relation: https://publications.ut-capitole.fr/id/eprint/3350/
title: Hidden Limit Orders and Liquidity in Order Driven Markets
creator: Moinas, Sophie
subject: B- ECONOMIE ET FINANCE
description: This paper analyzes the rationale for the submission of hidden limit orders, and compares opaque and transparent limit order books. In my sequential model, the limit order trader may be informed with some probability. Both informed and large uninformed liquidity suppliers submit hidden orders in order to decrease the informational impact of their large orders, while ensuring a large trading volume. As they cannot adopt such a strategy in the transparent market, I find that pre-trade opacity improves market liquidity, and the welfare of the participants. My model further yields empirical predictions on the use and revelation of hidden orders in opaque markets.
publisher: TSE Working Paper
date: 2010-03
type: Monograph
type: NonPeerReviewed
format: text
language: en
identifier: https://publications.ut-capitole.fr/id/eprint/3350/1/10-147.pdf
identifier:   Moinas, Sophie <https://www.idref.fr/078527112>  (2010) Hidden Limit Orders and Liquidity in Order Driven Markets.  TSE Working Paper, n. 10-147     
relation: http://tse-fr.eu/pub/22439
language: en