Is faster or slower trading better? An examination of order type execution speed and costs
研究了美国股票交易中订单类型的执行速度与成本，发现执行较慢的可市订单成本更低，而执行较快的非可市限价订单面临更大的逆向选择，表明在存在更快选项时放慢交易过程可能有益于某些市场参与者。
Abstract We examine order type execution speed and costs for US equity traders. Marketable orders that execute slower exhibit lower execution costs. Those who remove liquidity faster and pay higher trading costs transact in smaller size, spread trading across more venues, take more liquidity, and are better informed. Nonmarketable limit orders that execute slower exhibit greater adverse selection; and larger, uninformed traders who concentrate their trading in fewer venues submit them. Our findings suggest that slowing down the trading process, when faster options exist, can benefit certain market participants who seek to cross the bid–ask spread.