| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16437 |
| 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 |
| URL | https://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. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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