Download or read book Over the counter Markets Study written by Booz, Allen & Hamilton and published by . This book was released on 1966 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Studies on Over the counter Markets written by Wharton School. Securities Research Unit and published by . This book was released on 1951 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Over the counter Markets Study Prepared for National Association of Securities Dealers Washington D C written by Booz, Allen & Hamilton and published by . This book was released on 1966 with total page 104 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Returns in Over the counter Stock Markets written by Paul Jessup and published by . This book was released on 1973-06-05 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Discriminatory Pricing of Over the Counter Derivatives written by Hau Harald and published by International Monetary Fund. This book was released on 2019-05-07 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients.
Download or read book The Economics of Over The Counter Markets written by Julien Hugonnier and published by . This book was released on 2025-05-13 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: An essential primer on an important yet understudied type of financial market Many of the largest financial markets in the world do not organize trade through an exchange but rather operate within a decentralized or over-the-counter (OTC) structure. Understanding how these markets work has become increasingly important in recent years, as illiquidity in certain OTC markets has appeared as the first signs of trouble--if not the cause itself--of the past two financial crises. However, standard models of financial markets are not suitable for studying the causes of illiquidity in OTC markets, nor the optimal policy response. The Economics of Over-the-Counter Markets proposes a unified search-theoretic framework designed to explicitly capture the key features of OTC markets, confront the growing set of stylized facts from these markets, and provide guidance for policies designed to promote liquidity and resiliency. This incisive book covers empirical regularities that are common across OTC markets, develops the methodological tools to analyze the benchmark theoretical models in the academic literature, and extends these models to confront the latest issues facing these markets. Covers a broad range of topics, including asset pricing, liquidity, transaction costs, asymmetric information, financial crises, and market design An ideal textbook for graduate students in economics and finance An invaluable resource for policymakers seeking a framework to assess the impact of new developments in fixed-income and short-term funding markets
Download or read book Activity on Over the counter Markets written by Irwin Friend and published by . This book was released on 1951 with total page 102 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Stock Market Study written by United States. Congress. Senate. Committee on Banking and Currency and published by . This book was released on 1955 with total page 730 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Essays on Over the counter Markets written by Zhuo Zhong and published by . This book was released on 2014 with total page 181 pages. Available in PDF, EPUB and Kindle. Book excerpt: This dissertation consists of three essays studying on over-the-counter trading (OTC henceforth). In Chapter 1, I model the formation of the inter-dealer network in an OTC market, and study how the network affects prices and volumes in the market. The model explains the empirically observed core-periphery network with dealers' capacity of providing liquidity. Specifically, dealers with large capacity comprise the core of the network, connecting them to all other dealers, while dealers who have small capacity operate at the periphery. In addition, my model matches the empirical finding on the negative relation between markups and order sizes. Furthermore, I show that there may be structural breaks in this negative relationship as variations in order sizes may alter the inter-dealer network. These results suggest that empirical studies on OTC markets should control for the stability of an inter-dealer network to avoid model misspecification. Chapter 2 evaluates how a centralized market could provide an incentive for OTC dealers to reduce opacity in trading. In this chapter, opacity is modeled as Knightian uncertainty faced by investors. I find that while a competitive centralized market provides an incentive for dealers to reduce opacity in an OTC market, a noncompetitive centralized market does the opposite. Competition between the competitive centralized market and the OTC market forces dealers in the latter to reduce opacity. With the noncompetitive centralized market, opportunities for collusion provide an incentive for dealers to increase opacity. Dealers do not have the incentive to reduce opacity in this case. In Chapter 3, we test the model implications in Chapter 2 with an empirical study on the corporate bond markets, and find consistent results. We find that transaction costs of bonds traded only in OTC markets are significantly different from (10 basis points larger than) bonds traded both in OTC markets and the NYSE market. Since the latter contains pre-trade information from the NYSE market, this finding suggests that pre-trade transparency reduces bonds' trading costs. This result implies that pre-trade transparency benefits investors but hurts dealers, as the major part of dealers' profits comes from investors' trading costs. We also find that pre-trade transparency increases bonds' values. Bonds with the NYSE pre-trade transparency have significantly lower bond yields than bonds without the pre-trade transparency. Our findings are robust to endogeneity of firms' bond listing decisions on the NYSE.
Download or read book Crises and liquidity in over the counter markets written by Ricardo A. Lagos and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the efficiency of dealers' liquidity provision and the desirability of policy intervention in over-the-counter (OTC) markets during crises. Our theory emphasizes two key frictions in OTC markets: finding counterparties takes time, and trade is bilateral, with quantities and prices determined by bargaining. We model a crisis as a negative shock to investors' asset demands that lasts until a random recovery time. In this context, dealers can provide liquidity to outside investors by acting as counterparties in trades and by accumulating asset inventories. We find that, when frictions are severe, even well capitalized dealers may not find it optimal to accumulate inventories, given that investors choose asset positions that require small reallocations. In such circumstances, the market allocative efficiency can increase if the government steps in, purchases private assets on its own account, and resells them when the economy recovers.
Download or read book Understanding the Over the counter Securities Market written by Commodity Research Bureau (U.S.) and published by . This book was released on 1951 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Over the Counter Markets Vs Double Auctions written by Giuseppe Attanasi and published by . This book was released on 2016 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study an electronic over-the-counter (OTC) market, in which each agent looks for the best counterpart through bilateral negotiations. We compare its performance with the standard electronic double-auction (DA) market, in which traders post their quotes publicly. We show that the lack of information in the OTC market induces an efficiency loss, characterized by an average closing price below the competitive price and by a traded quantity below the competitive quantity. We further test the robustness of these findings when exogenous shocks modify the competitive equilibrium. Among other things, we show that supply shocks increasing the competitive quantity improve OTC's efficiency.
Download or read book Special Market Study Release written by and published by . This book was released on 1961-12 with total page 174 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Over the counter Markets written by Darrell Duffie and published by . This book was released on 2006 with total page 47 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Crisis and Liquidity in Over the counter Markets written by Ricardo Lagos and published by . This book was released on 2009 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the efficiency of dealers' liquidity provision and the desirability of policy intervention in over-the-counter (OTC) markets during crises. Our theory emphasizes two key frictions in OTC markets: finding counterparties takes time, and trade is bilateral, with quantities and prices determined by bargaining. We model a crisis as a negative shock to investors' asset demands that lasts until a random recovery time. In this context, dealers can provide liquidity to outside investors by acting as counterparties in trades and by accumulating asset inventories. We find that, when frictions are severe, even well capitalized dealers may not find it optimal to accumulate inventories, given that investors choose asset positions that require small reallocations. In such circumstances, the market allocative efficiency can increase if the government steps in, purchases private assets on its own account, and resells them when the economy recovers.
Download or read book Directed Search in Over the counter Markets Crises written by Santiago Franco Tabares and published by . This book was released on 2017 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: I study optimal liquidity provision by dealers in Over-the-Counter (OTC) markets during crises. I develop a two-sided asset market in which all trades are intermediated by dealers. I model a crisis as an aggregate shock that reduces investor's marginal utilities, creating a large but temporary selling pressure. My contribution to the literature is twofold: 1) in the model, the rate of contact between dealers and investors is given by a matching function which may exhibit congestion and 2) dealers operate in two different markets (buying and selling) where they post the terms at which they execute trade and investors direct they search toward the dealers with the most attractive terms. I characterize the competitive equilibrium and show that when posting costs are sufficiently low, then dealers provide the socially optimal amount of liquidity.
Download or read book The Over the counter Securities Markets written by Leo M. Loll and published by . This book was released on 1967 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt:
