Holtmann, Carsten; Lattemann, Christoph; Strecker, Stefan; Weinhardt, Christof:

Transforming Financial Markets to Retail Investors: A Comparison of the U.S. and the German On-line Brokerage Market

In: Proceedings of the 34th Hawaii International Conference on System Sciences, HICSS-34, Honululu, HI, January 3-6 / Sprague, R. (Hrsg.)
Los Alamitos, CA: IEEE Computer Society (2001), S. 2393-2400
Buchaufsatz / Kapitel / Fach: Wirtschaftswissenschaften
Abstract:
Fundamental changes in private investments are currently observable
	for the German stock market. The importance of equities as an alternative
	to traditional kinds of private investments has grown remarkably
	and technological progress provides new ways for private investors
	to participate actively in the capital markets in order to take advantage
	in securities trading. One of the latest developments in the area
	of investments in Germany seems to be the arising of ECNs. Since
	there is a rather large delay in development of the German brokerage
	market in comparison to the U.S., it is the aim of this contribution
	to determine (in a qualitative manner) possible future trends for
	the German retail brokerage market Differences and parallels of the
	evolution of electronic brokerage systems in both countries will
	be analyzed by using the transaction phase model in order to systemize
	possible on-line brokers'' and ECNs'' strategies.