G2TT
来源类型Discussion paper
规范类型论文
来源IDDP16437
DP16437 Do we need dealers in OTC markets?
Norman Schürhoff; Dmitry Livdan; Terrence Hendershott
发表日期2021-08-09
出版年2021
语种英语
摘要We examine technology enabling dispersed investors to directly trade with each other in over- the-counter markets via the largest electronic trading platform in corporate bonds starting Open Trading (OT) to allow investor-to-investor trading. Over our six year sample OT steadily grew to win 12% of trades on the platform, with 2% being investor-to-investor trading, 3% being dealers trading with new clients, and 7% being new liquidity providers acting like dealers. This suggests that investors in corporate bonds prefer intermediation to direct trade. However, OT can enable new dealers to compete in liquidity provision. OT’s steady growth facilitates measuring its effect on investors, dealers, and competition to provide liquidity using an auction model.
主题Financial Economics
关键词Over-the-counter markets Electronic trading Request for quote Open trading Corporate bonds Dealers
URLhttps://cepr.org/publications/dp16437
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/545398
推荐引用方式
GB/T 7714
Norman Schürhoff,Dmitry Livdan,Terrence Hendershott. DP16437 Do we need dealers in OTC markets?. 2021.
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