Search Results - subject_exact:"OTC-Handel"

Will central clearing change the market structure of U.S. Treasury repo to become more standardized and trade on an all-to-all basis?

Patel, Ketan - 2026

This paper examines whether the SEC's mandate for central clearing of U.S. Treasury repo transactions could enable all-to-all trading and support the development of a standardized term repo market. By mitigating counterparty risk through central clearing, cash lenders may become more willing to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015611478

The impact of dark pools on the market and market quality

Wakamatsu, Hiroaki - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015613485

Margins as canaries in the coal mine

Kubitza, Christian; Oehmke, Martin - 2026

Central clearing counterparties (CCPs) manage counterparty risk by requiring clearing members to post margins. This paper explores the role of margins as "canaries in the coal mine:" By inducing defaults of fragile counterparties before contract maturity, margin calls enable CCPs to transfer...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015605599

The market for voluntary carbon offsets

Berg, Florian; Ceccarelli, Marco; Heeb, Florian; … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015626682

Dealers as record keepers

Kuong, John Chi-Fong; Maurin, Vincent - 2026 - This version: February 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015643393

The evolution of the corporate bond market : a theoretical analysis

Kargar, Mahyar; Lester, Benjamin; Üslü, Semih; Weill, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015650609

Rewiring repo

Chang, Jin Wook; Klee, Elizabeth; Yankov, Vladimir - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015271468

Sequential search for corporate bonds

Kargar, Mahyar; Lester, Benjamin; Plante, Sébastien; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015357305

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Sequential Search for Corporate Bonds

Kargar, Mahyar; Lester, Benjamin; Plante, Sébastien; … - 2023

Book / Working Paper

The secondary market for syndicated loans

Siedlarek, Jan-Peter; Yankov, Vladimir - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015417968

Learning and information diffusion in OTC markets : experiments and a computational model

Hanaki, Nobuyuki; Iori, Giulia; Vassallo, Pietro - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015464333

Regulating over-the-counter markets

Lee, Tomy; Wang, Chaojun - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015474333

Comparing search and intermediation frictions across markets

Pinter, Gabor; Üslü, Semih; Wijnandts, Jean-Charles - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015448712

Exchange-traded funds and transparency in over-the-counter markets

Doan, Viet-Dung - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015459403

Unintended consequences of regulating central clearing

D'Erasmo, Pablo N.; Erol, Selman; Ordoñez, Guillermo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015445548

Portfolio choice and settlement frictions : a theory of endogenous convenience yields

Bianchi, Javier; Bigio, Saki - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015556722

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Portfolio Choice and Settlement Frictions : A Theory of Endogenous Convenience Yields

Bianchi, Javier; Bigio, Saki - 2025

Book / Working Paper

Central bank interventions and asset market liquidity

Geromichalos, Athanasios; Jung, Kuk Mo; Kospentaris, Ioannis - 2025 - First version: August 2025

Central banks around the world routinely engage in asset purchases in secondary markets as part of implementing monetary policy or enhancing market liquidity, but the effects of such interventions are not yet fully understood. We develop a multi-asset general equilibrium model in which the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015482582

Pricing vulnerable options when debts have performance-sensitivity provisions

Liu, Yu-Hong; Jiang, I-Ming; Hung, Mao-Wei - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015482673

How does standardization affect OTC markets in the long term? : evidence from the small bang reform in the CDS market

Manac, Radu-Dragomir; Banti, Chiara; Kellard, Neil - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015063652

Balance-sheet netting in U.S. Treasury markets and central clearing

Bowman, David; Huh, Yesol; Infante, Sebastian - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015056345

The fundamental role of the repo market and central clearing

Di Luigi, Cristina; Perrella, Antonio; Ruggieri, Alessio - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015441869

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The fundamental role of the repo market and central clearing

Di Luigi, Cristina; Perrella, Antonio; Ruggieri, Alessio - 2024

Book / Working Paper

The outside option channel of central bank asset purchase programs : a tale of two crises

Lee, Changhyun - 2024

I suggest a new channel through which central bank asset purchase programs could have effects on asset prices: The outside option channel. After the global financial crisis, central banks have widened the variety of assets they can purchase. Secondary markets for the majority of the newly...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015069555

Dealer inventory and the cross-section of corporate bond returns

Friewald, Nils; Nagler, Florian - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015076672

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Dealer inventory and the cross-section of corporate bond returns

Friewald, Nils; Nagler, Florian - 2024

Book / Working Paper

Pricing implications of centrality in an OTC derivative market : an empirical analysis using transaction-level CDS Data

Maehashi, Kohei; Miyakawa, Daisuke; Sasamoto, Kana - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015078199

Pricing of interdealer derivatives in a limit order market

Kamate, Vidya; Kumar, Abhishek - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014487019

Execution uncertainty of dark pools and portfolio balance

Zhu, Jianchang; Sun, Xuchu; Li, Tangrong - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014531284

Sharks in the dark : quantifying HFT dark pool latency arbitrage

Aquilina, Matteo; Foley, Sean; O'Neill, Peter; Ruf, Thomas - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014532187

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Sharks in the dark: quantifying HFT dark pool latency arbitrage

Aquilina, Matteo; Foley, Sean; O'Neill, Peter; Ruf, Thomas - 2023

Book / Working Paper

OTC market frictions in stressed markets

Cappellen, Jef van; Garavito, Fabian; Georgiev, Yordan; … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014532265

