Registered trader participation during the Toronto Stock Exchange's pre-opening session

Arbeitspapier

This paper documents order submission strategies during the Toronto Stock Exchange's pre-opening session. I find that the registered trader (RT) actively participates in the market opening despite not being able to set the opening price directly and not having an apparent informational advantage. I find that RT opening trades are profitable, are able to moderate overnight price changes, and may be motivated, in part, by inventory adjustment concerns. I focus on interlisted stocks that simultaneously open for trading under two different mechanisms and show how the comparative levels of pre-trade market transparency of each exchange impacts RT profits and participation.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: Queen's Economics Department Working Paper ; No. 997

Klassifikation und Themen

• Klassifikation: Wirtschaft ; General Financial Markets: General (includes Measurement and Data)
• Thema: Registered trader ; market transparency ; interlisted securities ; price discovery

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Davies, Ryan
• Ereignis: Veröffentlichung
• (wer): Queen's University, Department of Economics
• (wo): Kingston (Ontario)
• (wann): 2000

Weitere Informationen

• Handle: http://hdl.handle.net/10419/189286
• Letzte Aktualisierung: 10.03.2025, 11:43 MEZ