Trade Volume and Exchange Listing in the Market for ETFs

Authors

  • Stephen N. Jurich University of Maine

DOI:

https://doi.org/10.33423/jabe.v21i5.2267

Keywords:

Business, Economics, ETFs, Volume, Market Quality, Exchange Listing, NASDAQ, Trade Reporting Facility

Abstract

The flow of assets into exchange traded funds (ETFs) has led to a competition among trading venues. This study analyzes the determinants of share volume and the benefits to listing ETFs. While NASDAQ captures more market share in Nasdaq-listed ETFs, the majority of share volume on the NASDAQ book is from ETFs listed on other exchanges. There is also evidence of off-exchange trading in the ETF market, as a large portion of consolidated volume is reported through the Nasdaq-FINRA Trade Reporting Facility (TRF). Together, the NASDAQ exchange and Nasdaq-TRF account for more than half of the volume in Nasdaq-listed ETFs.

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Published

2019-09-25

How to Cite

Jurich, S. N. (2019). Trade Volume and Exchange Listing in the Market for ETFs. Journal of Applied Business and Economics, 21(5). https://doi.org/10.33423/jabe.v21i5.2267

Issue

Section

Articles