Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments March 20, 2014 erstellt
Beschreibung:
This paper provides general information on non-ATS over-the-counter (OTC) trading of NMS stocks. Press articles and academic research dealing with OTC trading tend to focus on ATSs rather than the larger share of off-exchange trading that occurs outside of ATSs This study provides general information on non-ATS OTC trading of NMS stocks and reveals a number of stylized facts. I estimate that 16.99% of NMS dollar volume (18.75% of share volume) executes OTC without the involvement of an ATS. I estimate my subsample of Retail OTC MMs execute 37.23% of this dollar volume (39.93% of share volume). During my sample week, 255 broker-dealers report non-ATS OTC trading activity