Does the Prohibition of Trade-Through Hurt Liquidity Demanders?
研究了美国订单保护规则（OPR）禁止穿价交易对流动性需求者的影响，发现穿价交易带来的灵活交易策略好处大多不显著，尤其对小交易和恢复快的股票，支持现有监管。
The Impact of the Prohibition of Trade-through In the paper titled “Does the Prohibition of Trade-Through Hurt Liquidity Demanders?” the authors explore the effects of the order protect rule (OPR) in the United States, which prohibits any trade-through in the stock market that does not execute at the best possible price among fast trading venues. The study found that, whereas trade-throughs may offer flexible trading strategies that can benefit liquidity demanders, the benefits are insignificant for most cases, especially for small trades and stocks with fast resilience. The paper suggests that the current separate regulations for fast and slow venues may be extended to differentiate stocks with fast and slow resilience speeds. The results are supported by a case study using the data from the Australian Securities Exchange. Overall, this study supports the regulation of the OPR.