文章基本信息

标题：How and when do markets tip? Lessons from the Battle of the Bund
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作者：Estelle Cantillon ; Pai-Ling Yin
期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2007
卷号：1
出版社：European Central Bank
摘要：In a famous episode of nancial history which lasted over eight years, the market for the future on the Bund moved entirely from LIFFE, a London-based derivatives exchange, to DTB, a Frankfurt-based exchange. This paper studies the determinants of the observed dynamics, using a novel panel dataset that contains individual trading rmsmembership status at each exchange together with other rms characteristics, and pricing, marketing and product portfolio strategies by each exchange. Our data allows us to distinguish between di¤erent explanations for the observed phenomenon. Our results indicate that the main driver was a "market coverage" e¤ect: thanks to the combination its electronic market structure and EU-wide access deregulation, DTB increased the relevant size of the market for exchange members and disproportionately attracted those rms who originally did not exist or used to submit their orders through a broker. Di¤erential liquidity and product portfolio strategies by the exchanges played a secondary role.
关键词：Exchange competition; tipping; electronic trading; open outcry; network e¤ect; Bund;adoption cost.