{"id":"https://openalex.org/W2114095746","doi":"https://doi.org/10.1177/178359170600100401","title":"Catching up with Technology \u2014 The Impact of Regulatory Changes on ECNs/MTFs and the Trading Venue Landscape in Europe","display_name":"Catching up with Technology \u2014 The Impact of Regulatory Changes on ECNs/MTFs and the Trading Venue Landscape in Europe","publication_year":2006,"publication_date":"2006-12-01","ids":{"openalex":"https://openalex.org/W2114095746","doi":"https://doi.org/10.1177/178359170600100401","mag":"2114095746"},"language":"en","primary_location":{"id":"doi:10.1177/178359170600100401","doi":"https://doi.org/10.1177/178359170600100401","is_oa":false,"landing_page_url":"https://doi.org/10.1177/178359170600100401","pdf_url":null,"source":{"id":"https://openalex.org/S2764802715","display_name":"Competition and Regulation in Network Industries","issn_l":"1783-5917","issn":["1783-5917","2399-2956"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-20","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310320017","host_organization_name":"SAGE Publishing","host_organization_lineage":["https://openalex.org/P4310320017"],"host_organization_lineage_names":["SAGE Publishing"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Competition and Regulation in Network Industries","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1144522","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5033674512","display_name":"Peter Gomber","orcid":"https://orcid.org/0000-0001-9789-3041","observed_orcids":["https://orcid.org/0000-0001-9789-3041"]},"institutions":[{"id":"https://openalex.org/I114090438","display_name":"Goethe University Frankfurt","ror":"https://ror.org/04cvxnb49","country_code":"DE","type":"education","lineage":["https://openalex.org/I114090438"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Peter Gomber","raw_affiliation_strings":["Goethe University Frankfurt Faculty of Economics and Business Administration"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Goethe University Frankfurt Faculty of Economics and Business Administration","institution_ids":["https://openalex.org/I114090438"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5005166707","display_name":"Markus Gsell","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I114090438","display_name":"Goethe University Frankfurt","ror":"https://ror.org/04cvxnb49","country_code":"DE","type":"education","lineage":["https://openalex.org/I114090438"]}],"countries":["DE"],"is_corresponding":false,"raw_author_name":"Markus Gsell","raw_affiliation_strings":["Goethe University Frankfurt Faculty of Economics and Business Administration"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Goethe University Frankfurt Faculty of Economics and Business Administration","institution_ids":["https://openalex.org/I114090438"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":[],"corresponding_institution_ids":["https://openalex.org/I114090438"],"apc_list":{"value":3400,"currency":"USD","value_usd":3400},"apc_paid":null,"fwci":5.1042,"has_fulltext":false,"cited_by_count":32,"citation_normalized_percentile":{"value":0.95144245,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":88,"max":98},"biblio":{"volume":"1","issue":"4","first_page":"535","last_page":"557"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.9326000213623047,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.9326000213623047,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10047","display_name":"Financial Markets and Investment Strategies","score":0.028300000354647636,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14373","display_name":"Securities Regulation and Market Practices","score":0.011300000362098217,"subfield":{"id":"https://openalex.org/subfields/1406","display_name":"Marketing"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/electronic-communication-networks","display_name":"electronic communication networks","score":0.8859999775886536},{"id":"https://openalex.org/keywords/multilateral-trading-facilities","display_name":"multilateral trading facilities","score":0.8809999823570251},{"id":"https://openalex.org/keywords/mifid","display_name":"MiFID","score":0.9750000238418579},{"id":"https://openalex.org/keywords/order-execution","display_name":"order execution","score":0.8550000190734863},{"id":"https://openalex.org/keywords/regulated-markets","display_name":"regulated markets","score":0.640999972820282},{"id":"https://openalex.org/keywords/regulatory-harmonisation","display_name":"regulatory harmonisation","score":0.7889999747276306},{"id":"https://openalex.org/keywords/market-competition","display_name":"market competition","score":0.3959999978542328},{"id":"https://openalex.org/keywords/european-financial-regulation","display_name":"European financial regulation","score":0.5529999732971191}],"concepts":[{"id":"https://openalex.org/C2779547435","wikidata":"https://www.wikidata.org/wiki/Q1121492","display_name":"Directive","level":2,"score":0.7955161929130554},{"id":"https://openalex.org/C2779962950","wikidata":"https://www.wikidata.org/wiki/Q5659376","display_name":"Harmonization","level":2,"score":0.7224010229110718},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.5977292060852051},{"id":"https://openalex.org/C182306322","wikidata":"https://www.wikidata.org/wiki/Q1779371","display_name":"Order (exchange)","level":2,"score":0.5877529382705688},{"id":"https://openalex.org/C24683644","wikidata":"https://www.wikidata.org/wiki/Q138372","display_name":"High-frequency