Market‐Making in the Third Market for NYSE‐Listed Securities
本文实证研究了纽交所上市普通股在第三市场的做市行为，发现非纽交所会员的买卖价差在Rule 19c-3股票上比Rule 390股票更宽，且纽交所会员的价差更宽，表明其不靠价差竞争。
Abstract This paper empirically examines market making in the third market for common stocks that are listed on the NYSE. Although the same non‐NYSE members make a market on both types of stocks, bid‐ask spreads are wider on Rule 19c‐3 stocks than on Rule 390 stocks. Market‐making by NYSE members is minimal and spreads posted by NYSE members are wider than those posted on identical stocks by non‐NYSE members. This suggests that NYSE members do not compete on the basis of spread but use methods such as price matching and the internalization of orders to attract order flow to the third market.