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Li, Dan; Schürhoff, Norman - 2014

Dealers in the over-the-counter municipal bond market form trading networks with other dealers to mitigate search frictions. Regulatory audit trail data show the dealer network has a core-periphery structure with 10 to 30 hubs and over 2,000 peripheral broker-dealers in which bonds flow in a...

Persistent link: https://www.econbiz.de/10010443056

Transparency through financial claims with fingerprints: A free market mechanism for preventing mortgage securitization induced financial crises

Gründl, Helmut; Post, Thomas - 2009

Lack of transparency in securitization transactions significantly contributed to the severe financial crisis of … 20072009. To increase transparency we propose a new mechanism: financial claims with fingerprints. They would allow market … considerably enhance transparency in securitization transactions at the expense of some transaction costs, while reducing the need …

Persistent link: https://www.econbiz.de/10010265673

Dealer Networks

Li, Dan; Schürhoff, Norman - C.E.P.R. Discussion Papers - 2014

Dealers in over-the-counter securities form networks to mitigate search frictions. The audit trail for municipal bonds shows the dealer network has a core-periphery structure. Central dealers are more efficient at matching buyers and sellers than peripheral dealers, which shortens intermediation...

Persistent link: https://www.econbiz.de/10011084269

Dealer Networks

Li, Dan; Schurhoff, Norman - Federal Reserve Board (Board of Governors of the … - 2014

Persistent link: https://www.econbiz.de/10011095300

Does Anonymity Matter in Electronic Limit Order Markets?

Foucault, Thierry; Moinas, Sophie; Theissen, Erik - C.E.P.R. Discussion Papers - 2003

We analyse the effect of concealing limit order traders’ identities on market liquidity. We develop a model in which limit order traders have asymmetric information on the cost of limit order trading (which is determined by the exposure to informed trading). A thin limit order book signals to...

Persistent link: https://www.econbiz.de/10005666673

To disclose or not to disclose : transparency and liquidity in the structured product market

Friewald, Nils; Jankowitsch, Rainer; Subrahmanyam, Marti G. - 2014 - This version: May 5, 2014

provide guidance for improving transparency while maintaining trader confidentiality. In addition, we analyze liquidity in the …

Persistent link: https://www.econbiz.de/10010361830

Secondary market trading infrastructure of government securities

Balogh, Csaba; Kóczán, Gergely - Magyar Nemzeti Bank (MNB) - 2009

volume of developed markets. The summary of the relevant literature indicates that improved trading transparency clearly …-cut. While the loss of anonymity most likely decreases liquidity, transparency on the quantity and price of concluded … – launched at the European level – may contribute to improving the Hungarian market’s transparency by engendering the regulation …

Persistent link: https://www.econbiz.de/10004967152

Secondary market trading infrastructure of government securities

Balogh, Csaba; Kóczán, Gergely - 2009

volume of developed markets. The summary of the relevant literature indicates that improved trading transparency clearly …-cut. While the loss of anonymity most likely decreases liquidity, transparency on the quantity and price of concluded … - launched at the European level - may contribute to improving the Hungarian market's transparency by engendering the regulation …

Persistent link: https://www.econbiz.de/10010322416

Sub-prime crisis and financial innovation

Mottura, Paolo - In: BANCARIA 2 (2008) February, pp. 2-23

and global: de-engineering of financial instruments, transparency, relationship lending, banks re …

Persistent link: https://www.econbiz.de/10005089676

The SSM at 1

Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016

On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

Persistent link: https://www.econbiz.de/10011557140