私人投资者和新经纪人的出现：投资者是否会为新经纪人支付更高的执行价格？

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-04-11 DOI:10.1016/j.frl.2025.107417

Steffen Meyer , Charline Uhr , Lutz Johanning

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引用次数: 0

摘要

我们使用Trade Republic 10万客户的交易数据来研究新经纪人客户的隐性交易成本。将新经纪商的执行价格与德国参考市场（Xetra）订单簿价格进行比较，我们发现将订单路由到一个预先指定的交易场所导致1%的交易以低于参考市场的价格执行。就总交易成本而言，客户受益于这个新的交易场所，因为与传统的在线经纪商相比，差价以外的交易相关成本（显性成本）更有利。

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Private investors and the emergence of neo-brokers: Do investors pay higher execution prices at a neo-broker with payment-for-order-flow?

We investigate the implicit trading costs of neo-broker clients using trading data of 100,000 clients at Trade Republic. Comparing execution prices at the neo-broker to Germany's reference market (Xetra) order book prices, we show that routing orders to one pre-specified trading venue leads to <1 % of transactions being executed at prices worse than on the reference market. In terms of total trading costs, customers benefit from this new trading venue because the trade-related costs other than the spread (explicit costs) are favorable compared to traditional online brokerages.

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来源期刊

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

期刊介绍： Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies. Papers are invited in the following areas: Actuarial studies Alternative investments Asset Pricing Bankruptcy and liquidation Banks and other Depository Institutions Behavioral and experimental finance Bibliometric and Scientometric studies of finance Capital budgeting and corporate investment Capital markets and accounting Capital structure and payout policy Commodities Contagion, crises and interdependence Corporate governance Credit and fixed income markets and instruments Derivatives Emerging markets Energy Finance and Energy Markets Financial Econometrics Financial History Financial intermediation and money markets Financial markets and marketplaces Financial Mathematics and Econophysics Financial Regulation and Law Forecasting Frontier market studies International Finance Market efficiency, event studies Mergers, acquisitions and the market for corporate control Micro Finance Institutions Microstructure Non-bank Financial Institutions Personal Finance Portfolio choice and investing Real estate finance and investing Risk SME, Family and Entrepreneurial Finance