We analyze the run risk of USD-backed stablecoins. Stablecoin issuers aim to keep the
stablecoin price at $1 by holding a portfolio of US dollar assets like bank deposits …

We propose a new measure of private information in decentralized markets—connections—
which exploits the time variation in the number of dealers with whom a client trades in a time …

We examine technology enabling dispersed investors to directly trade with each other in
over-the-counter markets via the largest electronic trading platform in corporate bonds …

Long-term informal relationships play an important role in the economy, capitalizing on
match-specific efficiency gains and mitigating incentive problems. However, the prevalence …

We show in a model of over-the-counter trading that customers in equilibrium may choose to
contact very few dealers to incentivize maximum liquidity provision—“less is more.” This …

Using a novel regulatory transaction-level dataset, we analyze determinants of pricing in
both dealer-to-dealer (D2D) and dealer-to-client (D2C) segments of over-the-counter (OTC) …

Contrary to the prediction of the classic adverse selection theory, a more informed trader
could receive better pricing relative to a less informed trader in over‑the‑counter financial …

Systematic internalizers are single‐dealer platforms run by investment firms that trade out of
their own inventories by internalizing the trades off exchanges. We analyze the determinants …

In this paper, we characterise the liquidity provision and price discovery roles of dealers and
HFTs in the FX spot market during the sample period between 2012 and 2015. We find that …

This paper examines the incentives to voluntarily centrally-clear swaps. It exploits changes
resulting from a regulation mandating collateral on uncleared swaps to analyze …