市场质量下降，但交易仍能进行且价格发现功能部分保留，表明分散交易系统可防范市场失灵。
Abstract With augmented demands on power grids resulting in longer and larger blackouts combined with heightened concerns of terrorist attacks, trading institutions and policy makers have widened their search for systems that avoid market failure during these disturbing events. We provide insight into this issue by examining trading behaviour at the Copenhagen Stock Exchange during a major blackout. We find that although market quality declined, markets remained functional and some price discovery occurred during the blackout period suggesting that the NOREX structure of interlinked trading systems combined with widely dispersed trading locations may be a viable means of protection against market failure during massive power disruptions or terrorist attacks.