@article{Alternative:925,
      recid = {925},
      author = {Audet, Nicolas and Gravelle, Toni and Yang, Jing},
      title = {Alternative Trading Systems: Does One Shoe Fit All?},
      publisher = {Bank of Canada},
      address = {2002},
      pages = {1 online resource (vi, 67 pages)},
      abstract = {This paper examines the factors that lead  liquidity-motivated investors to choose the type of market  structure they prefer. We assume that investors can choose  between a dealership and a limit-order-book market. This  study builds a theoretical model for both the dealership  and order-book markets and develops a numerical method to  solve the Nash equiibrium strategies of heterogeneous  market participants. We find that a dealership market would  be preferred by investors in an environment where customer  trading is relatively thin and correlated, and by investors  who are subject to relatively large liquidity shocks.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/925},
      doi = {https://doi.org/10.34989/swp-2002-33},
}