On the solution of games with arbitrary payoffs : an application to an over-the-counter financial market

Kollias, Iraklis; Leventides, John; Papavassiliou, … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014533366

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On the Solution of Games With Arbitrary Payoffs : An Application to an Over-the-Counter Financial Market

Kollias, Iraklis; Leventides, John; Papavassiliou, … - 2023

Book / Working Paper

Exchanges for government bonds? : evidence during COVID-19

Kutai, Ari; Nathan, Daniel; Wittwer, Milena - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015547581

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Exchanges for government bonds? : evidence during COVID-19

Kutai, Ari; Nathan, Daniel; Wittwer, Milena - 2024

Book / Working Paper

Repo intermediation and central clearing : an analysis of sponsored repo

Copeland, Adam; Kahn, R. Jay - 2024

This paper evaluates the salient forces behind a dealer-intermediary's decision to move a bilateral repo transaction with a customer into central clearing. We provide evidence that dealers turn to sponsored repo on occasions when balance sheet space is scarce, such as when there is a large...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015163715

The macroeconomics of labor, credit and financial market imperfections

Gabrovski, Miroslav; Kospentaris, Ioannis; Lebeau, Lucie - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015206957

Inventory, market making, and liquidity in OTC markets

Cohen, Assa; Kargar, Mahyar; Lester, Benjamin; Weill, … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015574668

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Inventory, market making, and liquidity in OTC markets

Cohen, Assa; Kargar, Mahyar; Lester, Benjamin; Weill, … - 2024

Book / Working Paper

Unintended consequences of the global derivatives market reform

Gandré, Pauline; Mariathasan, Mike; Merrouche, Ouarda; … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015340318

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Unintended consequences of the global derivatives market reform

Gandré, Pauline; Mariathasan, Mike; Merrouche, Ouarda; … - 2021

Book / Working Paper

Unintended consequences of the global derivatives market reform

Gandré, Pauline; Mariathasan, Mike; Merrouche, Ouarda; … - 2020

Book / Working Paper

Unintended consequences of the global derivatives market reform

Gandré, Pauline; Mariathasan, Mike; Merrouche, Ouarda; … - 2020

Book / Working Paper

The market for sharing interest rate risk : quantities and asset prices

Khetan, Umang; Li, Jian; Neamtu, Ioana; Sen, Ishita - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014481359

What's so inconvenient about TIPS?

Geromichalos, Athanasios; Herrenbrueck, Lucas; Lee, … - 2024

We build on recent developments in the theory of money and liquidity to provide a qualitative and quantitative explanation for the well-known TIPS illiquidity vis-'a-vis non-inflation-protected Treasuries. Our model does not assume exogenous differences between the markets where the two assets...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015405080

Size discount and size penalty : trading costs in bond markets

Pinter, Gabor; Wang, Chaojun; Zou, Junyuan - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015046472

Options illiquidity in an over-the-counter market

Ahn, Jungkyu - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014544018

Systemic risk under different clearing methods for multiple derivatives

Tang, Miao; Fan, Hong - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015633583

Shadow discounts

Lee, Tomy; Lotti, Isacco; Nagler, Florian; Ottonello, … - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015669992

Competing for dark trades

Irvine, Paul J.; Karmaziene, Egle - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015558688

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Competing for dark trades

Irvine, Paul J.; Karmaziene, Egle - 2023

Book / Working Paper

Composition Effects in OTC Transaction Costs

Palleja, Mariano - 2023

The existing literature on over-the-counter markets has documented an increase in the cost of immediate intermediation in the last decade, associated with a shift from principal towards agency trading. This paper argues that the estimates of transaction costs are subject to a composition effect...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014351442

Search and Inventory in the Over-the-Counter Market

diao, chengjie; Dudley, Evan; Sun, Hongfei (Amy) - 2023

More central dealers earn a premium over peripheral dealers in many types of markets. Possible explanations involve bargaining power, compensation for supplying liquidity, and faster execution speed. We investigate the sources of this premium in the over-the-counter market for corporate bonds....

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014351477

What Type of Transparency in OTC Markets?

Vairo, Maren; Dworczak, Piotr - 2023

Financial over-the-counter markets have been traditionally very opaque. Recent regulation promotes transparency in some of these markets by lowering search costs, allowing traders to request quotes from multiple dealers at the same time (pre-trade transparency), and requiring public disclosure...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014354873

Information friction in OTC interdealer markets

Gardner, Benjamin; Huh, Yesol - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015055833

Life after default : dealer intermediation and recovery in defaulted corporate bonds

Baumann, Friedrich; Livdan, Dmitry; Kakhbod, Ali; … - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014370599

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Life after default: dealer intermediation and recovery in defaulted corporate bonds

Baumann, Friedrich; Kakhbod, Ali; Livdan, Dmitry; … - 2023

Book / Working Paper

Loss sharing in central clearinghouses : winners and losers

Kubitza, Christian; Pelizzon, Loriana; Getmansky, Mila - 2023

Central clearing counterparties (CCPs) were established to mitigate default losses resulting from counterparty risk in derivatives markets. In a parsimonious model, we show that clearing benefits are distributed unevenly across market participants. Loss sharing rules determine who wins or loses...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014482946

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