Using confidential supervisory data on dealer-identified corporate bond trading, we examine how the Volcker rule affected the provision of liquidity. By exploiting the rule's underwriting exemption to identify the Volcker rule's effects separate from other post-crisis changes in regulation and...

Using a novel within-dealer, within-security identification strategy, we examine intended and unintended effects of the Volcker rule on covered firms' corporate bond trading using dealer-identified regulatory data. We use the underwriting exemption to isolate the Volcker rule's effects separate...