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@book{ Aldrich2017,
 title = {Order protection through delayed messaging},
 author = {Aldrich, Eric M. and Friedman, Daniel},
 year = {2017},
 series = {Discussion Papers / Wissenschaftszentrum Berlin für Sozialforschung, Forschungsschwerpunkt Markt und Entscheidung, Forschungsprofessur Market Design: Theory and Pragmatics},
 pages = {43},
 volume = {SP II 2017-502},
 address = {Berlin},
 publisher = {Wissenschaftszentrum Berlin für Sozialforschung gGmbH},
 abstract = {Several financial exchanges have recently introduced messaging delays (e.g., a 350 microsecond delay at IEX and NYSE American) intended to protect ordinary investors from high-frequency traders who exploit stale orders. We propose an equilibrium model of this exchange design as a modification of the standard continuous double auction market format. The model predicts that a messaging delay will generally improve price efficiency and lower transactions cost but will increase queuing costs. Some of the predictions are testable in the field or in a laboratory environment.},
}