Stock exchanges as platforms for data and trading

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2025-09-01 DOI:10.1016/j.finmar.2025.100986

Terrence Hendershott , Marc Rysman , Rainer Schwabe

引用次数: 0

Abstract

We study linkages between stock exchanges' proprietary data sales and trading activity by analyzing the introduction of a new data product, the New York Stock Exchange's Integrated Feed (NYSE IF). Consistent with trading and data being complements, firms that subscribed to the NYSE IF increased their share of trading on the NYSE. In principle, firms subscribing to the NYSE IF could impose a negative externality on non-subscribing firms due to increased information asymmetry. However, consistent with information purchases having a positive network externality due to increased liquidity, non-subscribing firms also increased their share of trading on the NYSE.

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证券交易所是数据和交易的平台

我们通过分析一种新的数据产品，即纽约证券交易所的综合饲料（NYSE IF）的引入，研究了证券交易所的专有数据销售与交易活动之间的联系。与交易和数据相辅相成的情况一致，认购纽交所IF的公司增加了在纽交所的交易份额。原则上，由于信息不对称的增加，认购纽交所IF的公司可能会对未认购的公司施加负外部性。然而，与由于流动性增加而具有正网络外部性的信息购买一致，非订阅公司也增加了其在纽约证券交易所的交易份额。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.