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. …

determine asset liquidity. In our model, two asset suppliers try to profit from the liquidity services their assets confer …. Asset liquidity is indirect in the sense that assets can be sold for money in over-the-counter (OTC) secondary markets … liquidity of two assets. Asset demand curves can slope upward for evenmodest degrees of increasing returns in the matching …