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Which Factors Influence Trading Costs in Global Equity Markets?

Michael S. Pagano
The Journal of Trading Winter 2009, 4 (1) 7-15; DOI: https://doi.org/10.3905/JOT.2009.4.1.007
Michael S. Pagano
is an associate professor of finance at Villanova University, Villanova School of Business in Villanova, PA.
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  • For correspondence: michael.pagano@villanova.edu
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Abstract

This article examines global trends in equity-related transaction costs and trading volume by identifying recent patterns in institutional brokerage commissions, indirect trading costs, and trading activity. The results indicate a steady decline in brokerage commissions around the world, but indirect trading costs appear to have reached a plateau. The fastest growth in trading volume can be found in the emerging markets of South America, but the United States leads the way in terms of the steepest reductions in transaction costs. The empirical evidence also shows there is a simultaneous relationship between global equity trading volume and transaction costs that is driven by trends in both U.S. and local equity markets. This suggests that global investors are likely becoming more cost-sensitive and increasingly open to directing orders to those international markets where transaction costs are lower.

TOPICS: Exchanges/markets/clearinghouses, equity portfolio management, global

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Which Factors Influence Trading Costs in Global Equity Markets?
Michael S. Pagano
The Journal of Trading Dec 2008, 4 (1) 7-15; DOI: 10.3905/JOT.2009.4.1.007

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Which Factors Influence Trading Costs in Global Equity Markets?
Michael S. Pagano
The Journal of Trading Dec 2008, 4 (1) 7-15; DOI: 10.3905/JOT.2009.4.1.007
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  • Article
    • Abstract
    • THE ANCERNO FINANCIAL DATABASE
    • TRENDS IN GLOBAL TRADING COSTS AND VOLUME
    • A SIMULTANEOUS EQUATIONS APPROACH TO IDENTIFY FACTORS IN GLOBAL EQUITY MARKETS
    • EMPIRICAL RESULTS OF THE SIMULTANEOUS EQUATIONS APPROACH TO TRADING ACTIVITY
    • CONCLUDING THOUGHTS
    • ENDNOTES
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