Suspicious trading halts

McDonald, CG; Michayluk, D

Suspicious trading halts

McDonald, CG Michayluk, D

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Publication Type:: Journal Article
Citation:: Journal of Multinational Financial Management, 2003, 13 (3), pp. 251 - 263
Issue Date:: 2003-07-01

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Field	Value	Language
dc.contributor.author	McDonald, CG	en_US
dc.contributor.author	Michayluk, D https://orcid.org/0000-0001-9020-0855	en_US
dc.date.issued	2003-07-01	en_US
dc.identifier.citation	Journal of Multinational Financial Management, 2003, 13 (3), pp. 251 - 263	en_US
dc.identifier.issn	1042-444X	en_US
dc.identifier.uri	http://hdl.handle.net/10453/10045
dc.description.abstract	Trading halts are designed to protect investors from price fluctuations under conditions of illiquidity, but on the Paris Bourse specific price limits can be used to manipulate prices. Trading is halted when a trader submits an order outside the maximum daily price limit and this feature permits traders, at little cost, to easily close the market intentionally or in error. We document over 300 suspicious halts where unfilled orders halted trading. These halts are suspicious because the unfilled order was on the opposite side of the market. Discovering potentially inefficient procedures is important for the Paris Bourse and also for French and overseas investors who may be impacted by inappropriate prices. © 2003 Elsevier Science B.V. All rights reserved.	en_US
dc.relation.ispartof	Journal of Multinational Financial Management	en_US
dc.relation.isbasedon	10.1016/S1042-444X(02)00054-3	en_US
dc.subject.classification	Finance	en_US
dc.title	Suspicious trading halts	en_US
dc.type	Journal Article
utslib.citation.volume	3	en_US
utslib.citation.volume	13	en_US
utslib.for	150201 Finance	en_US
utslib.for	1502 Banking, Finance and Investment	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/Faculty of Business
pubs.organisational-group	/University of Technology Sydney/Faculty of Business/Finance Discipline
utslib.copyright.status	closed_access
pubs.issue	3	en_US
pubs.publication-status	Published	en_US
pubs.volume	13	en_US

Abstract:

Trading halts are designed to protect investors from price fluctuations under conditions of illiquidity, but on the Paris Bourse specific price limits can be used to manipulate prices. Trading is halted when a trader submits an order outside the maximum daily price limit and this feature permits traders, at little cost, to easily close the market intentionally or in error. We document over 300 suspicious halts where unfilled orders halted trading. These halts are suspicious because the unfilled order was on the opposite side of the market. Discovering potentially inefficient procedures is important for the Paris Bourse and also for French and overseas investors who may be impacted by inappropriate prices. © 2003 Elsevier Science B.V. All rights reserved.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/10045