Consolidation, Fragmentation, and Market Performance
研究市场整合或碎片化对交易量、价格波动、信号质量、交易收益和实施成本的影响，比较四种交易所模型。
This paper studies the impact of market consolidation or fragmentation on its performance, examining four alternative models of exchange: a consolidated clearing house, fragmented clearing houses, a monopoly dealer market, and an interdealer market. The effects of the market mechanism on the expected quantity traded, the price variance faced by individual traders, the quality of market price signals, the expected gains from trade, and the exchange implementation costs are studied.