02048cas a2200241 a 4500 AALejournalIMF001973 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451850253 1018-5941 BD-DhAAL BD-DhAAL Domowitz, Ian. Automating the Price Discovery Process : Some International Comparisons and Regulatory Implications / Ian Domowitz. Washington, D.C. : International Monetary Fund, 1992. 1 online resource (32 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students Automated trade execution systems are examined with respect to the degree to which they automate the price discovery process. Seven levels of automation of price discovery are identified, and 47 systems are classified according to these criteria. Systems operating at various levels of automation are compared with respect to age, geographical location, and type of securities traded. Information provided to market participants, and asymmetries of information between traders with direct access to the automated market and outside investors also are examined. It is found, for example, that the degree of asymmetric information increases with the level of automation of price discovery. The potential for trading abuses related to prearranged trading, noncompetitive execution, and trading ahead of customers is analyzed for each level of automation. Certain levels of automation widen the opportunities for trading abuses in some respects, but may narrow them in others. Mode of access: Internet IMF Working Papers; Working Paper ; No. 1992/080 Full text available on IMF http://elibrary.imf.org/view/journals/001/1992/080/001.1992.issue-080-en.xml IMF e-Library