In most financial markets, securities are traded in isolation. Such a disconnected market design can be inefficient if agents trade more than one security. I assess welfare effects of connecting markets by allowing orders for one security to depend on prices of other securities. I show that everyone trades identical amounts under both market structures if and only if the clearing prices are perfectly correlated or all are price-takers. Prices in disconnected markets might allow strategic traders to extract higher rents from nonstrategic traders. In expectation, connected markets generate higher welfare, but all markets become efficient as they grow large. (JEL D44, D47, G10, H82)

中文翻译：

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连接断开的金融市场？

在大多数金融市场中，证券是孤立交易的。如果代理人交易不止一种证券，这种不连贯的市场设计可能效率低下。我通过允许一种证券的订单取决于其他证券的价格来评估连接市场的福利效应。我表明，当且仅当清算价格完全相关或所有人都是价格接受者时，每个人在两种市场结构下的交易量相同。脱节市场的价格可能会让战略交易者从非战略交易者那里获得更高的租金。可以预期，互联市场会产生更高的福利，但所有市场都会随着规模的扩大而变得高效。(JEL D44, D47, G10, H82)