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This book looks at how electronic commerce and the WWW will affect the market in the future. A new breed of information-rich consumers are emerging. They have easy access to competitors and are making companies less able to exploit traditional sources of competitive advantage. This is producing a new 'Transparent Market'. This book examines how this transparent market is developing, how companies can be successful in this new era and how individuals can survive in the future job market. The Transparent Market is a guide to the new market and how this potential threat can be turned into a key competitive tool for companies and for individuals.
What is Transparency Market In economics, a market is transparent if much is known by many about: What products and services or capital assets are available, market depth, what price, and where. Transparency is important since it is one of the theoretical conditions required for a free market to be efficient. Price transparency can, however, lead to higher prices. For example, if it makes sellers reluctant to give steep discounts to certain buyers, or if it facilitates collusion, and price volatility is another concern. A high degree of market transparency can result in disintermediation due to the buyer's increased knowledge of supply pricing. How you will benefit (I) Insights, and validations about the following topics: Chapter 1: Transparency (market) Chapter 2: Derivative (finance) Chapter 3: Finance Chapter 4: Stock market Chapter 5: Speculation Chapter 6: Hedge (finance) Chapter 7: Contract for difference Chapter 8: Stock trader Chapter 9: Sanford J. Grossman Chapter 10: Market sentiment Chapter 11: Foreign exchange fraud Chapter 12: Market analysis Chapter 13: Portfolio manager Chapter 14: Electronic trading platform Chapter 15: Cryptocurrency Chapter 16: Art market Chapter 17: Digital Currency Group Chapter 18: Factor investing Chapter 19: Diamond Standard Chapter 20: Decentralized finance Chapter 21: Carbon quantitative easing (II) Answering the public top questions about transparency market. (III) Real world examples for the usage of transparency market in many fields. Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information for any kind of Transparency Market.
This is the first major treatment of the effects of increased transparency on financial markets: an important and highly controversial issue for both traders and regulators. Focussing on three main themes - market transparency, the consolidation-fragmentation of trading systems, and the scope of regulation (i.e. which markets, and which traders within those markets, should be subject to regulation), the book highlights the importance of these issues to all markets throughout the world. The book draws on research from eight UK based investment exchanges, Deutsche Borse in Frankfurt and documentary evidence from the US markets and their regulators enabling the identification and documentation of the current situation and consideration of what fresh regulatory approaches are required for this new and fast evolving situation.
We show that dealers' limited market participation, coupled with an informational friction resulting from lack of market transparency, can make liquidity demand upward sloping, inducing strategic complementarities: traders demand more liquidity when the market becomes less liquid, fostering market illiquidity. This can generate instability with an initial dearth of liquidity degenerating into a liquidity rout (as in a flash crash). In a fully transparent market, liquidity is increasing in the proportion of dealers continuously present in the market; however, in a less transparent market, liquidity can be U-shaped in this proportion and in the degree of transparency.
This paper investigates whether transparent markets can survive when faced with direct competition from less transparent markets. We first construct a game-theoretic model in which in equilibrium the low-transparency dealers capture early order flow, and use the resulting informational advantage to quote narrower spreads and earn more profits than their more transparent competitors. We then conduct a laboratory experiment that tests and supports all of these predictions. A second experiment shows that most dealers choose to be of lower transparency when they are allowed to do so. However, the informational advantage of low-transparency decreases as there are more such dealers, while the high-transparency dealers get increasing benefit from informed traders who attempt to broadcast deceptive trades. As a result, a small number of transparent dealers persist in our markets.
In this paper we explore some of the consequences of greater market transparency for market performance in the presence of a strategic specialist. Although numerous studies have dealt with this issue, previous work has only considered either fully transparent or fully opaque markets. Our model allows for different levels of transparency, and therefore sheds light on how transparency affects market performance. We show that an intermediate level of transparency can improve market performance relative to the more extreme cases of full transparency or no transparency at all.