We use a unique data set from the Trade Reporting and Compliance Engine (TRACE) to study liquidity e ffects in the US … provide guidance for improving transparency while maintaining trader confidentiality. In addition, we analyze liquidity in the … structured product market. Our main contribution is the analysis of the relation between the accuracy in measuring liquidity and …

We investigate whether liquidity is an important price factor in the US corporate bond market. In particular, we focus … on whether liquidity effects are more pronounced in periods of financial crises, especially for bonds with high credit … range of liquidity measures and find that liquidity effects account for approximately 14% of the explained market …

, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with central dealers and at … times of market-wide illiquidity. Central dealers thus serve as liquidity providers of last resort. …

, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with central dealers and at … times of market-wide illiquidity. Central dealers thus serve as liquidity providers of last resort. …

Bessembinder, Maxwell, and Venkataraman's (2006) information-based channel relating transparency and pricing. During the pre-TRACE … mutual fund managers before and after initiations of TRACE and introductions of issuers into Markit's CDS database …. Disseminated bonds show large and statistically significant decreases in mark dispersion around three key TRACE system rollout …

not be transparent, that is, might not be mutually observable. We show that a lack of position transparency results in a … organized via a centralized clearing mechanism that provides transparency of trade positions. Collateral requirements and … settings such as over-the-counter (OTC) markets which feature a lack of position transparency. …

portion of the upgrade that reduced latency for electronic orders had significant impacts on liquidity, turnover, and returns … liquidity produced by the upgrade. …