A Theory of Participation in OTC and Centralized Markets
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Should regulators encourage the migration of trade from over-the-counter (OTC) to centralized markets? To address this question, we study a model in which banks make costly decisions to participate in an OTC market, a centralized market, or both markets at the same time. Banks dier in their ability
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美国国家经济研究局创建时间：
2019-06-01
