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1、ElektronischeHandelssystemeinEuropaundEntwicklungsm?glichkeitenfürRusslandElectronicTradingSystemsinEuropeanddevelopmentpotentialitiesforRussiaWorkshop:BankundFinanzbeziehungeninEuropaunddieIntegrationRusslandsProf.Dr.ChristophLattemannChairforCorporateG
2、overnanceandE-CommerceFolie1Agenda1.TheoreticalBackground(MarketMicrostructureTheory)2.StructureinGermany3.StructureinEurope4.StructureinRussia(Discussion)Folie2ImpactofLiquidityandDegreeofAutomationonEfficiencyMaingoalofmarkets:Efficientresourceallocati
3、onMeasureofthemarket’sefficiency:transactionandliquiditycosts?DevelopmentofefficientmarketmodelsandtradingplatformsTheoreticalBackground–MarketMicrostructureTheoryTransactionCostsCriteriaforEfficiencyTransparencyLiquidityEvaluationIntegrityPriceSteadines
4、sFactorforEfficiencyInformationefficiencyRegionalConcentrationEffectFrequencyPricefindingMarketOrganizationCharacteristicsofthemechanismLegalBounderiesOrderbookTransparencystructure=EffectMarktkonzentration=trade-offComputerizationFolie3Picotetal.[1996]T
5、ransactionCostsonEquityMarketsComputerizationLiquidity(TransactionCosts)Folie4Folie5?EineAutomatisierungderInformations-,Orderrouting,Abschluss-undAbwicklungsphaseführtohneEinschr?nkungenzueinereffizienterenOrganisationdesTransaktionsprozessvonWertpapier
6、en.EntsprechendistdieAutomatisierungdieserPhasenohneEinschr?nkungerstrebenswertausdemGesichtspunktderEffizienz.“ThecomputerizationoftheInformation-,Orderoruting-,Matching-,andSettlement-Phaseleadstoanefficientorganizationofthetransactionsprocessofsecurit
7、ytrading.Insofar,fromthepointofefficiency,itisdesirabletocomputerizeallprocesses.Picotetal.1996,B?rsenimWandelFolie6Agenda1.TheoreticalBackground(MarketMicrostructureTheory)2.StructureinGermany3.StructureinEurope4.StructureinRussia(Discussion)Folie7Struc
8、tureinGermanyBremen(NasdaqDeutschland)Hamburg&HannoverHannover(CommodityExchange)BerlinLeipzigDüsseldorf(PowerExchange)MarketShareFrankfurt(ExchangeXetratradedequities)98%EurexExchangeOTCMünchenEquities55%45%StuttgartBonds
