Giessener Elektronische Bibliothek

GEB - Giessener Elektronische Bibliothek

Hinweis zum Urheberrecht

Bitte beziehen Sie sich beim Zitieren dieses Dokumentes immer auf folgende
URL: http://geb.uni-giessen.de/geb/volltexte/2001/614/


The Design of a Best Execution Market

Budimir, Miroslav ; Holtmann, Carsten V. ; Neumann, Dirk G.


pdf-Format: Dokument 1.pdf (137 KB)

Bookmark bei Connotea Bookmark bei del.icio.us
Universität Justus-Liebig-Universität Gießen
Institut: Lehrstuhl für Wirtschaftsinformatik
Fachgebiet: Wirtschaftswissenschaften
DDC-Sachgruppe: Management (BWL)
Dokumentart: ResearchPaper (Forschungsbericht, Arbeitspapier)
Zeitschrift, Serie: Discussion paper / Fachbereich Wirtschaftswissenschaften, BWL/Wirtschaftsinformatik ; 5/2000
Sprache: Englisch
Erstellungsjahr: 2000
Publikationsdatum: 22.08.2001
Kurzfassung auf Englisch: The notion of best execution on securities markets is manifold. Best execution has different meanings to different market participants,
therefore, it is difficult to find a unique market structure that meets this requirements for all the participants.


Traditional market structures are either static or flexible, meaning that an individual market participant has no influence regarding the
concrete market structure’s characteristics, like e. g. the price discovery mechanism, trading frequency or the market transparency.

Traditional market structures are either static or flexible, meaning that an individual market participant has no influence regarding the
Focussing on customer orientation, we propose a new type of market structure: the dynamic market model, where participants individually
choose the characteristics of the market structure for each transaction they perform. Furthermore, this paper offers an approach to design
dynamic market models from scratch. We briefly sketch the necessary steps towards a dynamic market model.

Traditional market structures are either static or flexible, meaning that an individual market participant has no influence regarding the
Finally, we present AMTRAS; the prototype of an electronic trading system that was conceived and implemented following the
aforementioned approach. AMTRAS is an software-agent based bond trading system designed for the need of institutional investors. It
implements a dynamic market model, a sophisticated product- and partner matching scheme as well as an innovative price discovery
approach.