Market Maker Quotation Behavior and Pretrade Transparency
研究纳斯达克做市商在不同交易前透明度下的报价行为，发现匿名报价（如通过电子通信网络）能促使做市商更积极缩小买卖价差，增强价格竞争。
Abstract We examine the impact of differing levels of pretrade transparency on the quotation behavior of Nasdaq market makers. We find that market makers are more likely to quote on odd ticks, and to actively narrow the spread, when they can do so anonymously by posting limit orders on Electronic Communication Networks (ECNs). From a public policy perspective, our findings suggest that making the level of pretrade transparency on Nasdaq more opaque by allowing anonymous quotes could improve price competition and narrow spreads further.