POLLUTION RIGHTS TRADING: A STUDY BASED ON THE QUOTATION SYSTEM OF MARKET MAKERS

2020 ◽  
Vol 19 (9) ◽  
pp. 1565-1574
Author(s):  
Yusen Zhou ◽  
Aiqin Zhou ◽  
Lifeng Li ◽  
Dapeng Wang ◽  
Qinghua Li
Keyword(s):  
Market Makers ◽  
Pollution Rights

Large Option Trades, Market Makers, and Limit Orders

CFA Digest ◽  
1997 ◽  
Vol 27 (2) ◽  
pp. 47-48
Author(s):  
Terence M. Lim
Keyword(s):  
Market Makers ◽  
Limit Orders

High Frequency Trading of Commodities

2018 ◽  
Author(s):  
Raymond P. H. Fishe
Keyword(s):  
High Frequency ◽  
Equity Markets ◽  
Conclusive Evidence ◽  
Commodity Markets ◽  
High Frequency Trading ◽  
Market Quality ◽  
Market Makers ◽  
Speed Advantage ◽  
Open Outcry ◽  
Derivative Markets

Electronic platforms and high frequency traders (HFTs) have changed the nature of trading. Like equity markets, commodity markets have experienced an influx of algorithmic traders and a decline in “pit” or open outcry trading. Regulatory efforts to understand the effects of HFTs and to offer prudent guidelines or new rules are in their infancy. An overall hesitancy exists because academic studies have produced diverse results on liquidity, volatility, and market quality. This survey focuses on high frequency trading research in commodity derivative markets, documenting basic results and extracting inferences when warranted. Evidence indicates that HFTs act as market makers and their speed advantage has lowered transaction costs, generally during normal markets. Although not entirely conclusive, evidence also suggests that HFTs may exacerbate volatility by withdrawing liquidity in times of market stress, such as during “flash” crashes.

Do Stock Markets Catch the Flu?

2013 ◽  
Vol 48 (3) ◽  
pp. 979-1000 ◽  
Author(s):  
Brian C. McTier ◽  
Yiuman Tse ◽  
John K. Wald
Keyword(s):  
United States ◽  
New York ◽  
New York City ◽  
Stock Markets ◽  
The United States ◽  
Trading Activity ◽  
Market Makers ◽  
International Data ◽  
The Impact ◽  
Bid Ask Spreads

AbstractWe examine the impact of influenza on stock markets. For the United States, a higher incidence of flu is associated with decreased trading, decreased volatility, decreased returns, and higher bid-ask spreads. Consistent with the flu affecting institutional investors and market makers, the decrease in trading activity and volatility is primarily driven by the incidence of influenza in the greater New York City area. However, the effect of the flu on bid-ask spreads and returns is related to the incidence of flu nationally. International data confirm our findings of a decrease in trading activity and returns when flu incidence is high.

Market Makers and Liquidity Premium in Electricity Futures Markets

2022 ◽  
Vol 43 (2) ◽  
Author(s):  
Juan Ignacio Peña ◽  
Rosa Rodríguez
Keyword(s):  
Futures Markets ◽  
Liquidity Premium ◽  
Market Makers
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