Circuit Breakers – Evidence on Trading Migration in Fragmented Markets


Circuit Breakers – Evidence on Trading Migration in Fragmented Markets

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Since the May 6th, 2010 flash crash in the U.S., appropriate measures ensuring safe, fair and reliable markets become more relevant from the perspective of investors and regulators. Circuit breakers in various forms are already implemented for individual markets to ensure price continuity and prevent potential market failure and crash scenarios. However, coordinated inter-market safeguards have been partly adopted only, but are essential in a fragmented environment to prevent situations, where main markets stop trading but stock prices decline as trading continues in satellite markets. The objective of this paper is to provide insight into potential coordination effects between venues in order to give answers about possible price cascades during circuit breaker halts.
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