00000nam 2200000za 4500 9.850537 CaOODSP 20221107154156 cr ||||||||||| 180123s2018 oncd obs f000 0 eng d CaOODSP eng eng fre n-cn--- FB3-5/2018-3E-PDF Speed segmentation on exchanges [electronic resource] : competition for slow flow / by Lisa Anderson ... [et al.]. [Ottawa] : Bank of Canada, 2018. ii, 39 p. : col. charts. Bank of Canada staff working paper, 1701-9397 ; 2018-3 "January 2018." Includes bibliographical references (p. 18-19). “In 2015, TSX Alpha, a Canadian stock exchange, implemented a speed bump for marketable orders and an inverted fee structure as part of a redesign. We find no evidence that this redesign impacted market-wide measures of trading costs or contributed appreciably to segmenting retail order flow away from other Canadian venues with a maker-taker fee structure. This suggests that Alpha attracts already-segmented flow from venues with fee structures other than maker-taker. Some heavy users of Alpha trade off improvements in fill rates and execution size against mildly larger effective spreads and price impacts. These heavy users also utilize larger market orders and fewer spray orders"--Abstract, p. ii. Includes abstract in French. gccst Stock markets gccst Fees gccst Pricing Anderson, Lisa. Bank of Canada. Staff working paper (Bank of Canada) 1701-9397 ; 2018-3 (CaOODSP)9.806221 PDF 2.00 MB https://publications.gc.ca/collections/collection_2018/banque-bank-canada/FB3-5-2018-3-eng.pdf