Resource title

Internalisierung und Marktqualität: was bringt Xetra Best?

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Resource description

Deutsche Börse AG plans to introduce a system (Xetra Best) allowing brokers and brokerdealers to internalize the orders of retail customers. Further, Xetra Best supports payment for order flow arrangements. Both internalization and payment for order flow may be detrimental to market quality. This paper discusses advantages and disadvantages of these arrangements. It draws on experiences made in the US. We derive policy implications that aim at a more stringent interpretation ofbest execution, and at higher transparency.

Resource author

Erik Theissen

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Resource publish date

Resource language

deu

Resource content type

text/html

Resource resource URL

http://hdl.handle.net/10419/25382

Resource license

Adapt according to the presented license agreement and reference the original author.