Off‐Board Trading of NYSE‐Listed Stocks: The Effects of Deregulation and the National Market System
用计量模型分析纽交所上市股票的场外交易，发现高佣金刺激了第三市场交易，但地区交易所的场外交易受佣金及放松管制影响很小；全国市场体系增强了竞争，促使纽交所改进表现以保住市场份额。
ABSTRACT An econometric time‐series model of off‐board trading of NYSE‐listed stocks shows that high NYSE commission rates were an incentive for third‐market trading but that trading on the regional exchanges, which is most of the off‐board trading, has been affected very little by commissions or their deregulation. The effects of some changes in the trading organization and rules are estimated, including several that are part of the emerging National Market System. The estimates imply that the NMS has increased competition for the NYSE, as Congress intended, and has prompted the NYSE to improve its performance to retain market share.