@article{78b65c77d232417ba159a520d79deed3,
title = "From free-for-All to self-governing monopoly: market organization and price information at the Amsterdam Stock Exchange, 1796-1940",
abstract = "For most of its history Amsterdam securities trading was entirely unregulated and spread over various venues frequented by different social groups, handicapping price transparency. A public price current emerged only in 1796 and then with wide bid-Ask spreads to protect margins. To combat the confusion a curious pricing method, the mid-price system, emerged during the nineteenth century. Tied to a market microstructure centring on hoekmannen (market makers), this system transited effortlessly from a public market into a monopoly by 1913, self-governing, still without any government regulation, and offering wide rent-seeking opportunities.",
keywords = "financial markets, market organization, price formation, stock exchanges",
author = "{De Jong}, Abe and Joost Jonker and Johan Poukens",
note = "Funding Information: The authors thank Frans Buelens, Oscar Gelderblom, Herman de Jong, Dorine Smit-Maarschalkerweerd, Amaury de Vicq, Thalassa de Waal, Homer Wagenaar, the editors of the Financial History Review and an anonymous reviewer for helpful comments. The authors acknowledge financial support from Platform Digitale Infrastructuur SSH ({\textquoteleft}Gauging Past Performance: Creating Financial Metadata for Economics, Finance, and Economic History in the Netherlands{\textquoteright}) and the Dutch Research Council (NWO Open Competition {\textquoteleft}Taking Stock: The Amsterdam Exchange, Investor Behaviour, and Dutch Economic Growth, 1870–1940{\textquoteright}). Publisher Copyright: Copyright {\textcopyright} The Author(s), 2022.",
year = "2022",
month = dec,
day = "19",
doi = "10.1017/S0968565022000154",
language = "English",
volume = "29",
pages = "376--391",
journal = "Financial History Review",
issn = "0968-5650",
publisher = "Cambridge University Press",
number = "3",
}