Lattermann - Electronic Trading Systems In Europe And Development Potentialities

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1、ElektronischeHandelssystemeinEuropaundEntwicklungsmöglichkeitenfürRusslandElectronicTradingSystemsinEuropeanddevelopmentpotentialitiesforRussiaWorkshop:BankundFinanzbeziehungeninEuropaunddieIntegrationRusslandsProf.Dr.ChristophLattemannChairforCorporateG

2、overnanceandE-CommerceFolie1Agenda1.TheoreticalBackground(MarketMicrostructureTheory)2.StructureinGermany3.StructureinEurope4.StructureinRussia(Discussion)Folie2ImpactofLiquidityandDegreeofAutomationonEfficiencyMaingoalofmarkets:Efficientresourceallocati

3、onMeasureofthemarket’sefficiency:transactionandliquiditycosts•DevelopmentofefficientmarketmodelsandtradingplatformsTheoreticalBackground–MarketMicrostructureTheoryTransactionCostsCriteriaforEfficiencyTransparencyLiquidityEvaluationIntegrityPriceSteadines

4、sFactorforEfficiencyInformationefficiencyRegionalConcentrationEffectFrequencyPricefindingMarketOrganizationCharacteristicsofthemechanismLegalBounderiesOrderbookTransparencystructure=EffectMarktkonzentration=trade-offComputerizationFolie3Picotetal.[1996]T

5、ransactionCostsonEquityMarketsComputerizationLiquidity(TransactionCosts)Folie4Folie5„EineAutomatisierungderInformations-,Orderrouting,Abschluss-undAbwicklungsphaseführtohneEinschränkungenzueinereffizienterenOrganisationdesTransaktionsprozessvonWertpapier

6、en.EntsprechendistdieAutomatisierungdieserPhasenohneEinschränkungerstrebenswertausdemGesichtspunktderEffizienz.“ThecomputerizationoftheInformation-,Orderoruting-,Matching-,andSettlement-Phaseleadstoanefficientorganizationofthetransactionsprocessofsecurit

7、ytrading.Insofar,fromthepointofefficiency,itisdesirabletocomputerizeallprocesses.Picotetal.1996,BörsenimWandelFolie6Agenda1.TheoreticalBackground(MarketMicrostructureTheory)2.StructureinGermany3.StructureinEurope4.StructureinRussia(Discussion)Folie7Struc

8、tureinGermanyBremen(NasdaqDeutschland)Hamburg&HannoverHannover(CommodityExchange)BerlinLeipzigDüsseldorf(PowerExchange)MarketShareFrankfurt(ExchangeXetratradedequities)98%EurexExchangeOTCMünchenEquities55%45%StuttgartBonds