Electronic Communication Networks and Liquidity on the Nasdaq |
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| Authors: | James P. Weston |
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| Affiliation: | (1) Jones Graduate School of Management, Rice University, 6100 Main Street, Houston, TX, 77005, U.S.A |
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| Abstract: | This paper examines the growth of electronic communication networks (ECNs) and their impact on the liquidity of Nasdaq stocks. I find that the recent growth of trading through ECNs has resulted in tighter bid-ask spreads, greater depths, and less concentrated markets. Overall, our results support the hypothesis that electronic communication networks have improved Nasdaq liquidity. |
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| Keywords: | Bid-ask spread liquidity ECN Nasdaq. |
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