Please use this identifier to cite or link to this item:
|Title:||Effects on Fragmentation and Market Quality When ASX Moves Towards a More Anonymous Market|
|Authors:||Teo Shi Ni, Cecilia|
Discipline of Finance
|Keywords:||Effects on Fragmentation and Market Quality When ASX Moves Towards a More Anonymous Market|
|Abstract:||This thesis addresses the question of whether the anonymization of broker identifiers has an effect on market quality through the natural experiment on the Australian Securities Exchange. We show that the removal of broker identifiers on the ASX has a significant impact on the market quality measures. We confirm that the removal of broker identifiers effects on a fall in traded value, an increase in transaction costs and an increase in intraday volatility. Results indicate that the large special crossings exhibit the best market quality measures in the anonymous regime. Specifically, there is a strong signal that the better informed institutions and their brokers, who are mostly active in the larger stocks gain more advantage from their position after the market reform. Further, we obtain strong results that larger firms benefit more from a transparent market. We conclude that there is value in greater pre-trade transparency in the form of the disclosure of broker identification.|
|Department/Unit/Centre:||Discipline of Finance|
|Rights and Permissions:||The author retains copyright of this thesis|
|Type of Work:||Thesis, Honours|
|Appears in Collections:||Honours Theses|
This work is protected by Copyright. All rights reserved. Access to this work is provided for the purposes of personal research and study. Except where permitted under the Copyright Act 1968, this work must not be copied or communicated to others without the express permission of the copyright owner. Use the persistent URI in this record to enable others to access this work.
|Thesis_Teo.pdf||478.71 kB||Adobe PDF||View/Open|
Items in Sydney eScholarship Repository are protected by copyright, with all rights reserved, unless otherwise indicated.