trading","level":3,"score":0.5643561482429504},{"id":"https://openalex.org/C172428447","wikidata":"https://www.wikidata.org/wiki/Q438711","display_name":"Alternative trading system","level":3,"score":0.554271399974823},{"id":"https://openalex.org/C11906137","wikidata":"https://www.wikidata.org/wiki/Q1166205","display_name":"Dark liquidity","level":4,"score":0.5521001815795898},{"id":"https://openalex.org/C40700","wikidata":"https://www.wikidata.org/wiki/Q1411783","display_name":"Industrial organization","level":1,"score":0.5051684975624084},{"id":"https://openalex.org/C78508483","wikidata":"https://www.wikidata.org/wiki/Q139445","display_name":"Algorithmic trading","level":2,"score":0.4833807349205017},{"id":"https://openalex.org/C179262372","wikidata":"https://www.wikidata.org/wiki/Q778043","display_name":"Electronic trading","level":2,"score":0.4570096433162689},{"id":"https://openalex.org/C98045186","wikidata":"https://www.wikidata.org/wiki/Q205663","display_name":"Process (computing)","level":2,"score":0.45581215620040894},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.15587010979652405},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.1366313397884369},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0},{"id":"https://openalex.org/C24890656","wikidata":"https://www.wikidata.org/wiki/Q82811","display_name":"Acoustics","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C111919701","wikidata":"https://www.wikidata.org/wiki/Q9135","display_name":"Operating system","level":1,"score":0.0}],"mesh":[],"locations_count":2,"locations":[{"id":"doi:10.1177/178359170600100401","doi":"https://doi.org/10.1177/178359170600100401","is_oa":false,"landing_page_url":"https://doi.org/10.1177/178359170600100401","pdf_url":null,"source":{"id":"https://openalex.org/S2764802715","display_name":"Competition and Regulation in Network Industries","issn_l":"1783-5917","issn":["1783-5917","2399-2956"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-scientific","cwts-core","jufo-1","norway-1","poland-20","russia-white-list-3","vabb-shw"],"host_organization":"https://openalex.org/P4310320017","host_organization_name":"SAGE Publishing","host_organization_lineage":["https://openalex.org/P4310320017"],"host_organization_lineage_names":["SAGE Publishing"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Competition and Regulation in Network Industries","raw_type":"journal-article"},{"id":"mag:2114095746","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1144522","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null}],"best_oa_location":{"id":"mag:2114095746","doi":null,"is_oa":true,"landing_page_url":"https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1144522","pdf_url":null,"source":{"id":"https://openalex.org/S4210172589","display_name":"SSRN Electronic Journal","issn_l":"1556-5068","issn":["1556-5068"],"is_oa":true,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I1318003438","host_organization_name":"RELX Group (Netherlands)","host_organization_lineage":["https://openalex.org/I1318003438"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"SSRN Electronic Journal","raw_type":null},"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"score":0.5,"display_name":"Industry, innovation and infrastructure","id":"https://metadata.un.org/sdg/9"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":10,"referenced_works":["https://openalex.org/W1880669249","https://openalex.org/W2014617240","https://openalex.org/W2025551830","https://openalex.org/W2066284524","https://openalex.org/W2098978342","https://openalex.org/W2139975515","https://openalex.org/W2170878868","https://openalex.org/W3122067970","https://openalex.org/W3125860636","https://openalex.org/W4230225383"],"related_works":["https://openalex.org/W7110885817","https://openalex.org/W2111386153","https://openalex.org/W119059022","https://openalex.org/W2198272242","https://openalex.org/W1586285132","https://openalex.org/W4285322338","https://openalex.org/W2157644270","https://openalex.org/W4232579058","https://openalex.org/W4255004151","https://openalex.org/W2787022540"],"abstract_inverted_index":{"With":[0],"RegNMS":[1],"in":[2,7,16,47],"the":[3,8,38,48,57,61,83,88],"US":[4],"and":[5,19,29,44,55,60,69,95],"MiFID":[6],"EU,":[9],"regulators":[10],"respond":[11],"to":[12,23,31],"recent":[13],"years'":[14],"changes":[15,66],"trading":[17,42],"concepts":[18],"infrastructures.":[20],"Both":[21],"try":[22],"catch":[24],"up":[25],"with":[26,71],"technological":[27],"advances":[28],"intend":[30],"create":[32],"a":[33,45,72],"level":[34],"playing":[35],"field":[36],"between":[37,91],"different":[39],"types":[40],"of":[41,63],"venues":[43],"harmonisation":[46],"order":[49,96],"execution":[50],"process.":[51],"The":[52],"paper":[53],"illustrates":[54],"analyses":[56],"regulatory":[58,84],"environments":[59],"impact":[62],"their":[64],"upcoming":[65],"on":[67,75,81],"ECNs":[68],"MTFs":[70],"specific":[73],"focus":[74],"Europe.":[76],"Scenarios":[77],"will":[78,86],"be":[79],"developed":[80],"how":[82],"overhauls":[85],"alter":[87],"competitive":[89],"landscape":[90],"Regulated":[92],"Markets,":[93],"ECNs/MTFs":[94],"flow":[97],"internalising":[98],"entities.":[99]},"counts_by_year":[{"year":2022,"cited_by_count":2},{"year":2021,"cited_by_count":1},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":3},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":2},{"year":2014,"cited_by_count":4},{"year":2013,"cited_by_count":3},{"year":2012,"cited_by_count":1}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}