Characteristics Of Transactions Of Over The Counter Markets
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Characteristics Of Transactions Of Over The Counter Markets
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Author : Morris Hamburg
language : en
Publisher:
Release Date : 1953
Characteristics Of Transactions Of Over The Counter Markets written by Morris Hamburg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1953 with Investment banking categories.
Otc Markets In Derivative Instruments
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Author : Nick Cavalla
language : en
Publisher: Springer
Release Date : 2016-07-27
Otc Markets In Derivative Instruments written by Nick Cavalla and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.
To date, most academic and practical texts have concentrated on the exchange-traded markets and focused on the nature and price characteristics of the various listed instruments. By contrast, OTC Markets in Derivative Instruments deals in detail with the complexities of the over-the-counter markets - extending a description of the core products to a discussion of real world applications and risks. Regulatory, accounting and tax issues are also covered. Contributors include Bankers Trust, BZW, GNI, Goldman Sachs, J.P. Morgan, Natwest Futures, Midland Montagu and Mitsubishi.
Discriminatory Pricing Of Over The Counter Derivatives
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Author : Hau Harald
language : en
Publisher: International Monetary Fund
Release Date : 2019-05-07
Discriminatory Pricing Of Over The Counter Derivatives written by Hau Harald and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-07 with Business & Economics categories.
New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients.
Stock Market Study Factors Affecting The Buying And Selling Of Equity Securities
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Author : United States. Congress. Senate. Committee on Banking and Currency
language : en
Publisher:
Release Date : 1955
Stock Market Study Factors Affecting The Buying And Selling Of Equity Securities written by United States. Congress. Senate. Committee on Banking and Currency and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1955 with Proxy categories.
The Over The Counter Securities Markets
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Author : Irwin Friend
language : en
Publisher:
Release Date : 1958
The Over The Counter Securities Markets written by Irwin Friend and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1958 with Over-the-counter markets categories.
Stock Market Study
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Author : United States. Congress. Senate. Committee on Banking and Currency
language : en
Publisher:
Release Date : 1955
Stock Market Study written by United States. Congress. Senate. Committee on Banking and Currency and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1955 with Proxy categories.
Dark Markets
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Author : Darrell Duffie
language : en
Publisher: Princeton University Press
Release Date : 2011-12-19
Dark Markets written by Darrell Duffie and has been published by Princeton University Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-12-19 with Business & Economics categories.
A concise introduction to modeling over-the-counter markets Over-the-counter (OTC) markets for derivatives, collateralized debt obligations, and repurchase agreements played a significant role in the global financial crisis. Rather than being traded through a centralized institution such as a stock exchange, OTC trades are negotiated privately between market participants who may be unaware of prices that are currently available elsewhere in the market. In these relatively opaque markets, investors can be in the dark about the most attractive available terms and who might be offering them. This opaqueness exacerbated the financial crisis, as regulators and market participants were unable to quickly assess the risks and pricing of these instruments. Dark Markets offers a concise introduction to OTC markets by explaining key conceptual issues and modeling techniques, and by providing readers with a foundation for more advanced subjects in this field. Darrell Duffie covers the basic methods for modeling search and random matching in economies with many agents. He gives an overview of asset pricing in OTC markets with symmetric and asymmetric information, showing how information percolates through these markets as investors encounter each other over time. This book also features appendixes containing methodologies supporting the more theory-oriented of the chapters, making this the most self-contained introduction to OTC markets available.
Price Dispersion In Otc Markets
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Author : Rainer Jankowitsch
language : en
Publisher:
Release Date : 2008
Price Dispersion In Otc Markets written by Rainer Jankowitsch and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
In this paper, we model price dispersion effects in over-the-counter (OTC) markets to show that in the presence of inventory risk for dealers and search costs for investors, traded prices may deviate from the expected market valuation of an asset. We interpret this deviation as a liquidity effect and develop a new liquidity measure quantifying the price dispersion in the context of the US corporate bond market. This market offers a unique opportunity to study liquidity effects since, from October 2004 onwards, all OTC transactions in this market have to be reported to a common database known as the Trade Reporting and Compliance Engine (TRACE). Furthermore, market-wide average price quotes are available from Markit Group Limited, a financial information provider. Thus, it is possible, for the first time, to directly observe deviations between transaction prices and the expected market valuation of securities. We quantify and analyze our new liquidity measure for this market and find significant price dispersion effects that cannot be simply captured by bid-ask spreads. We show that our new measure is indeed related to liquidity by regressing it on commonly-used liquidity proxies and find a strong relation between our proposed liquidity measure and bond characteristics, as well as trading activity variables. Furthermore, we evaluate the reliability of end-of-day marks that traders use to value their positions. Our evidence suggests that the price deviations are significantly larger and more volatile than previously assumed. Overall, the results presented here improve our understanding of the drivers of liquidity and are important for many applications in OTC markets, in general.
Stock Market Study Hearings Before The Committee On Banking And Currency United States Senate Eighty Fourth Congress First Session On Factors Affecting The Buying And Selling Of Equity Securities
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Author : United States Congress. Senate. Committee on Banking and Currency
language : en
Publisher:
Release Date : 1955
Stock Market Study Hearings Before The Committee On Banking And Currency United States Senate Eighty Fourth Congress First Session On Factors Affecting The Buying And Selling Of Equity Securities written by United States Congress. Senate. Committee on Banking and Currency and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1955 with Proxy categories.
Can Transparency Hurt Investors In Over The Counter Markets
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Author : Ayan Bhattacharya
language : en
Publisher:
Release Date : 2016
Can Transparency Hurt Investors In Over The Counter Markets written by Ayan Bhattacharya and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
This paper examines the efficacy of post-trade transparency regulations like TRACE in over-the-counter (OTC) markets. It is a widely held belief that greater transparency in the trading process benefits investors by reducing opportunities for their exploitation, but I show that this need not be the case. Using a multi-period auction based model of trading, I demonstrate that potential counterparties may delay their trades when there is transparency because they can monitor transaction prices and learn more, before participating. This leads to liquidity dry-ups and increased execution risks for investors with immediate trading needs. My model offers an alternative explanation for many of the pronounced adverse characteristics of OTC markets in recent times -- like diminished liquidity -- usually attributed to the exodus of dealers from the market. I also propose alternative market designs that can ameliorate some of the negative effects.