ANALIZA LICHIDITĂȚII PIEȚELOR FINANCIARE PE BAZA COMPONENTELOR SPREAD-ULUI BID-ASK
FINANCIAL MARKETS LIQUIDITY ANALYSIS BASED ON BID-ASK SPREAD COMPONENTS

Summary/Abstract: The difference between the purchase and sale price of a market participant is one of the main characteristics of the financial markets. By estimating the spread component based on the costs that must be covered by a dealer in order to obtain profits, we were able to get an idea of the analyzed German market. Thus, a parallel is made between what we call quoted spread and realized spread. There are a number of both microeconomic and macroeconomic factors that could explain the significant discrepancies obtained in calculating the costs that describe the trading activity, but also factors of an informational nature, whose prediction or appreciation can be made with an additional error factor. By analyzing each cost component, we were able to confirm that the informational factor, for a developed market and for a topical analysis, quantifies and explains a large part of what we call capital market quotations.

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