This research investigates dealers' motivation to disclose their names when quoting on the NASDAQ over the years. NASDAQ enables dealers to quote limit orders either anonymously or with a feature that reveals their names. Results are consistent with dealers advertising by revealing their identities so as to develop and maintain their reputation for reliable pricing. Dealers strategically choose to reveal their identities when order flow is profitable. Post-name disclosure analysis further suggests that named quotations are likely to be driven by informational considerations. This research contributes to our understanding of the use of non-anonymity in electronic trading.

中文翻译：

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经销商透露姓名的动机

这项研究调查了经销商多年来在纳斯达克报价时披露其姓名的动机。纳斯达克让交易商可以匿名或通过显示其姓名的功能来报价限价单。结果与经销商的广告一致，通过透露他们的身份来发展和维护他们可靠定价的声誉。当订单流有利可图时，经销商战略性地选择透露他们的身份。命名后披露分析进一步表明，命名引用可能是由信息考虑驱动的。这项研究有助于我们理解在电子交易中使用非匿名性。