Large Trades on the Tunisian Stock Exchange: Downstairs versus Upstairs Stock Markets

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Dr. Monia Antar Limem
Dr. Monia Antar Limem
2
Jilani Faouzi
Jilani Faouzi
1 University of Jendouba

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GJMBR Volume 12 Issue 22

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This study examines the price impact differences between large trades routed to the central market and blocks traded on the upstairs market, on the Tunisian Stock Exchange. The results show that large transactions affect stock prices, whether they are routed upstairs or downstairs. In addition, these price impacts are quite different depending on where the execution takes place, especially around large sales. The results of empirical investigations also show that, when an upstairs market is governed by too restrictive rules and when brokers don’t have the reflex or avoid trading upstairs, block market does not necessarily improve cost execution.

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No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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Not applicable for this article.

Dr. Monia Antar Limem. 1970. \u201cLarge Trades on the Tunisian Stock Exchange: Downstairs versus Upstairs Stock Markets\u201d. Unknown Journal GJMBR Volume 12 (GJMBR Volume 12 Issue 22): .

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GJMBR Volume 12 Issue 22
Pg. 25- 35
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December 22, 2012

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This study examines the price impact differences between large trades routed to the central market and blocks traded on the upstairs market, on the Tunisian Stock Exchange. The results show that large transactions affect stock prices, whether they are routed upstairs or downstairs. In addition, these price impacts are quite different depending on where the execution takes place, especially around large sales. The results of empirical investigations also show that, when an upstairs market is governed by too restrictive rules and when brokers don’t have the reflex or avoid trading upstairs, block market does not necessarily improve cost execution.

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Large Trades on the Tunisian Stock Exchange: Downstairs versus Upstairs Stock Markets

Dr. Monia Antar Limem
Dr. Monia Antar Limem University of Jendouba
Jilani Faouzi
Jilani Faouzi

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